Every business organization runs on a budget. Cost aggregation is an important aspect of budget allocation as it is the reconciliation of all the market spending of a business. The use of a cost aggregation tool has become almost mandatory for your business if you feel:
- You waste precious hours of business every day, trying to reconcile the costs from all the ad networks.
- You are tired of answering the constant clarifications for the accuracy of your data
- You need daily ROAS and cost reports to make quick optimizations.
The aggregation tool can aid in managing the data from different sections and utilizing the same for your strategic planning.
Reasons to use the tools
The first thing that you will wonder while talking about using the tools for cost aggeration is, “Are these necessary?” or “Is it really worthwhile investing in the tools?”
so, here are the reasons why aggregation tools can do wonders for your business.
Reason #1: high level of accuracy
Data accuracy is the first thing that you need when you are analyzing the costs of the company. There are many sectors that add to the total expense of the company, advertising, and marketing being one of vital ones on the list.
Unless you get to know the exact statistics of the costs, you cannot assess the expenses or justify them. Accuracy is mandatory when it comes to the cost of advertising and marketing. You need to know how much are you spending and in which categories.
- The aggregation tools will maintain integration methods that will ingest the marketing data from all possible sources across all the online and offline modes.
- The figures that you see are the results of automatic calculations considering all eh parameters of expense calculation.
Thus, without any additional effort, you are getting an accurate expense list with a complete description of the expense topics.
Reason #2: Less time-consuming
Many of you still believe in the power of Excel for maintaining the books of accounts. Excel is good, but not for the calculation of such intricate marketing campaign costings on the online and offline modes.
It’s time to stop wasting hours on manual data analysis and reporting work. The software tools can automatically standardize, unify and compile an enriched version of the marketing data that will help in transforming the insights into the business.
You can now plan the development goals that can help to grow the business.
Reason #3: Minimize errors
All of you know that errors are unavoidable when human hands are doing any job. But errors are avoidable when you assign the same tasks to the machines or the more sophisticated software.
And that’s what exactly you are going to do using the cost aggregation tool. The tool will help you to complete all calculations, compilations, analyses, and filtrations without any errors. So the task will be actually flawless.
And this is what you need exactly to figure out what’s best for your company.
Reason #4: Visualizing the data
In order to make the most important decisions, you need a clear picture of the marketing performance. This will include the acquisition of data across all the channels. This will aid in visualizing, pivoting, and deciphering the data using a few clicks to analyze the impact of probable changes or modifications.
It’s time to detect the loopholes in the systems and find out the channels that have unnecessarily used up the cost to the company without many rewards. You can minimize the budget allocations in these sectors and allocate more to the sectors that have promising returns.
Reason #5: Better optimization
To optimize a process, you need to know about its overall performance. So, when you are analyzing the profit and loss of the company, you need to see the expenses, investments, and ROI.
If the ROI is not satisfactory in certain segments, you need to either optimize the process or make some changes to make it better as it is an important part of optimization.
Optimization is possible only when the tools can successfully load the data from the different databases of the company and analyze them for showing the results from different perspectives.
Reason #6: managing project funding
Suppose your business is running various projects simultaneously. Unless you use the tools for cost aggregation, you cannot assess the cost at the different working levels of the different projects.
The results will ensure that the projects can utilize the funds in a better way. Also, it will prevent projects from running out of funds in the middle, which can hinder the further progress of the project.
Ensure cost control
Controlling the costs is a critical aspect of every business. The cost aggregation will sum up the costs of individual work packages that will ultimately control the financial accounts. The tools will aid in accurate data maintenance, reporting, and analysis for best project cost management.