Admins can set the rules for operations to be done while importing files into MAM database.
Where necessary, MAM will automatically create the storyboard and proxy for the asset, tag the asset with metadata templates, transcode the file according to the pre-settings defined here while importing.
You can either set MAM to create the proxy versions next to the original files or specify a target folder for the proxies.
Create Index will create indexes for archived assets, for frame matching. Please see Image Matching - 3.7.1.0 for more detail