Some time back it was all about data (to some extent it still is!) and when we were burdened with data, we needed a tool to manage it, that led to the discovery of a data analytics tool, and now just like any other app in your smartphone, it also requires an update from time to time to cater your needs.
Recently, YuktaMedia conducted a poll on what do the ad tech professionals think should come as the next update in a data analytics tool. They had to choose from the following options:
- Alerts and Recommendations
- Customizable dashboards
- Missed revenue opportunities
Although few of them wanted to see “Missed revenue opportunities” as the next update, there was a close tie between “Alerts and Recommendations” and “Customizable dashboards”.
Frankly, it’s quite difficult to choose one as all these features are equally important and contribute in their own way. For example :
- Alerts and Recommendations: The primary purpose of the alerts and recommendations feature is that the system tells you where are the issue lies and how to resolve it. The system works tirelessly and constantly monitors your predefined KPI’s so that you always know what is happening with your business. If you are able to analyze and monitor your data at the granular level then you will have a crisp understanding of which portion of the inventory is doing well and which one requires more attention. Alerts should be able to measure the business impact and suggest the severity so it becomes clear to take the necessary actions. If you are able to track multiple KPIs at the granular level then you won’t have to manually hunt for inventory where any KPI had spiked or dropped. This saves a lot of time and makes taking action fast.
- Customizable dashboards: There can be multiple teams who use the same data-set but for different purposes. For example, the sales team can use the CPM to prepare the rate card but the ad operations team can use CPM to monitor the performance. Same data but the purpose is different, hence why would your team have to make their day-to-day decisions from the same dashboard instead of having a customized dashboard designed to make their job easier? Customization is everywhere, and it benefits well by keeping relevant data in front of your eyes. The end-user should be able to choose the look and feel, data-points, and features relevant to them so they can be always aware of their performance goals.
- Missed Revenue Opportunities: Not defining and tracking missed revenue opportunities means leaving money on the table. This is useful in detecting the technical issues, or if buyers are not interested, or floor rates too high, policy violations, inventory blocks, etc. If you combine the power of detecting the missed opportunities and couple it with the alerts and recommendations then you would never miss any revenue opportunities.
Going for “Alerts and Recommendations” would be definitely helpful especially for the Ad Ops professionals, but customized dashboards will give the liberty to choose, however when the ultimate aim of using a data analytics tool is to save time, bring transparency, centralized data management, and earn more then how can you ignore the “Missed revenue Opportunities”.
We would love to your thoughts on this, please tell us what feature do you think the data analytics tool must have: info@webtest.yuktamedia.com