MBI (Magento Business Intelligence) is a full featured business intelligence platform including data consolidation, modelling and visualisations to analyse the most vital aspects of a merchant’s business.
Merchants rely on MBI to accurately report on revenue, orders, AOV (average order value) and CLV (customer lifetime value) as well as complex analysis like marketing channel ROI (return on investment) and product affinity analysis. As long as they have the data, any type of analysis is possible in MBI.
Overview of Cloud Business Intelligence
Using data to drive business growth is more important than ever. 90% of Sales and Marketing team says Cloud BI is essential for getting work done; cloud BI adoption has soared in 2018, doubling adoption from 2016; 60% of marketers cited the ability to make faster decisions as the key benefit. BI was thought to be only affordable to larger enterprises are now widely available to businesses of all sizes.
Companies who have a data driven mindset are 2x more likely to be in the top quartile of financial performance, 3x more likely to actually execute on those data-driven decisions, and 5x more likely to make faster decisions than their competitors.
In-platform Reporting vs Web Analytics Platforms vs Business Intelligence Platforms
In Platform Reporting is the visualisation layer native to the third-party platform comes from each platform such as Facebook and Salesforce.
Web Analytics Platforms such as Google Analytics and Adobe Analytics mainly track web activities and it’s event focused.
BI Platforms such as Magento BI, Domo, Tableau and Looker allow access, transformation and manipulation of data for sophisticated insights across the business. They are more focused on data infrastructure to help merchant efficiently run analysis.
Magento BI Delivers Value
Use Magento BI to more easily gain insights, take action, and grow your business:
- Customisable eCommerce best practice reports
- Automate regular KPI reporting, easily run ad hoc analysis in visual or SQL report builders
- Build unlimited new reports and dashboards
- Schedule & send email summaries to users
- Individual user accounts with custom permissions
Why Do We Need Magento BI?
Siloed Data – we want to consolidate all the eCommerce data in one place for easy reporting and analysis.
Solution: Analyse data from across the business with pre built integrations to a managed data warehouse. Bring everything under one roof with data consolidation.
Inconsistencies of data interpretation across teams – we need a single source of truth to evaluate business success.
Solution: Define KPIs and metrics within the platform – keep everyone on the same page across entire team.
Manual and time consuming – we often spend more time pulling data together than actually analyse them.
Solution: Automate standard KPI reporting. Free up resources and use Magento BI to dive into ad hoc and advanced analysis on a daily basis.
Standard eCommerce Reporting Dashboard From Magento BI
- Executive Overview
- Customer Retention
- Customer Activity
- Product Analysis
- Google Analytics
Magento BI Essential vs Magento BI Pro
Magento BI Essential
Allows Magento merchants to begin understanding and making data driven decisions around their customers, orders and items sold. Connect Magento and Google Analytics to get customised core eCommerce reporting. It allows self service set up and available to merchants on any version or license of Magento Commerce.
Any Magento Merchant or any version of Magento can use Magento BI Essential, but you need to be a Magento merchant. Magento CE (open source) can purchase Magento BI on a monthly basis.
Magento BI Pro
Full featured & most powerful version of the platform offering unlimited data integration and analysis as well as support from our team. It has completely configurable data integration and modelling to build any custom analysis with merchant’s data. It copies merchant’s data rather than querying production database, so there’s no impact on performance.
Completely platform agnostic, which means you don’t have to be a Magento merchant to use Magento BI Pro. Any businesses who have data on their customers, orders, products, etc. can gain value from Magento BI Pro. Most Magento BI pro merchants are eCommerce merchant on Magento Shopify or home built shopping carts.
For more info about Magento BI you may watch the vidoe below: