Digital Asset Management (DAM) Studies ICM560 DIGITAL ASSET AND MEDIA MANAGEMENT PREPARED BY : SYAHINAZ BINTI ABDULLAH (2022850814) PREPARED FOR : DR HASLINDA BINTI HUSAINI
SYAHINAZ ABDULLAH NICE TO MEET YOU! HELLO! I’M SYAHINAZ ABDULLAH DAM That Works As Hard As You Do. My name is Syahinaz Binti Abdullah, and I am currently a student at Universiti Teknologi Mara (UiTM) Puncak Perdana, where I am pursuing a Bachelor of Information Science (Honours) in Content Management. For a recent project, I have been tasked with creating an e-book on Digital Asset Management (DAM). This endeavor is particularly exciting for me as it allows me to share the valuable knowledge and insights I have gained through my research in this field. Through this e-book, I aim to provide readers with a thorough understanding of Digital Asset Management. My hope is that this book will serve as a useful resource, helping readers enhance their knowledge and effectively implement DAM strategies in their own contexts. May your study be filled with meaningful insights and growth! DIGITAL ASSET AND MEDIA MANAGEMENT ICM560
DIGITAL ASSET AND MEDIA MANAGEMENT SYAHINAZ ABDULLAH ABSTRACT ICM560 As the use of digital assets has become more widespread in Malaysia, DAM is becoming more and more apparent as a valuable tool for efficient management of digital assets across industries. The goal of this paper is to discuss the key components of the effective implementation of DAM, based on the theoretical analysis, the findings of the latest studies of real-life case and the information about the trends in the job market. This study combines data gathered from the Scopus online database, including two articles that address the legal requirements and new technologies affecting DAM practices. Furthermore, there are two cases which are discussed to explain how organisations in Malaysia have benefited through implementing DAM for improving the performance of operations and competitiveness within the market. Moreover, a search on the available jobs today, shows that there are specific DAM positions in the Malaysian job market today, highlighting working responsibilities and specifications. These roles also highlight the specific competencies that are expected out of a candidate by employers in relation to digital assets. The paper concludes by identifying two key elements essential for DAM success in Malaysia. The issues include the full and complete regulatory environment and improved cybersecurity. Combined, these components provide the infrastructure for a sound DAM discipline, which will be crucial in the safe and effective handling of digital assets in an increasingly complex online environment. II
DIGITAL ASSET AND MEDIA MANAGEMENT Introduction 1 DAM Job Descriptions & Requirements 8-9 Digital Asset Management (DAM) 2-5 DAM Issues and Challenges in Malaysia 10-11 Digital Asset Management in Business 6-7 Conclusion 14 SYAHINAZ ABDULLAH Table of Contents DAM Success Key Elements 12-13 References 15 Appendices 16-20 ICM560
SYAHINAZ ABDULLAH What is Digital Asset Management? INTRODUCTION DIGITAL ASSET MANAGEMENT (DAM) Digital Asset Management is the process or system used to administer, store, and retrieve digital assets. Digital assets would include images, videos, documents, audio, animations, and other types of files in media format. A good DAM system can be centrally store these assets in a location from where they can be fetched and supplied easily. Centralized Storage: DAM provides one platform on which all digital assets are stored. Centralization helps us to reduce redundancies and assures everyone in the organization of the latest versions available. Metadata Management: All these allow to tag and categorize the assets with metadata. The metadata might include information regarding the creator, date of creation, usage rights, and keywords. Metadata is designed in a way that ensures the person who have authority can easily retrieve the assets whenever needed and easily search for them in the future. Access Control: Most systems include functions of user permissions and the access controls that will help show who should view, edit, or distribute certain assets. This is important for maintaining security and managing digital rights. Version Control: Many DAM systems, in one way or another, track the different versions of the assets created at different periods of time. This will help users to manage different versions of a file and revert to a previous version if needed by the users. Integration and Collaboration: It is also important to note that most DAM systems are also capable of interfacing with other applications, such as content management systems, marketing automation tools and social media management tools. This will, in turn, it will lead to interconnectivity and integration of different departments and teams. Analytics and Reporting: Some DAM systems provide for the reporting and analytics to monitor the usage of assets, and as well the effectiveness of those materials. This information is useful as it can help to provide the best information to develop and manage new assets. DIGITAL ASSET AND MEDIA MANAGEMENT ICM560 1
