What are the New Magento Business Intelligence Capabilities?

Sep 24, 2019208
What are the New Magento Business Intelligence Capabilities?

Read on and find out what new features recently were introduced into Magento Business Intelligence tool. 

Is a data-gathering and analytics tool necessary to modern online business? It absolutely is. In the modern environment, there are so many factors you need to take into account when making a critical (and even not so critical) decision than relying on guesswork or intuition will hardly get you anywhere close to success. 

Magento Business Intelligence is a native Magento tool for collecting the data across your business environment and converting it into descriptive and vivid reports. Recently, two new capabilities were introduced to this robust instrument, making it even more advanced and user-friendly. In this article, we will briefly overview the Magento Business Intelligence tool itself and the newest introductions into it. 

Table of contents:

What is Magento Business Intelligence?
What are the new Magento Business Intelligence features?

What is Magento Business Intelligence?

Magento Business Intelligence is a cloud-based platform for data management and visualization monitoring your overall business health. The solution gathers all the ecommerce data from the Magento store database, as well as extensions and third-party integrations, and delivers insightful reports that are visualized in the comprehensive reports. This one-of-the-kind analytics ecommerce solution allows to find the answers to both day-to-day and global questions, like what are your retention rates, average order and customer lifetime value, what will be the impact of the returned order on the customer loyalty, through what channels does your business acquire the most loyal clientele and so on. 

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Magento Business Intelligence can be divided into three definitive areas:

  • A single data storage space

The space is integrated with the Magento database directly and can be in a number of ways connected with other systems your ecommerce works with. It is empowered by the automatic and full-stack technology for data replication and acts as cloud storage of the consolidated online business data.

  • The space for analysis

This is where the reports are created and built based on the gathered data. The tool creates join tables and calculated columns and can either standardize or customize your business metrics.

  • The visualization space

Here, the reports are turned into clear and vibrant graphs and charts. The system allows to easily organize and manage the created reports: provide multi-layered access to other users, email the analysis directly to one’s inbox.

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What are the new Magento Business Intelligence features?

As you can see from this overview, Magento Business Intelligence is a vibrant and powerful online business analysis tool. However, Magento developers rarely stop on what they have achieved; instead, they constantly update and upgrade the instruments they have created. Now, let us have a look at the newly introduced Magento Business Intelligence features, available since September 12.

1. Scheduled data reports plus sophisticated email summaries

It can be really hard sometimes to keep track of things and get everyone informed on time, especially in a middle or large-sized company. Now, Magento Business Intelligence allows to schedule and automate the process of sending the reports and visualizations to a group of people or a single person. Also, one can now choose to send an Email Summary one time or schedule updates using the built-in calendar. The Summary will have a dedicated Email Summary Status that contains helpful information on what data the summaries contain, how often the reports are sent out and what addressant are receiving them. 

2. New types of data visualization for reports

Magento Business Intelligence has introduced three new visualization options: bubble chart, scatter plot and scatter plot with a trend line. The new options do not only serve to diversify the appearance of the graphs – being more descriptive than pie charts and linear graphs, they also improved the level of data presentation and comprehension. For instance, one can add a third or a fourth dimension into the bubble chart, which correspondingly introduces a new value. 

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Wrapping it up

That were the new capabilities introduced into the Magento Business Intelligence Instrument on September 12th. Although they may not seem like global changes on the face of it, the new features indeed simplify and improve the work a large scope of people – business analysts, managers, team leads and CEOs. Also, their implementation says a lot about the Magento company itself, of how it closely monitors the users’ needs and swiftly introduces the missing functionalities. 

Here at BelVG blog, we overview the latest news and announcements concerning Magento ecommerce platform. Stay tuned for the new articles and we will keep you informed. 

Have a question or a comment? Feel free to leave them below.

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