What is Magento Business Intelligence?
In August last year Magento acquired RJ Metrics and the community was certainly excited at what this acquisition would mean to the day to day running of Magento-fuelled eCommerce businesses. Then, at Magento Imagine earlier this year, Magento announced the renaming of their Business Intelligence tool. Designed to help businesses use their data to grow, Magento Business Intelligence is a complete analytics platform that consolidates the data from your database, Magento extensions, and third-party tools to deliver the valuable insights you need to drive your business forward.
Magento has made this Business Intelligence functionality available on 2 different price plans:
- Magento Business Intelligence Pro – An enterprise-grade business intelligence solution that’s totally customisable and packed with the features merchants need to power their business forward with data. (Available at $500/month)
- Magento Business Intelligence Essentials – A lighter version and a good starting point for smaller merchants or for businesses new to using data for growth. (Available at $100/month)
Let’s take a closer look….
Magento BI allows you to:
- Pull data directly from your CRM database, rather than you having to import it
- Have all your data combined in one hub
- Integrate many of your business’s systems with the platform
- Use analytics whatever your skillset, due to its ease-of-use
- See the data that matters most to you, as it’s fully customisable
- Restrict what metrics can be seen by other users
- Tap into third-party extensions for data leveraging (BI Pro only)
- Divide customer segmentation further than most other competitor tools
- Find out who your most valuable customers
- Login wherever you are, as it’s cloud-based
- Access live support (BI Pro only)
- Measure your marketing campaign’s ROI
Magento Essentials Vs Pro
Magento Business Intelligence Pro is the core product, the most powerful version of the platform, which as you’d expect, allows merchants to take a deeper look at their data. One of Magento’s core values (and one of their biggest USPs) is around scalability. Hence why they built Pro, suited best for businesses well-versed in how data can be used for business success. Magento say: “With Magento Business Intelligence Pro you can unlock endless opportunities”.
The table below is from this Magento info sheet and it clearly illustrates what’s to gain.
All in one place
Companies using analytics are 5 times more likely to make faster decisions. Data matters, we know this. But all too often we don’t know which KPIs we should use. Even within one business, different teams or individuals will use different data – to move businesses forward strategically, there needs to be a common truth: Magento Business Intelligence gives merchants this consistency, to roll out across their business. As Magento’s Robert J Moore (Head of Business Intelligence) explains:
“Fully customizable, Magento Business Intelligence enables merchants to consolidate multiple data sources—from MySQL to Salesforce to Facebook Ads—into a single cloud-based data warehouse that is accessible across your organization. This gives merchants much faster and more accurate access to information so they can spend more time applying the insights, and less time gathering and combining data from disparate sources.”
We’ve always been focussed on data-driven results here at JH, and so we fully welcome this new weapon in our Magento armoury, with this addition of Business Intelligence available to eCommerce businesses. We believe this feature will help merchants understand their customers and how they interact with their business on a meaningful level that can only help to grow results. We’ll be helping our clients get on board with Magento Business Intelligence, and we’d love to chat to you about how we could help you to roll this out in your company too.