Magento Business Intelligence (BI) is a cloud-based system that can unify all of your data sources and analytics software insights. Even if a team are using multiple different KPIs, Magento BI can provide “a single source of truth” for all. It was rebranded from Magento Analytics in 2016, to reflect its superiority over traditional analytic software, as it offers a holistic view of all company data.
Why Should I Use Magento BI?
Magento BI offers effective data reporting, from a clean content management system.
The Data Warehouse is the nerve system of this operation and is the feature that defines it against all other other analytics platforms. Collating all of your existing data from systems like MySQL, Google Analytics, Google for Retail and Facebook ads, the Data Warehouse consolidates this information into reactive data tables.
From a user’s perspective: the dashboard system allows you to view the large quantity of data all at once, to provide a Big Picture overview. Or, you can also break it down by source, to allow for intricate fine-tuning of your marketing and sales activities. Ultimately, accessing all business-critical data on a single platform can save you and your team valuable time.
Magento BI takes a small amount of work from a user to personalise and normalise your data. As an automated service, Magento BI de-normalises data in order to optimise it for analysis. However, the in-built interface allows you to normalise this data once again easily. The advantage: the assurance that your data is clean and optimised for the software, in order to provide the most productive output.
What Can I Do With Magento BI?
Beyond the benefit of collating all of your data in a single space, Magento BI provides the opportunity to increase control, whilst improving the efficiency with which you track goals, send reports and target your ideal customers.
Take control over who edits your data
The Magento BI software offers a scale of user permission levels, to ensure security and to maintain control over analysis systems. Once an individual is allocated as an admin, they can edit the company’s data, metrics, dashboards and reports.
Standard access, for lower level employees, still provides a useful level of insight and the ability to view dashboards and send out reports.
To preserve consistency throughout the data system, it’s wise to allow fewer users the access to editing. However, ‘Read Only’ access can keep everyone in the loop, without risking changes or unapproved edits.
Track your goals
The user-friendly dashboards allow you to track your business goals against your data and year over year performance.
By unifying all of your analytics programs, Magento BI also allows you to calculate ROI in one place. The dashboard function can be used to give a birds-eye-view of all of your online spending activities and their results by calculating ROI and Lifetime values.
Build and Send Reports
Magento BI allows for RFM (Recency, Frequency, Monetary) analysis for segmentation. This analysis tool allows you to predict future high-value customers based on their recent transactions, the frequency of transactions, and their average order monetary value.
Automated email summaries are also a popular feature in Magento BI. It can be difficult to keep everyone informed when there’s a lot going on; but the automated BI feature sends out regular, customised, mobile-friendly reports, making your company more connected.
Build beautiful webpages
As a content management system, BI also allows you to create webpages without the need to code. Predefined templates and stylings can be set in the software to allow you to post and edit your own webpages as and when you want to.
As an added personal touch, you can create specific user profiles to target, by using the data analysis of high-value customers. Your website can then read who the visitor is and display specialized content for them. For example: extra discounts for your most valued customers.
How do I get it?
If it sounds like your business could benefit from Magento BI, then take a look at our PDF Guide to Magento Business Intelligence.
If you’d like some more advice or guidance, be sure to get in touch! CTI is an accredited Magento partner and, having worked on some major e-commerce projects, we can offer expert recommendations for your business.