DIGITAL ASSET AND MEDIA MANAGEMENT SYAHINAZ ABDULLAH ICM560 ARTICLE 1 In the research article, “A Blockchain-Based Framework for Secure Digital Asset Management’, Vu Tuan Truong and Long Bao Le look at the incorporation of Blockchain technology into the Digital Asset Management systems with a view of offering an effective and secure solution to some of the challenges. The primary issues of conventional DAM systems include issues to do with security, and location of the assets as well as absence of transparency. The proposed framework builds on blockchain technology by decentralizing records and assets, using a tamper-proof ledger, implementing decentralized storage and applying smart contracts to support security and asset management. Blockchain’s decentralized storage distributes digital assets across a network of nodes, enhancing security and data availability. The immutable ledger records every transaction involving digital assets, ensuring integrity and traceability. Smart contracts automate processes like asset transfer and rights management, reducing the need for intermediaries and increasing efficiency. Consensus mechanisms validate transactions, ensuring agreement across the network and preventing fraud. The authors discuss several use cases for this framework, including the media and entertainment industry for managing digital media files, the healthcare sector for securely storing and sharing medical records, and the supply chain industry for tracking the provenance of goods. The blockchain-based DAM system offers benefits such as enhanced security, transparency, and efficiency. However, challenges like scalability, integration with existing systems, and regulatory compliance need to be addressed. According to the authors, future research should focus on optimizing consensus mechanisms for scalability and developing standards for blockchain integration in DAM. Overall, the article concludes that blockchain technology can significantly improve DAM systems, making them more secure, transparent, and efficient, despite the existing challenges. . Blockchain Technology Overview 2
ICM560 SYAHINAZ ABDULLAH Advantages & Disadvantages of Blockchain in (DAM) THE ADVANTAGES THE DISADVANTAGES The blockchain-based DAM framework offers several benefits, including enhanced the security due to its decentralized nature and cryptographic techniques, ensuring protection against unauthorized access and tampering. Additionally, the constants ledger can guarantees that the data integrity by permanently recording all transactions, providing reliable traceability. Automation through smart contracts enhances efficiency by automating processes like asset transfers and rights management, thereby reducing manual intervention and operational costs. Moreover, the transparency of every transaction recorded on the blockchain makes the process easily auditable, and the decentralized storage across multiple nodes ensures data availability and reduces the risk of data loss. However, there are several disadvantages to consider. Blockchain networks can experience scalability issues, potentially slowing down the system as more transactions are processed. Integrating blockchain with existing Digital Asset Management (DAM) systems can be complex and resource-intensive. Additionally, navigating regulatory compliance, particularly regarding data privacy and security, can be challenging in the context of blockchain technology. Establishing a blockchain-based DAM system also involves significant upfront costs, including investments in infrastructure and technology. Furthermore, the technological complexity of blockchain can make it difficult for some firms to understand and implement. Overall, while the proposed framework offers significant advancements, these issues must be addressed. DIGITAL ASSET AND MEDIA MANAGEMENT 3
Empower Digital Assets Rights Management with Smart Contracts Today's digitally integrated society faces complicated issues when it comes to managing rights associated to digital assets. The decentralized and dynamic nature of digital transactions is frequently too much for traditional legal systems to handle. But new developments in smart contracts and smart legal contracts present a different picture of the future. Smart legal contracts therefore automate the enforcement of contracts by putting terms in code, hence excluding the role of intermediaries for efficiency and reliability. Smart contracts are those that rest on the use of blockchain technology to automate processes such as the transfer of ownership and distribution of royalties through secure and transparent means. Digital rights management technologies are reorganized to allow for transfers of ownership, licensing agreements, and royalty distribution. While the challenges are great, everything from legal uncertainty to technological constraints the future for efficiency and transparency in the digital economy looks bright. In summary, smart legal contracts and smart contracts are potential game-changers for digital assets rights management. They provide practical solutions to the challenges of digital transactions through automation and security from blockchain, rendering it possible to have an efficient and resilient digital economy. ICM560 SYAHINAZ ABDULLAH ARTICLE 2 DIGITAL ASSET AND MEDIA MANAGEMENT DIGITAL ASSETS RIGHTS MANAGEMENT THROUGH SMART LEGAL CONTRACTS AND SMART CONTRACTS 4
