To be able to implement a truly data-driven business approach, streaming providers need an analytics solution that covers the entire online video pipeline. That means having technology- and business-related insights in a single data platform with a tool combining video and application analytics.
Such a tool serves as an information hub for all teams, connecting marketing, product, operations, and customer care with every part of the video business in real time. It aligns business and technology to deliver a better user experience and support growth.
From a technology perspective, providers can keep track of the most important Quality of Experience (QoE) and Quality of Service (QoS) KPIs, mitigate any quality issues happening inside the video application and player, and quickly pinpoint the root cause of issues.
From a business point of view, user behavior and content consumption insights can be used to boost user engagement, prevent churn, and make more well-informed content investment decisions.
But there’s more. In a nutshell, here are the main benefits of using a streaming analytics tool combining video and app analytics.
Correlate business and technology insights
The first and most important advantage that a 360-degree analytics tool provides is that it enables the correlation of business and technology data and goals. By aligning these two areas, providers can understand how technology decisions and issues impact business performance and vice versa.
How the NPAW Suite, a holistic streaming analytics platform, brings together business and technology data
For instance, providers can cross-reference information on video app crashes or streaming issues like buffering with user engagement data to identify users at risk of churn due to poor Quality of Experience.
One independent source of truth
To date, many streaming providers rely on multiple analytics tools to monitor their business, each one addressing a specific need. This results in different teams relying on disparate data sets that don’t allow for apples-to-apples comparisons.
Inconsistencies can arise due to various factors such as differences in data definitions — i.e. what constitutes a Play or what qualifies as an engaged user. This can lead to inaccurate data analysis, misinformed decision-making, and even legal and compliance issues. With a single, independent source of truth, teams can collaborate more effectively by referencing the same data events in their analyses.
Reduce cost structure
Another side effect of having multiple analytics tools is that costs can quickly stack up. That is not only because each tool comes at a price, but also by the fact that providers often end up spending big sums on maintaining disparate systems and complex integrations.
With a holistic analytics tool encompassing all areas of their video business, streaming providers can streamline recurring software costs and avoid any further ones stemming from the need to integrate disparate data sources.
Eliminate silos and empower cooperation
Interdepartmental silos are a major blocker to effective cooperation and a data-driven approach to running a streaming business. Being able to rely on a single analytics tool reduces siloed thinking and fosters collaboration between different teams and departments.
A common set of data and KPIs helps break down the barriers that exist between different teams and departments and encourages them to work together towards common goals. Teams can see the impact of their work on other areas of the business and align on what needs to be done to maintain a competitive edge as a company.
Boost user experience and speed up daily operations
With correlated business and technical insights, streaming providers have full visibility into their services’ performance and can ensure that each user has the best possible viewing and in-app experience. Service outages and traffic bottlenecks can be addressed from a holistic point of view, while individual user pain points can quickly be identified and mitigated by a customer care team equipped with all the information it needs to do its job.
Ultimately, this leads to faster resolution times for service issues and customer tickets, cutting down maintenance and customer care costs and boosting user satisfaction.
Real-time communication and alerts
Real-time alerts and insights are key for streaming businesses to stay ahead of the competition and to respond rapidly to changes in the market. An advanced, holistic analytics platform that works with real-time information can alert streaming providers when relevant occur and issues occur, using custom communication channels like Slack or email.
Alerts can be customized to meet specific business needs, alerting key stakeholders when specific conditions are met. This can help reduce the time and resources required to monitor and analyze data, allowing businesses to focus on other critical areas of their operations. Additionally, real-time alerts and insights can help businesses detect potential issues before they become major problems, allowing for quick and effective corrective action.