8 Future Trends in Digital Asset and Product Information Management

The digital world is changing faster than ever.

If you're not paying attention, you might get left behind.

For Digital Asset Management (DAM) and Product Information Management (PIM), the future is brimming with groundbreaking trends that are ready to turn the industry upside down.

The numbers don't lie.

Revenue in the digital assets market is projected to skyrocket to $80.08 billion in 2024. And hold onto your hat: by 2027, the market valuation for Product Information Management (PIM) is set to hit a staggering USD $12,621.65 million.

Are you ready to ditch outdated methods and embrace the future? Or will you be stuck in the past, watching your competitors race ahead?

Get ready to lead with confidence and stay ahead of the curve with these 8 trends in DAM and PIM:

What is Digital Asset Management (DAM)?

Digital Asset Management (DAM) is a system or software that businesses use to store, organize, manage, and distribute digital assets. These assets can include images, videos, documents, audio files, graphics, and other media content. The main goal of DAM is to make these assets easily accessible, secure, and properly managed throughout their lifecycle.

Check this out:top benefits of DAM for businesses

Top Digital Asset Management trends for the upcoming years

The future of Digital Asset Management (DAM) is here, and it's anything but business as usual.

The landscape is about to shift dramatically, and only the bold will thrive.

So let's look at the top DAM trends that are set to revolutionize the industry in the coming years:

From DAM to content hubs

Businesses are now focusing on centralizing their information and digital assets. This helps them make better decisions and deliver great user experiences.

With the growing data from systems like ERP and CRM, Digital Asset Management has become essential. DAM connects master data, product content, and digital assets through Product Information Management (PIM) solutions.

It's a central hub where all your digital assets are managed, so your brand is consistent and experiences are flawless.

How to adapt?

1. Start integrating your ERP and CRM systems with DAM for a unified view.
2. Use PIM solutions to connect various data sources.
3. Regularly update and organize your digital assets for consistency.

Example:

BSH Hausgeräte GmbH is the perfect example of how companies are moving from basic Digital Asset Management (DAM) systems to more complex content hubs.

By using censhare's advanced DAM and Product Information Management (PIM) solutions, BSH has brought together its data from different sources, including ERP and CRM systems.

This allows BSH to manage over 11 million assets and coordinate content across its global brands like Bosch, Siemens, Gaggenau, and Neff.

With everything in one place, BSH keeps its brand consistent and improves the customer experience by providing accurate and specific product information efficiently.

This method not only makes work more productive but also helps BSH meet its goals of delivering excellent customer service and keeping up with digital trends.

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Did you know that…

Did you know that censhare can revolutionize your content management?

As anomnichannelcontent platform, censhare centralizes all your brand assets, product information, and workflows in one place.

With flexible integration, it connects seamlessly with your existing tools, channels, and technologies. Imagine managing all your content once and distributing it everywhere. All for a consistent, high-quality experience across all channels.

So, are you ready to transform your business and master your content?

Our omnichannel content platform gives you control

Connect and master all of your brand assets, product information and workflows with one central platform that provides all the tools, workflows and processes you need.

Connect with one of our solution experts today and discover the endless possibilities with censhare.

Don't get left behind - get a demo now and see how censhare can change your content game!

Data orchestration

Handling data is both vital and challenging for businesses. Digital assets aren’t just standalone items - they connect to other important data like products, catalogs, vendors, and customers.

These assets are used in sales, marketing, and product management.

The trick is to have the right asset in the right format on the right channel at the right time.

This is where automatic digital asset transcoding and headless delivery via APIs come in. Your digital assets need to work seamlessly with your company’s master data and personalized customer data, so your processes are more agile.

How to adapt?

1. Implement automatic transcoding for your digital assets.
2. Explore headless DAM solutions to future-proof your asset management.
3. Take advantage of APIs to integrate and deliver your digital assets promptly.

Example:

Coca-Cola European Partners employs advanced data orchestration techniques to manage its extensive digital asset library. By partnering with companies like WooWind Assets, this soft drink giant can deliver personalized and contextually relevant digital content across various channels.

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DAM data enrichment & tagging

Good data quality is the way to successful digital projects and better conversion rates across multiple channels.

Data enrichment can include different resolutions, bit-rates, DPIs, color profiles, and responsive states. Nowadays, intelligent data enrichment is on the rise.

This means advanced classification, categorization, tagging, and adding third-party data.

DAM helps with this by automating the tagging of assets, making everything more efficient and accessible. With machine learning and AI, assets are tagged by objects, colors, emotions, and even facial recognition.

This makes it easy to reuse and repurpose your digital content.

How to adapt?

1. Use machine learning tools to automate the tagging of your assets.
2. Keep up with AI advancements for better data enrichment processes.
3. Regularly review and update your tagging criteria to match current trends.

Example:

Unilever has implemented AI-driven data enrichment and tagging in its DAM system. By using machine learning, Unilever automatically tags its digital assets with relevant keywords, colors, and even emotional cues. This advanced tagging system allows for quick retrieval and repurposing of digital content across different marketing campaigns and platforms.

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Read also: AI & DAM - a match made in heaven

What is Product Information Management (PIM)?

Product Information Management (PIM) is a system or software solution that lets businesses manage and centralize product information. It involves collecting, organizing, and distributing product data across various channels. Everything so that business information is consistent, accurate, and up-to-date. PIM systems are important for companies that deal with a large volume of products and need to maintain detailed and accurate product data across multiple platforms.

Read also: DAM or PIM?

Top Product Information Management trends for the upcoming years

Let’s move on.

Product Information Management (PIM) is changing how businesses handle their product data.

