In this article, we\u2019ll delve into business intelligence and BI tools. We\u2019ll also see how ecommerce businesses can leverage them: from a better understanding of business performance to creating more efficient strategies, including marketing, sales, and much more.<\/p>\n\n\n\n
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Keep reading to learn more about BI:<\/b><\/h2><\/p>\n\t
1. What is business intelligence?<\/a><\/p>\n\t 2. The difference between business intelligence and business analytics<\/a><\/p>\n\t 3. What are business intelligence tools?<\/a><\/p>\n 4. What is ecommerce BI?<\/a><\/p>\n 5. Why do ecommerce businesses need business intelligence software?<\/a><\/p>\n\t 6. Leveraging business analytics and BI for your ecommerce venture<\/a><\/p>\n\n\n\n <\/p>\n\n\n\n Before we get to business intelligence tools, we\u2019ll take a look at business intelligence as a concept and define what it means in ecommerce.<\/p>\n\n\n\n In general, business intelligence<\/a> \u2013 often shortened to BI \u2013 is a broad term that finds application in different areas as a means of ensuring more efficient decision-making powered by relevant business data. In recent years, it\u2019s acquired wide recognition in the business world, and more companies embrace and implement it. The data that BI operates on, its goals, and objectives may differ slightly, given the specifics of a particular industry. <\/p>\n\n\n\n In a wider meaning, BI denotes the process of collecting and analyzing various business data as well as technical infrastructure that helps perform the analysis and present the results in understandable reports, performance measures, or trend overviews. BI can include various techniques, such as data mining, performance benchmarking, descriptive analytics, and more.<\/p>\n\n\n\n Business intelligence can often be confused with business analytics, which is no surprise, as both concepts imply analyzing business data. So let\u2019s have a look at how business analytics and business intelligence compare and contrast.<\/p>\n\n\n\n At its core, business (data) analytics is about diving deep into data to answer specific questions. Think of it as the detective work on raw data: examining, cleaning, and transforming it to uncover insights. It uses tools like SQL or Python to pinpoint trends and patterns. For example, you might use data analytics to understand why a product isn’t selling in a particular region.<\/p>\n\n\n\n On the other hand, business intelligence is the broader strategy around using data. While it includes the detective work of analytics, its main goal is to apply this data-driven knowledge to your business plans. It’s not just about understanding trends but also about how to leverage this understanding for business success. It guides decisions like market positioning, risk management, and even future forecasting using a blend of analytics tools and more advanced platforms.<\/p>\n\n\n\n In simpler terms, while business data analytics asks “What’s happening in our data?”, <\/em>business data intelligence wonders “How can we use this understanding for our business’s advantage?”<\/em><\/p>\n\n\n\n Business intelligence tools (often referred to as BI tools) are software used to fetch, organize, analyze, and visualize data a business acquires through its operations to present trends and patterns influencing business performance in easy-to-digest reports. As a result, they help informed decision-making, powering it with data-driven business insights.<\/p>\n\n\n\n BI comprises a wide range of analytical techniques that allow deciphering the data behind business insights and organizing it into valuable business reports. Besides, they can differ based on the approach to analyzing data, access, and devices they\u2019re compatible with. At this point, we can speak about a variety of types of business intelligence tools available. Here\u2019s a short overview.<\/p>\n\n\n\n When you need to receive a real quick answer to a specific business question, ad hoc analysis is here to help. Unlike many other BI techniques, it allows for answering specific business inquiries quickly and doesn\u2019t require much analytical expertise. Usually, ad hoc analysis applies to test tactics and powers up short-term decisions like What channel brought you more sales last week? <\/em>This can be a good example of an ad hoc type of analytics. <\/p>\n\n\n\n OLAP is a business intelligence technology that allows for organizing and ad-hoc analyzing large sets of business data from various dimensions. OLAP is capable of complex calculations, trend analysis, and sophisticated data modeling (what-if scenarios). That\u2019s why OLAP usually powers solutions for business performance management, financial reporting, budgeting, financial forecasting, etc.<\/p>\n\n\n\n Mobile business intelligence<\/a> \u2013 or mobile BI \u2013 embraces a wide range of tools that allow accessing and performing BI-related processes on mobile devices and tablets. It facilitates tracking KPIs and other business metrics through mobile dashboards and reporting.<\/p>\n\n\n\n Real-time business intelligence (RTBI) comprises various analytical instruments and tools that allow for instant aggregation of data from multiple sources, anatomizing it, and delivering highly accurate and up-to-date business insights. RTBI tools enable businesses to quickly capture time-sensitive opportunities, detect potential risks and critical issues early, and quickly apply decisions based on the insights where necessary.<\/p>\n\n\n\n Operational intelligence involves analyzing the business operation data gathered from multiple sources in real time as soon as the data is collected. It helps business owners quickly understand how their company is performing, providing valuable insights into how to improve the operation. The OI tools usually present insights through reports or dashboards.<\/p>\n\n\n\n As the name denotes, these tools are offered under the SaaS distribution model with flexible pricing, often subscription. Saas business intelligence tools are, at large, cloud-based and hosted by third-party vendors, providing users access to analytics services like dashboards, reports, and data storage in a secure online environment.<\/p>\n\n\n\n Embedded business intelligence<\/a> comprises BI solutions and tools that can integrate with the platforms, applications, or portals a business already uses. This is done to manage their operations more efficiently by joining those siloed data sources into a single analytical system. Embedded BI tools allow for comparing and analyzing different data sets from existing business applications using interactive dashboards, reporting, predictive analytics, data analysis, and more.