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What Is Magento Business Intelligence?

Magento Business Intelligence (BI) is an analytics tool for making smarter decisions. It is a customizable cloud-based data warehouse designed to merge multiple data sources. Where it shines over other platforms is in its ability to pull data straight from a customer database. Merchants can pinpoint buy behaviors with data from any CRM database using faster and more accurate information.

Furthermore, Magento BI Pro can pull from such third-party data sources as QuickBooks, Facebook Ads, Google AdWords, and Salesforce. Time-consuming manual data-entry is a thing of the past. The intelligence-gathering power of the platform allows more time for making data-driven decisions.

Magento BI Essentials Vs. Pro

Magento BI is available in two editions. An all-encompassing version is available for businesses well-versed in the world of analytics. For smaller merchants new to data analysis, there is a lighter version that packs a powerful punch.

  • Magento Business Intelligence Pro – Starting at $500/month, BI Pro is an intelligence solution designed to unlock enterprise commerce opportunities. Besides pulling data right from a CRM database, BI Pro connects and consolidates data from third-party sources. Users can tap into API’s and live access support. Best of all, Magento BI Pro is fully customizable.
  • Magento Business Intelligence Essentials - Starting at $100/month BI Essentials is perfect for merchants looking to grow their business. It is a lighter, powerful version that gives users immediate access to over 100 out-of-the-box business' performance reports. The platform includes specific dashboards for B2B merchants. Magento also offers a package for Magento Open-Source clients now; check it out.

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Who Can Benefit From Magento BI?

The short answer to that question is everyone. Magento BI helps everyone in the office make smarter, faster data-driven decisions. No matter a user's role, Magento BI is a powerful analytics tool that gives competitive insight into customers. For example:

  • As a marketing tool, Magento BI can determine customer value, which in turn can help identify the best ways to invest in growth.
  • As a merchandising tool, Magento BI can analyze vendors and products to help determine how to generate sales and grow the customer base.
  • Product Managers can use Magento BI to analyze customer behavior, a valuable tool in driving the adoption of products.

Most important, company strategists from managers up to the CEO can take advantage of the strategic insights hub. Magento BI makes businesses more efficient by putting everyone on the same page.

The Unique Features of Magento BI

Magento Business Intelligence is unlike any other platform on the market today. The unique ability to pull in data straight from any CRM database presents an unparalleled competitive advantage. On top of that users have the ability:

  • To use one dashboard or many dashboards from each data source
  • To limit permissions on each dashboard
  • To create a whole host of recurring reports in varying timeframes

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Pro users have extra benefits over Essentials users. With the Pro package, merchants have an unlimited amount of predefined reports. Essentials users are limited to 75. Also, Pro users receive full API access, data connectors from third-party sources (as an add-on), and professional services (as an add-on).

As Magento BI is a cloud-based platform, merchants can log into the system from anywhere, giving them access to essential data at any time. The platform is perfect for both business and technical users. It offers one-of-a-kind dashboards, including:

  • Marketing ROI
  • Executive and Investor KPIs
  • Customer Lifetime Value
  • Cohort Analysis
  • Customer Segmentation
  • Merchandising Analysis

Along with detailed summaries delivered to users via email, Magento BI offers many unique reports to help businesses segment their customer base and micro-target in new and profitable ways. For example:

  • The Predictive Buy Date Report uses customer purchase history as a predictor of new purchases.
  • The Predictive Customer Value Report determines the greatest ad spend via predictive data and order history, telling users which customers to target.

Is Magento Business Intelligence Right For My Business?

It is a fact that big decisions need big data. Whether your business is ready for Pro right out of the gate, or you want to start with Essentials, Magento BI will make your decisions faster and smarter. And upgrading to Pro is simple and offers your business many more features to help your business soar, including:

  • Access the data warehouse manager
  • Additional support
  • Unlimited data sources beyond Google Analytics

Explore what Magento Business Intelligence has to offer, and you will see that it is right for you.

MW2 has a team of e-Commerce Solution Architects and Data Analysts available to get you started to take advantage of data-driven decisions for your online operations.

Contact us today for a free consultation!