The media industry is a huge sector and they have a lot of assets and equipment. These assets are very costly and they need maintenance at regular intervals. Thus, media asset management is important and it cannot be avoided otherwise it can result in business loss. In this article, you will get the details on What is the role of asset management in the media industry?
According to the Globe News Wire, “The media asset management (MAM) solutions market is poised to grow by $ 6.74 bn during 2020-2024 progressing at a CAGR of 26% during the forecast period.”
What is Media Asset Management?
To control the overall creation and delivery of audio and video files, media asset management (MAM) originated in the media industry. In this industry, the assets are in the form of digital so they are important for digital. Some people also think that digital asset management and media asset management are the same but actually, they are not!
So, what is the difference between both of them? Digital asset management is the umbrella solution for overall digital assets including media assets. Media asset management is just a subset of digital asset management.
For Media Industry, Asset Management is important or not?
Indeed, it is very important not just for the media industry but for all industries. As all businesses have assets and equipment which are not only crucial for running daily operations but also, they are expensive. It is important for them to keep them secured and that is where asset management software comes into play!
What are the benefits of asset management software for the media industry?
The benefits of asset management software for the media industry are discussed below:
Asset security – Sometimes assets are left in one location or another location. Therefore, it becomes hectic to keep track of assets. Asset management software provides asset tracking and provides accurate location of each asset. Not only it saves from leaving assets behind but it also provides security to assets and avoids asset theft.
Assets come in all sizes some are huge but others are little but they are stolen easily. Lots of organizations suffer from loss due to asset misplacement and theft. But you can easily avoid theft and misplacement with this software.
Asset maintenance – When assets are tracked with this software you do not have to track maintenance manually. If maintenance tracking is done manually it will be a wastage of human resources as manual tracking cannot keep track of hundreds of assets. If you try to do you lots of assets will have sudden failure and lots of asset’s performance will decrease. Overall, the result will be decreased asset life ad increase asset maintenance expenses.
When automated asset maintenance is implemented, it only simplifies the maintenance process but also makes the asset more reliable. It also increases asset life and decreases maintenance expenses and that is why automated asset maintenance is important.
Reports – With the software you can get and data which is helpful in making crucial business decisions. For instance, how many assets exist in the company where exactly they are located which asset has how much life left! Analyzing trends and tracking the pattern can also be done with the reports. Reports are helpful in identifying where you are spending and where you need to invest in order to improve the efficiency of assets.
Regulatory compliance – There are rules and regulations which need to be followed. Regulatory compliance is essential to maintain otherwise media companies will be paying huge penalties. For instance, if you are using software that needs to license, if it is found during an external audit that you are using expired software that will be a rule violation as a consequence you will end up paying a penalty. In order to avoid penalties, asset management software can help media companies. As it can alert when you do not comply the as per the rules.
Eliminate ghost asset – Ghost assets are those assets which are mentioned in the books but physically they are not available. Ghost assets are not good for business at all! How? You will pay taxes for those assets which you are not even using. If it is found that ghost asset exists in the organization it will impact a negative impact on the business. Thus, it is important to identify and eliminate them properly. Asset management software can help you identify and eliminate them in the right way so that they do not occur in the future again.
Asset audit – Asset audit is an important part of calculating the overall worth value of the organization. With the audit, you are enlightened about either you are complying with the rules and regulations. The benefit of this software that it ensures that you comply with the rules as per the industry.
The audit is usually a long and exhausting procedure but with the asset management software this process is simplified and you can plan for audit quickly. In this software, you can get depreciation reports and the worth value of each asset. It can help in making a financial picture (related to asset) of the organization.
This software provides lots of benefits to the organization and it has several features that are very effective in streamlining daily operations.It has a check-in & check-out feature that keeps track of assets. It also increases asset life as this software emphasizes preventive maintenance.
Conclusion – Media industry is huge and they lots of complex assets which are not only important to run their daily operation but sectors such as news media have a huge responsibility to keep their users informed and for that, they need the right equipment at the right time.
Assets and equipment need to be tracked so that they are not lost, they need to be maintained so that they are in working condition & they do not break down in urgent situations.
This software increases the productivity of the organization and employees as well. It has the potential to grow your business by saving unnecessary expenses and it suggests where to put the effort in order to generate revenue.
Frequently Asked Question (FAQs)
What is the role of asset management?
The role of asset management is to manage and monitoring assets effectively. They are helpful in tracking asset life. It lets you know where assets are, where they are located! It provides crucial data that helps organizations in making informed decisions.
Asset management helps in increasing the return on investment. Furthermore, they are helpful in maintenance activity and inventory management. They provide several benefits to the organization such as tracking maintenance, tracking assets, tracking inventory. Asset management helps in decreasing sudden failure chances and maximizing asset efficiency.
Why digital asset management is important?
Digital asset management provides a systematic approach to maintain assets that are in the form of digital. Digital asset management adds security to digital assets. It keeps data in encrypted form so that data is saved from cyber-attacks. You can add an authentic level to the data which means you can restrict users as per their category. For instance, the manager can have access to customer details so that he can update the customer about the update but a maintenance technician will not have access to that information.