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Magento Business Intelligence is the cloud-based system that can collect all your data from one source and do the analysis. If a team wants to use different KPIs then also Magento BI can allow “a single Source of truth for all”. Magento Analytics rebranded it in 2016 just to see the reflection of its superiority with the comparison to traditional analytic software so that it can provide a detailed view of a company data.
How can Magento BI be useful?
Magento BI provides a great data reporting that too from a clean content management system. It gathers your existing data from the system such as Google Analytics, MySQL, Facebook ads and Google for retail while the Data Warehouse consolidates into reactive data tables.
You can access all your critical data on a single platform which in return saves your time. You can see the large quantity of data in a clear view giving you a big picture overview or you can even break it down by source just to allow intricate fine-tuning of your sales and marketing activities.
A user can personalise and normalize the given data at a faster rate. It’s an automated service which will de-normalises data just to optimise it for analysis. Though, its built-in interface will provide you to normalise the data all over again. It gives you the most productive output. Thus your data is clean and optimised for the software.
How Can you put Magento BI into practice?
Magento BI not only collate all your data in a single space but also gives you the opportunity to increase control, send reports, improves efficiency so that you can track goals and target your potential customers.
Monitor the Data editing
With Magento BI you can set the control over user permission which will give you higher security. When you assign someone as an admin then that person will be able to edit the company’s data, dashboards, reports and metrics. It also provides standard access to lower level employees such as they can view dashboards and send out reports which are quite a useful level of insight. The data system must have consistency throughout every step and for that, you can allow fewer users to access any data.
Track your Goals
You can keep an eye on business goals against your data and every year performance with user-friendly dashboards. Magento BI lets you calculate all your ROI in one place by collecting all your analytics programs. You can even a have a detailed view of all your online spending activities and its results simply by calculating ROI and Lifetime value.
Create and Send Reports
With Magento BI you will be able to RFM (Recency, Frequency, and Monetary) analysis for segmentation. This will let you predict future high-value customers which will be based on their previous transactions and on their average order monetary value.
Another feature of Magento BI is its automated Email summaries. It is hard to keep an eye on every information for so long especially when you have a number of things going on so an automated BI will let you create regular, mobile-friendly and customised reports hence this way your company will be more connected.
Make beautiful web pages
A content management system needs a well build WebPages and this is a time-consuming step so Magento BI allows you to create WebPages without any type of coding. You can set predefined templates and styling in your software which will let you post and edit web pages whenever you want.
If you want to give your own personal touch then you can create a specific user profile to target by using the data analysis of high-value customers. You can give an extra discount to your valuable customer by keeping the track of visitors on your website.
Connect multiple data sources:
Measure the effects of your growth on customer behaviour, from conversion rate optimisation to customer loyalty.
Report accurately and consistently on revenue earned without needing to combine multiple reports.
Easily identify the channels and campaign that bring the most value into your business by comparing customer acquisition cost and lifetime customer value many collaboration tools.
Acquire, Convert and Retain Customers Top merchants have a Customer Lifetime Value 79% higher than their peers and are using data to widen the gap. With Magento Business Intelligence you can find the customers, products and orders that drive your CLV upward.
Magento Business Intelligence is fast, simple and easy to create reports based on website performance. Magento BI is like a data warehouse for your company which allows you to collect and analyse multiple data from a single system. With over 70 best practise reports available at your fingertips, you no longer need to be a data scientist to pull actionable metrics.