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Digital Asset Management (DAM) is a system or process used by teams and individuals to store, organize, retrieve, and manage their digital assets effectively.
If you googled Digital Asset Management, most of the articles that came up in your search explained this concept in terms of digital files and media. However, in this article, we will be dealing with the benefits of digital asset management in terms of financial assets.
The principle is very similar, as crypto assets can be looked at as files in some way. However, it is crucial to know how to store, manage, and protect your crypto assets.
Crypto Digital Asset Management (Crypto DAM) refers to the practice of managing and overseeing cryptocurrency assets, which are digital or virtual assets that exist on a blockchain or distributed ledger technology.
Crypto digital asset management benefits encompass various activities and strategies for effectively managing and securing these digital assets. It is particularly relevant and beneficial for individuals, CFOs, and organizations that deal with cryptocurrencies on a daily basis.
Digital Asset Management (DAM) in the context of cryptocurrency and blockchain technology can offer several benefits, both for individual users and organizations.
We made a list of the top 9 benefits of digital asset management everyone should know about and decided to dive deeper into each one of them:
Let’s explore them further…
Having a DAM tool makes it easier and cheaper to conduct your digital asset management. You don't have to jump between tools or pay for the subscription to each one.
Bizzllet lets you manage all your digital assets by having a single non custodial platform to use for payments instead of transferring funds from one wallet to another and losing money over gas fees. Gas fees can create substantial costs for companies that deal with high volumes of crypto transactions.
This time, your marketing team will be able to use crypto to maximize your brand awareness, all while decreasing gas fees on cryptocurrency transactions by 30%.
Some digital asset management systems offer benefits that include automation features. These features encompass recurring purchases, automated trading strategies, and rebalancing, which help users optimize their crypto balances.
For instance, Bizzllet allows users to set up recurring finance operations, such as automated payroll and crypto invoices. By utilizing this feature, organizations can reduce the time spent on managing crypto financial operations by 70%.
One of the main benefits of digital asset management systems is portfolio management. DAM systems typically provide tools for tracking the performance of your cryptocurrency holdings, including historical data, charts, and analytics.
Wallet admins and managers can efficiently manage and diversify the organization's crypto portfolio by quickly moving assets between unlimited multichain wallets within Bizzllet.
DAM solutions often allow for shared access to digital assets, making it suitable for businesses or teams that need to manage crypto assets collaboratively.
Continuing the former example, your marketing team can have their own wallet where they will keep track of the marketing budget and spend it independently from any other assets you might have.
The marketing team can divide tasks among themselves and efficiently collaborate while also delivering financial records for easy accounting and auditing purposes.
What sets apart our solution from other DAMs is that you can give your teammates complete freedom to operate in their sectors and delegate tasks, all while maintaining full control.
There are 3 roles you can give your teammates/employees:
Beneficial digital asset systems can provide secure storage and management of digital assets, protecting them from theft, hacking, or unauthorized access. We already mentioned setting multisig wallets.
DAM solutions such as Bizzllet support multi signature wallets, which require multiple admin signatures to authorize transactions, adding an extra layer of security. We have built this using MPC technology in order to eliminate singe points of failure (SPOF).
Security was one of the non-negotiables when it came to building Bizzllet, especially in today's setting when malversations are a common occurrence.
Must have features when managing digital assets. Backup and recovery options safeguard against data loss, hardware failures, or accidental deletion of keys.
Users can securely store and manage their seed phrases, which are essential for wallet recovery. By backing up, your organization ensures your fund's recoverability in unpredicted scenarios.
You can use one or more backup options such as iCloud, GoogleDrive, or OneDrive. Writing down seed phrases and KYC procedures are history with Bizzllet.
Suitable for both individuals and organizations: DAM solutions can scale to meet the needs of freelancers, SMEs, and large enterprises alike. Our scalability is demonstrated by offering the following possibilities:
We offer various options tailored to different team sizes to ensure efficient scaling.
The benefits of DAM systems offer convenient access to your digital assets, allowing you to view balances, make transactions, and manage your portfolio from a single interface.
We mentioned that one of the two Bizzllet non-negotiables is security. The other one is a user-friendly interface that makes it easier for individuals and organizations to interact with their crypto assets.
To make everything more intuitive, we even added the option to personalize transactions with categories, tags, notes, and attachments. You will also be able to export financial statements to your preferred accounting software.
It's important to note that the specific benefits of DAM in crypto may vary depending on the platform or service you choose, so it's essential to research and select a DAM solution that aligns with your particular needs and goals.
Additionally, as the cryptocurrency space is continuously evolving, staying updated on the latest security practices and regulatory changes is crucial when managing digital assets.
If you're looking for a self custody business wallet to manage crypto payments, expenses, and invoices open an account today. Start taking control of your financial future!
