What’s the difference between a DMS and a DAM?
It’s no punch up or old school rap battle that’s for sure. Nope, it’s way more sedate than that. But if you’ve ever sweated bullets thinking you signed the wrong version of a contract, or spent hours hunting an elusive piece of creative, this will rock your world better than Jay Z vs Nas on their best day. A DMS is a Document Management System and a DAM is a Digital Asset Management system. Document Management Systems are software developed in the 90s to manage paper based documents, evolving to also handle electronic documents. Digital Asset Management platforms are modern platforms designed to manage all your digital assets as well as documentation.
They both use high tech to help you collaborate, streamline workflows and organize your files to save you time, and potentially, a 95 million dollar recording contract.
What is a digital Document Management System (DMS)?
A DMS can be many things to many people. So, depending on who you ask, it can be a simple file structure on a desktop or an Enterprise level DMS, which is what we will be discussing here today. An Enterprise DMS’s wheelhouse is the workflow that goes into the creation, control, distribution, signing, and file management of online versions of documents. In its day, online document management’s value was particularly relevant when it came to legally binding documents such as mortgages, insurance policies, partnerships, and SLAs.
Through its ability to securely track the lifecycle of a document, a DMS reduces the amount of paper documents requiring storage, as well as the amount of time that’s needed to find a particular document and chase wet signatures.
While platforms like Microsoft Sharepoint and Dropbox are great for straight filing and sharing, they lack trackable metadata and there is very little you can do with those files. They do not offer the same functionality as a Document Management System. And a Digital Asset Management system trumps them all.
What is a Digital Asset Management (DAM) System?
DAM and AI
Can a DAM also hold documents?
Key benefit of using a DMS or DAM
Digital Asset Management extensions
Which solution is right for you – a DMS or DAM?
The best way to decide is to figure out what your specific needs are and then find the system that can offer the most comprehensive and modern solution. Do you need a system that can manage both digital documents and assets? Or, do you need a system that will create and track documents approvals, contracts and reports with no need for images or video file management?
For big business with heavy compliance requirements, a DAM, with its ability to streamline governance of documentation and creative assets within and auditable, secure system is a far larger solution. If you’re Jay Z, with product endorsements, robot pizza truck ventures, staff contracts, album cover artwork and pictures of Beyonce and the kids, you’re definitely going to need a DAM.
Find out more about IntelligenceBank’s online document and asset management systems by booking a live demo.