Commerce is as much about science as art. Success in todayâ€™s hypercompetitive retail environment requires a data-driven approach. This means that any decision that impacts the customer experience and growth should be based on data â€“ and not intuition or even worse, guesswork. In fact, a MicroStrategy report shows that over 50% of survey respondents said theyâ€™ve improved on efficiency and productivity, and have driven better financial performance by leveraging data analytics to inform business decisions.
In the not-so-distant past, being able to gather actionable insights from a myriad of data across various functions within a business was a privilege for large companies with an army of IT professionals or data scientists. Technology advances now enable SMBs to harness the power of business intelligence to make informed decisions that impact their customer experience and bottom line. Whatâ€™s become clear is that brands that will rise to the top are those that can aggregate disparate data sources, unify them to create a single view, apply critical context and automate tasks that take up too much time.
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WHAT IS MAGENTO BUSINESS INTELLIGENCE?
Magento Business Intelligence is a cloud-based data management and visualization platform that provides integrated, easy-to-use dashboards and reporting tools for Magento merchants to expertly harness their data. It consolidates data from their database, Magento extensions, and third-party tools to deliver the valuable insights they need to answer questions like: What is the impact of a returned order on loyalty? Which channels acquire the most valuable customers? How is my retention rate trending? And what is my cost to acquire a customer compared to their lifetime value?
Today, weâ€™re announcing new capabilities to Magento Business Intelligence that lets Magento merchants not only visualize their data in meaningful ways but also ensure that the right insights are being shared with right team members. This is important considering that efforts to gather and analyze actionable data can become wasted dollars if the appropriate decision-makers donâ€™t have access to them on a regular basis.
New capabilities to Magento Business Inteliinge include:
- New Data Visualization Capabilities with Dynamic Scatter and Bubble Charts: Magento Business Intelligence currently offers ten different visualization options. With this release, weâ€™re introducing three new visualization types including scatter plots, scatter plots with a trend line and bubble charts. Of note, with the introduction of bubble charts, merchants can now add a third and fourth dimension to their visual reports: this means in addition to the x and y values, you can also plot grouped z values, which are represented by the size and color of the bubble. For example, leveraging the third dimension will enable Magento merchants to easily interpret the correlation between the number of customers from specific sources grouped by region, how many orders they are placing, and how much revenue they have driven.
- Schedule and Send Timely Data Reports with Enhanced Email Summaries: Real talk: with so much data being analyzed all the time, it can be difficult to keep relevant stakeholders informed on the performance metrics that are important to them. The enhanced Email Summary feature allows users to easily schedule and send visualizations, tables or stand-alone KPIs to people within their organization right from the platform. You can choose to send an Email Summary once or use the built-in calendar to schedule updates to go out as often as youâ€™d like. A dedicated Email Summary Status page also displays helpful information about the various Email Summary distributions like how often theyâ€™re being sent out; whoâ€™s on the receiving end of the various reports; what data are included and more.
These new features are available to Magento Business Intelligence users globally starting on September 12