Building a Business Case for DAM
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Ayaz Malik discusses the importance of Digital Asset Management (DAM) solutions in addressing the slow tech adoption within organizations and the need for effective content management to avoid reputational and financial risks, highlighting the significance of metadata and analytics. He emphasizes identifying opportunity costs and preparing a compelling business case for change that includes stakeholder alignment and a clear digital strategy. Key takeaways include the necessity for sustained investment and the integration of DAM into overall digital strategy.
Building a Business Case for DAM
- 1. Ayaz Malik Head Diagnostics Digital Communications at F Hoffmann-La Roche Speaking today as a marketing and communications professional and not on behalf of Roche Roche is a user of Veeva solutions Building a Business Case for DAM
- 2. Making the case for a D A M
- 3. Storytelling – Connect the dots Value
- 4. Content Engagement Transaction Create ManageApprove CRM The world has changed – yet tech adoption is slow. It is a barrier to shifting behavior in an organization and realizing the full value from engagement with audiences Value Distribution SalesMarcom Web, Advertising, PR
- 5. Engagement TransactionInteraction DistributionCreate ManageApprove Marketing Automation CRM Value Content Analytics Insights Reporting Continuous Optimization
- 6. CMS CMS CMS CMS Content Engagement TransactionInteraction Omni- Channel Distribution Create ManageApprove Marketing Automation CRM DAMCreative Suite Automated Approval System Syndication to Affiliates Value Marketing Automation CRM
- 7. • Co-creation and re-use • Unified taxonomy • Metadata • One IT backbone - integrated • Cloud-based • Persona-based content • Highly personalized UX-CX compliance • Governance • Analytics è Insights Today Value
- 8. • Artificial intelligence • Cryptomedia enabled by blockchain 1 • Hybrid organizations • New roles in companies • Metadata – assist • Sensing – recommending • Intelligent taxonomy and tagging • Highly automated delivery • Highly personalized UI and UX-CX • High security • Analytics è Insights è Decision support + Tomorrow Value https://www.mediavalet.com/blog/blockchain-digital-asset-management/
- 9. Investment What’s at risk? W H Y should they care?
- 10. Investment Understand the landscape • Identify the burning issues? • Qualify and quantify material impact? Ø Reputation Ø Revenue • Identify adjacencies and dependencies • Do research and secure evidence Focus on identifying opportunity cost Let’s look at an example
- 11. Opportunity cost example value of properly managing content via a DAM Disparate channels often have… • False or unsubstantiated claims • Outdated content • Form not being monitored • Missing adverse events • Missing complaints …and these could result in: • Consent decree • Potentially affect future submission approval • Enforcement action from a government agency • Enforcement action from other company Just one of many regulations • US False Claim Act • Violation: Submission or cause to submit a false claim • Impact: Liability for treble damages (3x the actual damages) • Penalty: Mandatory penalty for each false claim (current penalty range between $10,957 and $21,916)1,2 • Potential “sudden-death” or exclusion from Medicare and Medicaid reimbursement • 5 million diagnostics tests sold • 50% are reimbursed = 2.5 mio • Half of the requests for reimbursement were caused by the false claim = 1.25 mio Opportunity cost example (Hypothetical scenario) • 1,250,000 x $10.957 *= 13.6 bn USD * applying the lowest possible penalty per test. 1 https://www.morganlewis.com/pubs/bna_calculatingdamagesunderfalseclaimsact_may2013.pdf 2 http://www.policymed.com/2017/02/department-of-justice-increases-fca-civil-penalties-again.html • Most cases are settled for far less than the full penalty • Cost to reputation • Impact from another company
- 12. Investment Understand the landscape • Identify the burning issues? • Qualify and quantify material impact? Ø Reputation Ø Revenue • Identify adjacencies and dependencies • Do research and secure evidence • Identify opportunity costs Identify the critical ”asks” • Digital strategy (DAM included) • Mandate from top • Sustained investment • Formal plan • Proper change management • Communications
- 13. Investment Test the case for change? • Align stakeholders • Tell the story • Explain the path forward • Clarify barriers Translate into “biz speak” • Low maturity of the organization: Ø Waste – inefficiency • High compliance risk: Ø Disparate channels Ø Disparate systems • Poor user experience Ø Reputation risk Ø Competitive position Key questions to ask • Org’s will to change? • Ability to change? • Will to invest in change? • Time for enduring change?
- 14. Investment Be fully prepared? • Do your homework – sell ahead • Anticipate well • Create a compelling presentation • Use pre-reads approach • Be aware of timing Make the pitch – 25% pitch 75% dialogue • Summarize case for change • Summarize value • Summarize roadmap & WSLL • Focus on the “ask”
- 15. Key takeaways • Identify the burning issues and the material impact • Understand the landscape – do your homework • Be clear on the ask • Test the case for change • Prepare a compelling presentation • Pitch and make the case for change Bringing it all together Top six lessons learned • Have a sponsor at the LT • Embed IT, Finance, Comms, Regulatory and Legal in team • Be the SME – demonstrate you know the subject • Get evidence for claims you make • Present DAM as a critical part of the digital strategy • Pre-align with each LT member – their specific hot buttons