Magento Commerce is a powerful, versatile, and scalable eCommerce platform – and it’s packed with a huge number of out-of-the-box features that can help you transform and grow your business.
One of these features is Magento BI (Business Intelligence), a powerful BI suite that provides Magento Commerce users with the advanced tools they need to gain insights into their overall performance.
Wondering why BI matters, and why Magento BI is different from the other business intelligence tools you may have used in the past? Read on and find out.
What Is Business Intelligence And Why Does It Matter for eCommerce?
Business Intelligence, usually shortened to BI, refers to the practice of using your business’s data to uncover insights and information about the performance of your business.
By analyzing and assessing a wide variety of data and metrics, BI allows you to understand the previous and current performance of your eCommerce store and provides actionable insights that can help you improve your website, your service, your products, your business processes, and more.
For example, you could use BI to analyze the average order value of the orders your customers are placing – and see if it’s trending upward or downward over time, or if there are seasonal shifts in how much your customers buy.
Let’s say you notice that your sales slow down in the late summer. Then, you can take steps like providing discounts, having special sales, or introducing new products during this time period – which could help you boost your sales during this slower season.
That’s just a hypothetical example, though. Is business intelligence really that valuable? Well, don’t take our word for it. Below, we’ve put together a few compelling statistics that will help you understand why BI matters – and why you should start using Magento BI right away.
- In 2020, 54% of enterprises said that BI was “vital” to their current and future business initiatives. This is up from just 10% in 2012.
- The business intelligence market is expected to grow to $27.87 billion by 2026, as compared to just $18.72 billion in 2019.
- 85% of business leaders think that “Big Data” will transform the world of business
- 69% of companies plan to increase their cloud business intelligence usage in the coming years
- 64% of business leaders believe that self-service business intelligence programs create a “significant advantage” over the competition
Magento BI Is A Robust & Powerful Business Intelligence Suite
So, now that you know a bit more about BI and why it matters, let’s talk about Magento BI. What is it? It’s a cloud-based data management and analytics platform offered by Magento, which is included in Magento Commerce.
But even if you haven’t used Magento Commerce, you may have already had an encounter with Magento BI. This is the tool that drives the Advanced Reporting tools that are available in both Magento Open Source and Magento Commerce.
But Magento BI is much more fully featured. It’s designed to be an all-in-one data warehousing and storage solution – and can integrate data from a wide variety of different channels and tools. Using Magento BI, you can integrate data from:
- Magento stores
- Facebook Ads
- Google Ads
- Google Analytics
Beyond these SaaS tools, Magento BI can also be used to integrate external SQL, MySQL, and MongoDB servers – and it can be set up to automatically sync, store, and refresh data from each and every one of these data sources, combining it into a single, centralized analytics suite.
By default, Magento BI comes with five dashboards with over 100 reports. But it’s possible to dive even deeper and create your own custom metrics, reports, and dashboards using the data collected from your Magento store, as well as all of your integrated software platforms and databases.
The Benefits Of Magento Business Intelligence
Wondering why Magento BI is such a powerful tool, and how you can benefit if you start using Magento Commerce and Magento BI? Here are a few of the advantages of the Magento BI platform.
- “Single source of truth” architecture – With Magento BI, you can bring all of your data together in a single data warehouse, and edit, modify, and interpret it to gain valuable business insights. This means you don’t have to refer to multiple BI tools or databases – which simplifies the process of analyzing and interpreting data. Everything you need is stored in one place.
- Save time and avoid manual data entry – Since Magento can connect to most SaaS tools and databases and automatically refresh data, there’s no need for manual data entry, which is a time-consuming, error-prone, and often frustrating process. You and your data experts can focus on analyzing data – not entering it into your BI suite.
- Unlimited flexibility and customization – You can use Magento BI to assess almost any part of your eCommerce website’s performance. For example, you could use data from Zendesk and from your eCommerce store to track the percentage of customers who need to contact your customer service team after their purchase.
- Powerful data visualization and interpretation tools – Forget wrangling Excel spreadsheets. Magento BI has a powerful suite of data visualization and interpretation tools that work out-of-the-box. With just a few clicks, you can easily build dashboards, reports, and visualizations that help you understand the performance of your store.
- Expert support – Magento provides 24/7 support for all Magento BI users. Whether you need to build an advanced custom calculating column, you’re having issues connecting your other data sources to Magento BI, or you’re having any other problems with Magento BI, you can get the support you need right away.
Harness The Power Of Your Business Data With Magento BI
Magento BI is a great way to do more with your data, and it’s available at no extra cost with Magento Commerce. If you’re having trouble understanding how to grow your business, you want to assess your current performance, or you want to make predictions and gain insights on how your business will perform in the future, it’s a truly invaluable tool.
Want to learn more? Wondering if Magento BI and Magento Commerce are right for your business? 121eCommerce is here to help. Just contact us for a consultation.
We’re experts in Magento Commerce – and our team can help you learn more about its features, benefits, and whether or not it’s the right choice for your eCommerce store. Don’t wait. Get in touch now, and start exploring how Magento Commerce and Magento BI can transform your eCommerce business.