In today's data-driven world, comprehensive analytics solutions are no longer optional for online video companies looking to stay ahead of the curve. Streaming providers have a unique challenge: they need to monitor both the technology and business aspects of their services to unify learnings and deliver the best possible user experience while maintaining a competitive edge. To achieve this, they require an analytics solution that covers the entire video pipeline, providing both video and application-related insights.
The benefits of such a tool are numerous. It acts as a central hub for all teams involved in the online video business, facilitating real-time collaboration between marketing, product development, operations, and customer care. By bridging the gap between business and technology, it can help drive growth and enhance the user experience.
From a technological standpoint, streaming providers can leverage this tool to monitor critical Quality of Experience (QoE) and Quality of Service (QoS) metrics, identify and mitigate quality issues within the video application and player, and quickly isolate the root cause of any problems that arise.
On the business side, user behavior and content consumption insights gleaned from this tool can be used to drive user engagement, reduce churn, and make informed decisions about content investments.
And that's just the beginning - here are the main benefits that make a holistic analytics platform an indispensable tool for any future-oriented streaming provider.
Unify technology and business insights
When using a 360-degree analytics tool, the primary benefit is the ability to connect business and technology data and objectives. By coordinating these two aspects, businesses can comprehend how technology decisions and problems can affect business performance and vice versa.
As an example, providers can cross-examine data related to video app crashes or streaming problems, such as buffering, with user engagement data. This allows them to identify users who are likely to churn because of a poor Quality of Experience.
A single independent source of data
Currently, many streaming providers depend on several analytics tools to oversee their operations, each one catering to specific requirements. Consequently, different teams work with disconnected data sets that cannot be compared on equal terms.
Inconsistencies may emerge due to different factors like variations in data definitions, such as what qualifies as an engaged user or what defines a Play. Such disparities can result in faulty data analysis, misguided decision-making, and potential legal and compliance complications.
By utilizing a single, unbiased source of truth, teams can collaborate more efficiently by referring to the same data events in their analyses.
Boost cooperation by eliminating silos
Silos between departments can hinder effective cooperation and impede a data-driven approach to managing a streaming business. However, implementing a single analytics tool can break down silos and foster collaboration among different teams and departments.
By establishing a common set of data and KPIs, barriers between teams and departments can be dismantled, leading to better collaboration and a shared understanding of organizational goals. This allows teams to assess the impact of their work on other areas of the business and align their efforts to maintain a competitive advantage.
Cut down costs
An undesirable consequence of utilizing multiple analytics tools is that costs can accumulate rapidly. Not just because each tool requires a fee, but also because providers frequently spend significant amounts of money maintaining disconnected intelligence systems and complicated data integrations.
By implementing a comprehensive analytics tool that encompasses all aspects of their video business, streaming providers can simplify recurring software expenses and avoid incurring additional costs related to the integration of multiple data tools.
Improve user experience and daily operations
The ability to combine business and technical insights provides streaming providers with a complete view of their service performance, enabling them to ensure every user has an optimal viewing and in-app experience. By taking a holistic approach, providers can address service outages and traffic bottlenecks, while customer care teams can easily identify and resolve individual user pain points.
This leads to quicker resolution times for both service issues and customer tickets, resulting in reduced maintenance and customer care costs and increased user satisfaction.
Get real-time alerts
To maintain a competitive edge and respond quickly to changes in the market, real-time alerts and insights are essential for streaming businesses. An advanced and comprehensive analytics platform that utilizes real-time data can quickly notify streaming providers of any relevant incidents or issues through customized communication channels like Slack or email.
These alerts can be tailored to specific business needs and notify key stakeholders when certain conditions are met. This reduces the time and resources required for data monitoring and analysis, allowing businesses to concentrate on other crucial areas of their operations. Moreover, real-time alerts and insights enable businesses to identify potential issues before they turn into major problems, facilitating quick and efficient corrective action.
This article was written by Till Sudworth, CMO of NPAW. With almost two decades of experience working within the TV & Media domain, Till understands the needs of the different customer groups in the space — from Broadcasters to Operators. He is an expert in implementing business models to improve B2B and B2C customer development and boost customer satisfaction, upselling rates, and churn prevention, both in the TV and in the SaaS industry
The editorial staff had no role in this post's creation.