5 Ways Digital Rights Management Software Provides a Return on Investment
As the number of digital assets any given company or agency owns and uses continues to grow at an exponential rate, Digital Rights Management (DRM) has become a hot topic—yet making the decision to invest in DRM software over other strategic initiatives requires data to make an informed decision. For example, what is the added value to my organization? Is there an ROI that justifies investing in a system beyond capturing the information in a DAM, spreadsheets, or relying on legal? To answer these questions, FADEL, a pioneer in DRM, went through a third-party review of its digital rights management platform, Brand Vision – Rights Cloud, which identified significant value for the customer to increase profitability, improve the customer experience, and mitigate risk. The review turned up five key quantifiable metrics for driving ROI in less than one year.
- Increased productivity
- Faster time to market
- Greater asset reuse
- Reduced legal costs
- Reduced campaign costs
Generating ROI in year 0 with automated asset rights clearance
Historically, managing and clearing the rights to digital assets has been a time-intensive, manual process. Ensuring that videos, photography, and other types of content that you are storing in your asset management system or repository are in 100% compliance with legal agreements for use in a particular campaign could take hours, days, or even weeks to reconcile. And once you start tracking that information in metadata, spreadsheets, or documents, the ongoing maintenance is substantial and can lead to a risk of accuracy. FADEL has automated this process so marketing departments and agencies can know instantly, in real time, which assets are available for use and how, when, and where they can be used. This has a two-fold impact: organizations can reallocate resources to more strategic, customer-focused initiatives, and campaigns can get to market sooner. This snowballs into greater productivity and higher customer satisfaction—all of which bolster revenue.
Uncovering the added value of digital rights management
In today’s world, many companies are still sifting through the sea of assets in their DAM to find the perfect image, video, or other type of content. Once they find the right fit (if they even do), they then have to check with business affairs or legal to not only figure out whether they have the rights to use that digital asset but in what format. Broadcast? Social? Over the top? Does any one of those channels have a restriction that would lead to a violation? When organizations solicit the support of legal to check on digital asset availability, every inquiry incurs a cost.
If that step is skipped, they risk copyright infringement. What happens if a campaign moves forward with assets that aren’t authorized for use? At best, costly scrap and rework on the part of creative. At worst, a lawsuit that could be in the millions, accompanied by a PR nightmare.
FADEL allows marketing departments and agencies to skip over all that. For less than one tenth of the expenditure over a costly lawsuit, organizations can license and implement FADEL’s cloud-based platform. Rights Cloud is highly extensible and can integrate with 3rd-party systems such as DAMs, MAMs, CMS, PIM, Workflow, Creative Tools, and Social Media platforms, minimizing disruption and empowering teams to gain quick, verifiable access to assets and agreements across the content lifecycle so they can move forward with their campaigns. FADEL also offers an integrated cloud platform – Brand Vision – to help marketing teams organize images and video, visually search across content, manage talent and agreements, and perform a rights clearance check on the assets.
This all loops back to clear points of value for FADEL’s customers:
- Speedy ROI due to increased efficiency and productivity of creative teams.
- Annual savings with continued marketing operations efficiency, even as asset volume grows.
- Increased profitability because the Rights Cloud platform empowers reuse of already-owned assets across global channels.
- A better customer experience, both for your creative team, whose jobs were just made infinitely easier, and for the end client, whose campaigns are delivered with greater speed and accuracy.
- Mitigated risk of copyright infringement and the assurance of content compliance.
For more in-depth information, download our paper, Automated Rights Management — An ROI Study.