SYAHINAZ ABDULLAH Digital Assets Rights Management (DARM) & the utilization of smart contracts, Digital Asset Management (DAM) ORGANIZED STORAGE AND RETRIEVAL DAM systems will offer a single source for storing and organizing digital assets, such as images, videos, and documents. The systems ensure that digital assets are easily accessible and retrievable, hence by making the transaction and rights management process smoother. METADATA MANAGEMENT DAM will allows management of metadata describing digital assets. The metadata provides valuable information regarding the asset: its rights of ownership, usage rights, licensing terms, and date of creation. Integrating DAM with smart contracts allows the enforcement of those rights to be done in an automated manner upon specific preconditions. SECURITY AND COMPLIANCE DAM systems going to emphasize security through control mechanisms, encryption, and conformance to data protection legislation. The integration of smart contracts into DAM ensures even greater security from the security properties that blockchain technology can avail, such as immutability and transparency. This will ensure that all rights management transactions are secure, auditable, and in conformance with regulatory provisions. VERSION CONTROL AND TRACKING DAM systems typically include version control features, to ensure that the most current version of digital assets is used in transactions. This is particularly important in rights management, where the outdated or unauthorized versions could lead to legal issues. Smart contracts can leverage DAM's version control capabilities to ensure compliance with licensing agreements and ownership rights. DIGITAL ASSET AND MEDIA MANAGEMENT ICM560 5
The system is used by various teams within Ogilvy, including account managers, creative professionals, and marketers. These users leverage DAM to collaborate effectively, manage projects, and ensure that all assets are accessible and up-to-date. Digital Asset Management involves the use of software to store, organize, and manage digital assets such as images, videos, and documents. At Ogilvy, DAM helps streamline creative workflows, maintain brand consistency, and optimize the use of digital content. ICM560 SYAHINAZ ABDULLAH CASE STUDIES 1 RECENT DIGITAL ASSET AND MEDIA MANAGEMENT The primary reasons for implementing DAM at Ogilvy include improving efficiency, reducing redundancy, and ensuring brand consistency. By centralizing digital assets, teams can quickly find and repurpose content, track usage, and maintain control over brand messaging, which is crucial in a fast-paced advertising environment. Ogilvy's DAM system integrates with their existing workflows, allowing for automated processes, version control, and detailed tracking of asset usage. This integration facilitates smoother project management, reduces time spent searching for assets, and ensures that all team members are working with the most current and approved files. Ogilvy adopted its DAM system in response to the growing complexity of managing digital assets across global teams and campaigns. The need became more pronounced as the volume of digital content increased and the demand for faster, more agile content creation and management grew. 6
ICM560 SYAHINAZ ABDULLAH CASE STUDIES 2 RECENT DIGITAL ASSET AND MEDIA MANAGEMENT An asset management system (AMS) integrated with digital technology is designed to streamline the management of physical assets within government agencies. This system encompasses the use of digital tools such as Geographic Information Systems (GIS), Building Information Modelling (BIM), and Digital Twins to enhance the monitoring, maintenance, and operation of assets like buildings, roads, bridges, and utility systems. The goal is to ensure efficient, cost-effective, and sustainable asset management across various phases of the asset lifecycle (MDPI) (US GAO). This digital asset management system is employed by various government agencies responsible for large-scale infrastructure. Key users include the General Services Administration (GSA), the U.S. Army Corps of Engineers, the National Park Service, and the U.S. Forest Service. These agencies manage extensive real property portfolios and are tasked with ensuring that these assets are maintained efficiently and effectively (US GAO). The integration of digital technology into asset management is driven by the need for improved efficiency, accuracy, and sustainability in handling government assets. Traditional methods are often labor-intensive, timeconsuming, and prone to errors. Digital tools provide real-time data, enhance decision-making processes, and facilitate better resource allocation. Additionally, adopting such technology supports resilience against climate-related disruptions and other emergencies, ensuring infrastructure longevity and reliability (MDPI) (US GAO). The shift towards digital asset management systems in government agencies has been gradual, gaining momentum with the introduction of standards like ISO 55000 in 2014, which set forth best practices for asset management. The continuous development and implementation of these systems are ongoing, driven by technological advancements and the increasing complexity of infrastructure needs (US GAO). Adopting Digital Engineering (DE) Tools: These include BIM for construction and facility management, GIS for spatial data management, and Digital Twins for real-time simulations and monitoring. 7
