As your company grows, so will your digital asset library. These assets are critical, and it is essential to ensure proper management. One of the key factors to be aware of is the digital asset lifecycle. This article will explain what it is and what stages of digital asset lifecycle management exist.
What are digital assets and their lifecycle?
First, you need to understand what digital assets are. A digital asset is an asset that does not physically exist but simultaneously represents a certain value. These are virtual assets that can be sold, exchanged, donated, etc.
There are a huge number of different digital assets, and each value is different. For example, when it comes to a photo, it may be valuable only for one person, a particular community, or even for the whole world. Cryptocurrencies and tokens, such as NFTs, have earned enormous popularity in the world of digital assets. Their value can be measured in millions of dollars worldwide.
The digital asset lifecycle is the stages through which each of the assets passes. Four main stages can be distinguished. We will talk about them further.
Four stages of the digital asset lifecycle
In order to effectively manage digital assets, it is necessary to understand their lifecycle and the features of each stage.
The first stage is the creation of a digital asset itself. For example, it could be shooting a valuable video or creating a token on the Ethereum blockchain. At this stage, it is important to consider the following nuances:
- Analyze your audience. You must understand for whom you are creating this or that digital asset.
- Analyze competitors. Look at what assets your direct competitors offer and try to offer something better.
- Optimize assets. Think in advance of a strategy that will improve their quality in the future.
Digital asset lifecycle management
After the asset is created, the digital asset lifecycle management phase begins. This stage involves approving content, organizing departmental interactions, and determining how you plan to manage assets.
The management phase is crucial because it determines how the company will benefit from using the asset. Therefore, you should organize effective management to get the most out of a particular asset.
The company distributes the asset in the third stage of the digital asset lifecycle. This means sending files directly to the media, publishing content on the company's official resources and social networks, offering tokens during an STO, and other promotion methods that the company uses to promote digital assets.
During the distribution phase, it is essential to achieve high speed. Your company must be provided with the necessary resources for the fastest possible distribution of digital assets. For example, these could be download links or public galleries.
Once a digital asset has been distributed, it enters the last phase of its lifecycle, archiving. At this stage, digital assets need to be preserved. The files are kept until they are needed in the future.
It makes sense to archive only those assets that will not be used on a regular basis. Then your media library will not be cluttered with many files, and they will not have to be constantly searched for. However, many files that will not be used regularly may be needed in the future, so it's important to save them for later use.
How does the digital asset ecosystem work?
All digital assets have a lifecycle – audio files, photos, tokens, etc. However, this cycle is not isolated; lifecycles are directly related to people and can be related to each other. These resources are more than just files; they tie together the work of individuals and teams and help companies succeed in their industry.
Understanding how interaction works is critical to making informed business decisions. Tracking and analysis of digital assets can be improved through various tools. For example, metadata, artificial intelligence, or machine learning can be used for this purpose. These tools determine how the organization will work, in what aspects it succeeds, and what ideas can make it even better.
The value of digital assets continues to rise. They provide an overview of the business and improve the decision-making process. By making the workflow more transparent, companies can achieve:
- The eternal value of specific assets;
- Improvements to various processes related to assets;
- General workflow improvements;
- Filling gaps in content;
- Finding and successfully applying best practices based on data;
- Find out the relationship between digital assets and buyers/customers.
In order to manage digital assets effectively, interconnected analysis is needed. Therefore, there is a need for continuous improvement of tools that allow you to understand exactly how collections of digital assets work and which solutions are the best.
Every digital asset goes through four phases of its lifecycle. These are creation, management, distribution, and archiving. Each step is essential and should be taken as seriously as possible. Finding effective tools will ensure convenient digital asset lifecycle management at any stage is necessary. The value of digital assets continues to rise, and every company associated with them needs to find ways to optimize its content experience. It is worth remembering that digital assets are not only photos and videos but also a whole sphere of tokens of various kinds. They also have their own features and benefits, which Stobox experts are ready to tell you about. Digital assets can completely change your business for the better. Find out how to do it at a free consultation with our experts!
What is the digital asset lifecycle?
The digital asset lifecycle is stages, through which the asset passes when used by a company or individual.
What are the four phases of the asset lifecycle?
These are creation, management, distribution, and archiving. Each of these stages can also be divided into a number of smaller phases.
Are crypto and tokens also digital assets?
Yes, they are. Tokens of different types (utility and security tokens and NFTs) represent a huge sphere of digital assets belonging to Web 3.0.