The upcoming years will bring groundbreaking trends that will drive the industry forward:

Artificial Intelligence integration

In 2024 and the years to follow, AI will be an essential part of product information management, moving beyond just a trend. AI can automate boring, repetitive tasks, letting product managers focus on more strategic work.

Besides automating tasks, it will analyze complex data, giving deep customer insights and improving decision-making.

It will also personalize user experiences by adjusting products to fit individual preferences and behaviors.

AI-powered data enrichment will boost product information, making catalogs accurate and rich with details like descriptions, images, and specifications.

How to adapt?

1. Embrace AI tools to automate repetitive tasks in your workflow.
2. Use AI to analyze customer data for better insights.
3. Implement AI for data enrichment to keep your product information detailed and accurate.

Example:

Amazon uses AI to improve its product information management. AI automates tasks such as updating product descriptions and tags, which keeps the product catalog current and accurate. Additionally, AI analyzes customer behavior and preferences to personalize the shopping experience, offering tailored product recommendations and dynamic pricing.

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Emotional intelligence

Emotional intelligence in PIM is about connecting with customers on a deeper level. It means understanding and responding to customers' emotions and preferences.

PIM systems with emotional intelligence can tailor product info and recommendations based on emotional factors, not just functional ones. By analyzing sentiment data and customer feedback, these systems can adjust approaches to boost satisfaction and loyalty. In today’s market, consumers want more than products - they want experiences and connections.

How to adapt?

1. Integrate sentiment analysis tools into your PIM system.
2. Pay attention to customer feedback and adjust your strategies accordingly.
3. Focus on creating emotional connections through your product information.

Example:

Sephora uses emotional intelligence in its PIM system to enhance customer engagement. By analyzing customer reviews and social media interactions, Sephora adjusts product recommendations and marketing strategies to align with customers' emotional responses. This approach leads to higher customer satisfaction and increased brand loyalty.

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Augmented Reality (AR) and Virtual Reality (VR) integration

AR and VR are changing the game in PIM by mixing the physical and digital worlds.

AR overlays digital info onto real products, letting customers visualize them in their space before buying. VR, on the other hand, creates a fully digital environment for users to explore products interactively.

This makes product presentations more engaging and helps customers understand products better. AR and VR also improve internal processes like product design and prototyping.

How to adapt?

1. Explore AR tools to nail product visualization for customers.
2. Use VR for interactive product presentations and internal design processes.
3. Keep an eye on the latest AR and VR trends to stay innovative.

Example:

IKEA uses AR through its IKEA Place app, which lets customers visualize furniture in their homes before making a purchase. VR is used in IKEA stores to let customers explore room setups and interact with products in a virtual environment.

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Multichannel integration

Multichannel integration in PIM is a game-changer for businesses. It means sharing product information across different channels like eCommerce sites, mobile apps, and social media. This makes sure customers have a consistent experience no matter where they shop.

As customers move between online and offline channels, this integration helps businesses meet them wherever they are, improving engagement and decision-making.

In today’s market, managing product information across multiple channels isn’t just smart - it’s necessary for staying competitive.

How to adapt?

1. Synchronize your product data across all sales channels.
2. Monitor customer interactions on different platforms to maintain consistency.
3. Update your multichannel strategies regularly to adapt to new shopping behaviors.

Example:

Vitra, a Swiss design company, shows how using Product Information Management (PIM) across different channels can really help a business.

By using censhare's system, Vitra combined seven different databases into one system that controls all their marketing materials. This means that Vitra's advertising is the same whether you see it in print, on a website, or on social media, giving all customers a consistent experience.

This setup lets Vitra manage all their communications effectively, so everything is clear and consistent. As customers switch between online and offline channels, Vitra’s integrated PIM system meets them at each step. In today’s market, having this kind of seamless connection across different channels is key for staying competitive.

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Machine learning integration

Machine learning in Product Information Management (PIM) is changing how we handle data. It uses algorithms to study large datasets, find patterns, and learn continuously. This makes PIM systems smarter over time.

With machine learning, predictions become more accurate, issues are identified early, and many tasks are automated, reducing manual work.

This turns PIM into a valuable and strategic tool thanks to which businesses navigate complex markets with ease.

How to adapt?

1. Incorporate machine learning algorithms into your PIM systems.
2. Train your team to understand and utilize machine learning tools.
3. Regularly update your algorithms to keep up with new data and trends.

Example:

Walmart uses machine learning to boost its PIM systems. By analyzing vast amounts of product data, Walmart's PIM system can predict inventory needs, identify potential issues before they become big problems, and automate many routine tasks. This leads to more efficient operations and better customer service.

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P.S. If you’re after DAM and PIM solutions, check out censhare.

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Bonus: questions to ask yourself to see if you’re ready for the future of DAM & PIM

• Is our current DAM and PIM infrastructure scalable to handle future growth?
• Are we leveraging AI and machine learning to automate repetitive tasks and gain deeper insights?
• Do we have a centralized system for managing digital assets and product information?
• How well do we understand and utilize customer feedback and sentiment data?
• Are we prepared to integrate new technologies like AR, VR, and voice search into our DAM and PIM strategies?
• Do we have a strategy for maintaining data quality and enrichment over time?
• Are we equipped to manage and distribute product information across multiple channels seamlessly?
• Do we have the necessary security measures in place to protect our digital assets and product information?

Wrap up

From AI and machine learning to multichannel integration and AR/VR technologies, the trends we’ve explored are set to redefine how businesses manage their digital assets and product information.

To stay ahead, businesses must be willing to ditch outdated methods and embrace these emerging trends.

Are you ready to step up and transform your DAM and PIM strategies for the future?

Stay curious, adaptable, and always ahead of the curve.

The future is bright for those who dare to innovate. Do it today with censhare.