As I've accumulated more and more digital images, I've struggled with how to manage them and have succumbed to "analysis paralysis". Rather than continue along my questionable path, I've taken to not doing anything at all. That however has changed since I got my hands on a copy of "The DAM Book" written by Peter Krogh, a professional photographer who has become somewhat of an expert in the area of digital asset management for photographers.
This book covers all aspects of DAM including how to set up your digital archive, metadata strategies, hardware configurations, backup strategies, cataloging applications, and workflow. For each subject, Peter not only describes in detail a recommended approach but also why and does so in a way that's easy to understand. While Peter strongly encourages the use of DNG, Adobe Bridge and ACR, and iView Media Pro in the workflow, the concepts are easily transferred to other formats and software applications.
For those struggling like I was, I highly recommend this book. It provides a detailed roadmap to follow or concepts that you can tailor to your individual situation. Two thumbs up!
For more info on the book, look here.
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Peter has also set up a forum where all aspects of DAM are discussed - The DAM Forum.
Enjoy!

