Business Operations Just got Easier with Magnetic 2.1
Key Takeaways
- We've updated the profitability dashboard to provide you with a comprehensive overview of key financial metrics
We're excited to share insights into the newest release from our development labs: Magnetic 2.1. This upgrade represents our ongoing commitment to refining and enhancing user experiences without unnecessary frills.
This blog post invites you to take a deep dive into the core features and functionalities that define Magnetic 2.1. We'll explore how this update cater to our promise to evolve Magnetic while maintaining simplicity and ease of use.
As we dissect the key components of Magnetic 2.1, you'll discover how subtle refinements can make a significant impact on your day-to-day operations. No flashy promotions, just a candid exploration of the enhancements that we believe will genuinely benefit your user experience.
In version 2.0 we promised to deliver against our four pillars: Project Control, Resource Utilisation, Agency Finances and Technology.
As we develop Magnetic we will of course continue to deliver against our 4 pillar promise. We have some exciting stuff for you in Magnetic 2.1 and some even more exciting stuff going forward in 2024.
What's in the update?
Profitability Dashboard
The Profitability Dashboard provides a comprehensive and real-time overview of key financial metrics, enabling your agency to make informed decisions and optimise financial performance.
Average Margin: Displays the average margin across all projects and clients, offering a quick glance at overall profitability.
Total Billing: Presents a cumulative figure of the total revenue generated from all client projects.
Cost of Hours: Breaks down the total cost to business incurred in tracked hours by staff.
Cost of Purchases: Illustrates the total cost of purchases made during project execution.
Client Profitability: A detailed breakdown showcasing the profitability of each client, enabling you to identify high-performing areas and areas that may need attention.
Average Hourly Rate by Client: Provides insights into the average hourly rate charged to each client, facilitating comparisons across different clients and highlighting potential areas for rate adjustments.
Delta Cost Estimates (CE's) vs. Scheduled: Compares the average hourly rate quoted during the project proposal phase with the scheduled hours for each client, allowing for an evaluation of pricing accuracy and resource allocation efficiency.
Delta Billed vs. Actuals: Compares the average hourly rate charged to clients against the actual hours spent on project execution, revealing any discrepancies and helping refine billing processes.
Revenue Forecast Dashboard
Magnetic's Revenue Forecast Dashboard allow you to gain real-time insights into your agency's monetary performance.
Total Billing: Instantly view the total revenue generated from your services. This metric serves as the heartbeat of your financial performance, giving you a quick snapshot of your agency's earnings.
Average Billed Net Margin: Gauge the health of your projects by examining the average net margin on billed services. This metric helps you assess the profitability of your endeavours, ensuring sustainable growth.
Total Cost Estimates on Projects: Keep a close eye on the estimated costs associated with your projects. This feature aids in project planning and budget management, allowing you to make informed decisions.
Average Quoted Net Margin: Understand the profitability potential of your services by examining the average net margin on quoted projects. This metric guides your pricing strategy, ensuring competitiveness while maintaining profitability.
Total Value of Opportunities: Explore the overall value of potential opportunities in your pipeline. This feature assists in forecasting future revenue streams.
Metric Breakdown by Client: Uncover how each client contributes to your agency's metrics, offering a granular view of performance on a per-client basis.
Top 5 Clients Overview:
Revenue from Top 5 Clients: Assess the proportion of your revenue derived from the top 5 clients. Identify and address potential vulnerabilities to ensure your agency's financial stability.
Revenue from Top 5 Services: Evaluate the revenue distribution from your top 5 services. Use this information to refine your service portfolio, emphasising those that contribute significantly to your agency's success.
Pipeline Forecast Dashboard
Magnetic's Pipeline Forecast Dashboard is your strategic compass for navigating the landscape of upcoming opportunities. This feature-rich tool empowers you to anticipate, analyse, and optimise your agency's future revenue streams.
Once-Off and Monthly Amounts from Opportunities: Gain insights into the potential revenue from both one-time and recurring opportunities. This feature provides a dynamic view of your pipeline, helping you understand the diversity of income streams.
Customer Acquisition Costs: Track the costs associated with acquiring new customers, derived from the hours and expenses logged on opportunities. Understand the investment needed for each acquisition to inform your marketing and sales strategies.
Number of Signed Opportunities and Their Value: Keep a close eye on the number of opportunities signed and their corresponding values. This metric helps measure the efficiency of your sales efforts and provides a clear picture of your agency's growth trajectory.
Client Breakdown Overview:
Metric Breakdown by Client: Understand how each client contributes to your pipeline metrics, offering valuable insights into client-specific opportunities.
Opportunities by Salesperson Breakdown:
List of Opportunities by Salesperson: Delve into opportunities assigned to each salesperson, along with their status, value, probability of closing, and associated customer acquisition costs. This breakdown aids in resource allocation and performance evaluation.
Opportunities Signed by Month:
Visualise the flow of signed opportunities over time. This historical perspective helps identify trends and patterns, enabling you to refine your forecasting strategies.
Sales Leaderboard:
Top Sales Performers: Recognise and celebrate your top-performing sales team members. The leaderboard showcases individual achievements, fostering healthy competition and motivation.
Sales Funnel Overview:
Track opportunities as they move through the sales funnel, providing a visual representation of your sales process. Identify bottlenecks and areas for improvement to enhance overall efficiency.
New Business vs. More Business Overview:
Revenue Breakdown: Analyse the proportion of revenue stemming from new business versus repeat business with existing clients. This breakdown offers strategic insights into your agency's growth dynamics.
Clean Up!
We've cleaned up and re-organised fields within various windows throughout Magnetic. This should make adding and viewing quicker, easier and reduce clutter.
Internationalisation
Added support to output Financial documents into different languages (English, Spanish, French, German, Danish and Portuguese) and set date/number formatting based on country/location.
Optimised the accounts edit/create pages design layout:
Design Optimisation
Added dashboard previews instead of a list view.
Read the full Release Note here.
We thank you all for your continued support. Please reach out to us if you have any questions.
