Adobe has released an update for its data-management platform, Magento Business Intelligence. The new update allows merchants to visualize data in meaningful ways and make sure that the right data is being shared across the organization.
With the latest update, merchants can easily analyze the data using the simpler dashboard and reporting tools. Besides, the new features reduce the efforts and costs required to collect and analyze actionable insights.
Let’s understand what is Magento Business Intelligence and how the new features will help businesses.
What is Magento Business Intelligence?
Magento Business Intelligence is a cloud-based data management and visualization platform built for merchants who use Magento. The platform provides reporting tools and dashboards for merchants to analyze data, gather insights, and make informed decisions to improve their business.
MBI consolidates data from its database, Magento extensions, and other third-party tools and presents in the dashboard in the form of valuable insights.
This kind of reporting and data analytics is useful for answering critical business questions such as, Which channels have acquired the most valuable customers? What is the average customer acquisition cost vs. customer lifetime value?
After Abode acquired Magento company, Magento Business Intelligence is now part of Adobe Experience Cloud. Being part of Adobe eco-system, it benefits from Adobe Sensei’s Machine Learning and Artificial Intelligence capabilities.
- New Data Visualization Capabilities
Previously, Magento Business Intelligence was offering ten types of visualization options. With the latest update, the platform now includes three new visualization types such as scatter plots, scatter plots with a single trend line, and bubble charts.
The new visualization capabilities allow merchants to add more dimensions to their reports that correspond to a new value. Merchants can use this feature to interpret the correlation between the sets of data quickly.
A merchant can plot grouped z values that are represented by the size and color of a bubble. For example, a merchant can use this feature to see customer orders and order revenue from specific sources grouped by region.
- Schedule and Send Data Reports with an Email Summary
Larger organizations with a large number of customers find it challenging to analyze colossal amounts of data and inform decision-makers and key stakeholders on the important performance metrics.
Magento has introduced a new feature named “Enhanced email summary” to help organizations overcome such challenges.
With the help of this feature, MBI users can easily schedule and send data reports, visualizations, and critical performance metrics to relevant stakeholders within their organization. Users can also send a one-time Email Summary or schedule updates as per the calendar.
The email summary status page showcases helpful information such as what data is being sent, how often the reports are sent, who is receiving the reports.
New Features Make Significant Sense for Businesses
Magento has carefully monitored the user needs and introduces the missing functionalities. The two new features of Magento Business Intelligence may not seem like a huge update but they will simplify the work of a broad audience.
This new update is highly relevant and beneficial for business analysts, team leaders, managers, senior managers, and CEOs.
How Much Will it Cost?
Magento Business Intelligence is available in two editions; Essentials and Pro. Starting at $100 per month, Essential edition is the lighter version aimed towards small merchants planning to grow their business. It provides you 100+ business performance reports and dashboards.
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