SYAHINAZ ABDULLAH JOB DESCRIPTION & REQUIREMENT This position involves analyzing and reporting on asset management processes within the company's logistics division. The Business Analyst will work on data analysis, process improvement, and the implementation of asset management systems to enhance operational efficiency. DIGITAL ASSET AND MEDIA MANAGEMENT BUSINESS ANALYST - ASSET MANAGEMENT AT SHOPEE MOBILE MALAYSIA SDN BHD The ideal candidate will have a strong analytical background with experience in business analysis and asset management. Proficiency in data analysis tools and software is necessary, as well as excellent problemsolving skills. A degree in business administration, finance, or a related field is preferred, along with relevant work experience in e-commerce or logistics JOB DESCRIPTION JOB REQUIREMENT LOCATION PULAU INDAH, SELANGOR ICM560 8
SYAHINAZ ABDULLAH JOB DESCRIPTION & REQUIREMENT This role involves overseeing the management of renewable energy assets, ensuring optimal performance and compliance with industry standards. The Senior Manager will be responsible for developing strategies to maximize asset value, managing maintenance activities, and coordinating with stakeholders to ensure smooth operations. DIGITAL ASSET AND MEDIA MANAGEMENT SENIOR MANAGER, RENEWABLE ENERGY ASSET MANAGEMENT AT LEADER ENERGY HOLDING BERHAD Candidates should have a strong background in engineering or a related field, with significant experience in asset management within the renewable energy sector. Excellent leadership and project management skills are essential, along with the ability to analyze data and make informed decisions. A relevant degree and professional certifications in asset management or renewable energy are highly desirable JOB DESCRIPTION JOB REQUIREMENT LOCATION BANDAR SUNWAY, SELANGOR ICM560 9
ISSUES ON MANAGING DIGITAL ASSET IN MALAYSIA In January 2019, the Malaysian Securities Commission (SC) issued guidelines on the regulation of digital assets, including cryptocurrencies and initial coin offerings (ICOs). While this was a step towards providing clarity, many aspects of digital asset regulation, such as taxation, investor protection, and compliance requirements, remain ambiguous. For instance, the lack of clear guidelines on the taxation of digital assets has left many businesses unsure about their tax obligations, potentially leading to inadvertent noncompliance or financial penalties. Furthermore, the regulatory environment has been subject to rapid changes. In 2020, the SC issued additional guidelines to regulate digital asset custodians and digital asset exchanges. These frequent changes can create a volatile environment for businesses operating in the digital asset space, making long-term planning difficult. ICM560 SYAHINAZ ABDULLAH ISSUE: The regulatory landscape for digital assets in Malaysia is still evolving, which creates uncertainty for businesses and investors. This uncertainty can hinder the growth of the digital asset market and discourage potential investors and businesses from engaging in this sector. DIGITAL ASSET AND MEDIA MANAGEMENT EXAMPLES: CYBERSECURITY THREATS ISSUE: Digital assets are highly susceptible to cybersecurity threats, including hacking, fraud, and theft. This poses significant risks to investors and businesses dealing with digital assets, as these threats can lead to substantial financial losses and damage to reputation. In 2020, a prominent Malaysian cryptocurrency exchange, Luno, experienced a phishing attack where users were targeted by fake websites designed to steal their login credentials. Although Luno itself was not directly hacked, the incident highlighted the vulnerability of digital asset platforms to cybersecurity threats. Users who fell victim to the phishing attack potentially lost access to their digital assets, resulting in financial losses and diminished trust in the security of digital asset platforms. Additionally, in 2018, the Malaysian central bank, Bank Negara Malaysia (BNM), issued a warning about the increasing number of scams involving digital assets. These scams often involve fraudulent schemes promising high returns on investments in cryptocurrencies, leading to significant financial losses for unsuspecting investors. EXAMPLES: 10
CHALLENGES ON MANAGING DIGITAL ASSET IN MALAYSIA A survey conducted by the Malaysian Digital Economy Corporation (MDEC) revealed that a significant portion of the population is unaware of the basic principles of digital assets and blockchain technology. This lack of financial literacy makes it easier for scams and fraudulent schemes to thrive, as individuals may not have the tools to recognize or avoid them. For instance, in 2021, there were numerous reports of Malaysians falling victim to cryptocurrency scams, such as Ponzi schemes that promised high returns on investments. These scams exploited the general lack of understanding about how digital assets work, leading to substantial financial losses for many individuals. ICM560 SYAHINAZ ABDULLAH CHALLENGES: The general public's limited understanding of digital assets, including cryptocurrencies and blockchain technology, poses a significant challenge. Many individuals lack the knowledge required to make informed decisions about investing in and managing digital assets. DIGITAL ASSET AND MEDIA MANAGEMENT EXAMPLES: CHALLENGES: The technological infrastructure necessary to support widespread adoption and management of digital assets is still developing in Malaysia. Issues such as inadequate internet penetration, lack of advanced financial technology (fintech) services, and limited access to reliable digital platforms hinder the effective management of digital assets. According to the World Bank, as of recent years, Malaysia has made significant strides in improving internet access, but there are still rural and underserved areas with limited connectivity. This digital divide means that a portion of the population cannot effectively participate in the digital asset market. For instance, farmers and small business owners in rural areas might find it challenging to access digital financial services, reducing their ability to manage or invest in digital assets. Additionally, the fintech ecosystem, while growing, still faces hurdles in terms of regulatory support and technological adoption. Many fintech startups in Malaysia struggle with scaling their operations due to the lack of a robust technological framework and infrastructure. This limitation affects the broader adoption and efficient management of digital assets across the country. EXAMPLES: 11
