This document discusses building a programmatic trading operation for digital advertising. It outlines the company's cautious initial approach to programmatic as a disruptive sales channel. Throughout 2013, the company took a test-and-learn approach, analyzing cross-channel performance and educating sales teams. Their approach evolved to cater to both guaranteed and non-guaranteed campaigns, with transparent inventory and standard formats on private and open exchanges. The challenges discussed include navigating multiple buying points for advertisers, evolving tech providers, developing an integrated sales process, assessing mobile opportunities, and the fast-paced nature of programmatic.