ICM560 DIGITAL ASSET AND MEDIA MANAGEMENT SYAHINAZ ABDULLAH A well-defined regulatory framework is crucial for legitimizing digital asset transactions and encouraging both domestic and foreign investments. It also helps in managing risks associated with digital asset markets, thus protecting investors and businesses. In 2019, the Malaysian Securities Commission (SC) released the "Guidelines on Recognized Markets," which included new rules for cryptocurrency exchanges. These guidelines required exchanges to ensure robust security measures, conduct thorough assessments to prevent the misuse of assets, and maintain transparent operations. For instance, Luno, a prominent cryptocurrency exchange in Malaysia, was among the first to register under these new regulations, significantly enhancing its market credibility and user base. This move by SC not only streamlined crypto operations but also boosted investor confidence in digital assets as a secure investment avenue. A comprehensive regulatory framework provides clear guidelines and standards for the operation of digital assets within a country. It ensures that there are adequate measures for consumer protection, promotes market stability, and encourages investor confidence. For a framework to be comprehensive, it must address several aspects: market integrity, anti-money laundering (AML) practices, counter-financing of terrorism (CFT), and the regulatory compliance obligations of businesses involved with digital assets. IMPORTANCE COMPREHENSIVE REGULATORY FRAMEWORKS 12
DIGITAL ASSET AND MEDIA MANAGEMENT SYAHINAZ ABDULLAH As digital assets represent high value and are digital by their very nature, they become great targets for cybercrime. Strong cybersecurity measures are important in protecting these assets from any form of theft, unauthorized access, and other cyber threats. They are important in maintaining trust among the users and investors, which is core to growing and sustaining the digital assets market. In response to growing cybersecurity threats, Bank Negara Malaysia (BNM) has issued guidelines requiring financial institutions, including digital asset exchanges, to strengthen their cybersecurity measures. These guidelines call for multi-factor authentication, endto-end encryption for data transmission, and regular security training for employees. A practical example of these measures in action is the Luno exchange. After experiencing several phishing attacks in the region, Luno upgraded its security by adding features like biometric logins and withdrawal confirmation emails that need multiple verifications for transactions. These changes have significantly reduced the risk of unauthorized access and improved their overall security. Cybersecurity is integral to managing digital assets effectively, especially given the digital and often decentralized nature of these assets. Enhanced cybersecurity measures involve the use of advanced security technologies, regular security audits, continuous monitoring for threats, and rigorous training for all stakeholders about security best practices. IMPORTANCE ENHANCED CYBERSECURITY MEASURES ICM560 13
Implementing a Digital Asset Management (DAM) system can be quite complex, involving detailed planning, regular upkeep, and training for users. To ensure successful setup and operation, it's important to carefully evaluate what your organization needs and aims to achieve. Getting help from experts can make the implementation process smoother and more effective. In today's digital world, where companies depend heavily on digital content to engage with their audiences, DAM systems are invaluable. They help manage and organize digital assets like photos, videos, audio recordings, and documents. With a DAM system, you can take advantage of features such as metadata management, version control, access control, search functionality, and efficient distribution. Managing digital assets properly is important for cutting costs, reducing risks, boosting productivity and collaboration, and maintaining brand consistency. Failing to manage these assets well can lead to financial issues, inefficiencies, and inconsistent branding. Therefore, investing in a robust DAM system and ensuring it is effectively implemented and adopted are key steps for any organization aiming to succeed in the digital era. SYAHINAZ ABDULLAH CONCLUSION DIGITAL ASSET AND MEDIA MANAGEMENT ICM560 14
SYAHINAZ ABDULLAH REFERENCES DIGITAL ASSET AND MEDIA MANAGEMENT ICM560 15
APPENDICES DIGITAL ASSET AND MEDIA MANAGEMENT 16
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DIGITAL ASSET AND MEDIA MANAGEMENT 20 TURNITIN
THANK YOU FOR READING! DIGITAL ASSET AND MEDIA MANAGEMENT 21