<\/p>\n\n\n\n The concept of collaborative BI (collaborative business intelligence) usually implies merging business intelligence software with collaboration tools to encourage better decisions across various teams, giving access to critical business insights to a wider audience. Simply put, such software allows for shared discussion using business intelligence results, helping improve decision-making throughout a company. From discussing specific report findings to including multiple reports in the discussion and pointing at them for insights while working on an issue \u2013 businesses can leverage collaborative BI in many ways.<\/p>\n\n\n\n With so many BI software types available, a logical question can be how to define a better fit for your business. And the good old mantra about sticking with your particular business needs might be the best answer. Defining your goals should be the primary thing before choosing BI tools because the choice will directly depend on what you\u2019ll be using BI software for, and how it will fit into your business.<\/p>\n\n\n\n <\/p>\n\n\n <\/p>\n\n\n\n As mentioned above, BI is a broad concept that can be used in many industries. But let\u2019s narrow it down to the ecommerce industry and look at how it applies there.<\/p>\n\n\n\n In ecommerce, utilizing a sales tracking tool<\/a> as part of BI usually provides insights into sales, product performance, and customer behavior, enabling a business to make informed decisions and create more effective strategies, including marketing, customer acquisition and retention, inventory management, and more.<\/p>\n\n\n\n It usually involves integrating data from various sales channels and other sources, including ecommerce platforms, marketplaces like eBay (where understanding eBay taxes<\/a> is crucial), and payment gateways \u2013 everything a business uses to sell their products and services, as well as receive and manage payments.<\/p>\n\n\n\n Operating with so much data might require something more actionable than a simple Excel file or a Google Sheet. And BI solutions are what businesses might leverage to ensure the overall success of the initiative.<\/p>\n\n\n\n Ecommerce <\/strong>business intelligence tool<\/strong> review<\/strong><\/p>\n\n\n\n At this point, we\u2019ll look at some business intelligence software that ecommerce businesses can use to analyze and visualize their business data and streamline their decision-making. <\/p>\n\n\n\n There\u2019s a wide choice of BI tools available on the market, from the most simple to the most sophisticated, so basically, there are options to suit almost any business. Well, let\u2019s get to it right away.<\/p>\n\n\n\n Synder is a cloud-based ecommerce accounting and analytics software that provides a 360-degree business overview through a business intelligence dashboard and a set of sales, products, and customer reports \u2013 Synder Insights. It connects with more than 25 different data sources, including ecommerce platforms, marketplaces, payment systems, and accounting solutions. Synder provides multiuser access, making it easier to share insights with everyone involved in decision-making.<\/p>\n\n\n\n <\/p>\n\n\n <\/p>\n\n\n\n Synder is created for ecommerce businesses with a deep understanding of their needs. At the same time, it can perfectly suit other online product and service-based businesses with high transaction volumes. The platform is easy to use \u2013 connecting all the necessary data sources requires several minutes, and there\u2019s always a possibility to add more anytime you need it. Some settings might need a little bit of a learning curve, but it compensates with a detailed knowledge base, robust knowledge management solutions<\/a>, and a super cool support service.<\/p>\n\n\n\n Synder allows for analyzing past and current business data with the ability to sort it by sales channels, products, or customers to assess business performance from different dimensions. This way, it provides instant insights into sales, product performance, and customer behavior patterns that can dramatically impact strategic decisions.<\/p>\n\n\n\n If you want to learn more about Synder Insights’ key features<\/a>, don\u2019t hesitate to schedule a free webinar<\/a> with the Support team or just give it a try<\/a> and sign up for a free trial to see how it works in practice. <\/p>\n\n\n\n Tableau has been one of the most popular solutions in the BI tools market for more than ten years. Thanks to its great data visualization capability and comparatively easy implementation and use, Tableau holds a strong position among its competitors.<\/p>\n\n\n\n <\/p>\n\n\n Source: Tableau<\/em><\/p>\n\n\n\n Tableau helps users visualize and analyze data from various sources and build the necessary reports and dashboards using simple drag-and-drop modules. It integrates with many business tools and databases, which makes it simple to implement into the existing business infrastructure. <\/p>\n\n\n\n Moreover, it features wide accessibility, offering desktop, mobile, and cloud versions compatible with most operating systems. One of the outstanding advantages of Tableau is its collaboration feature helping various teams to work together with reports for better decision-making. What makes Tableau great for users is that it doesn\u2019t require deep programming knowledge to implement, so businesses might start working with it almost right upon installment.<\/p>\n\n\n\n Microsoft Power BI is a cloud-based software accessible via the web or a mobile app and can be embedded into existing business infrastructure. A free desktop version is available, though its storage is limited, which makes it suitable for smaller businesses. If your business has bigger needs, you might want to switch to a paid cloud version and enjoy the full functionality as the business grows.<\/p>\n\n\n\n <\/p>\n\n\n Source: Microsoft<\/em><\/p>\n\n\n\n Power BI integrates with a wide range of pre-built dashboards and data sources, both cloud-based and on-premise, enabling users to consolidate large volumes of data and analyze it comparatively fast. The amount of possible visualizations it provides is immense, allowing for a comprehensive overview of business-critical KPIs and overall performance. Moreover, it allows for collaboration and interactive real-time reporting.<\/p>\n\n\n\n It needs to be mentioned that Power BI is more complicated to implement and operate than many other solutions on the market, even though it provides a vast knowledge base. And though the ability to quickly analyze large data sets and enjoy the variety of informative dashboards and reports pays off all the effort, you might want to consider this complication while planning the Power BI implementation and to experienced Power BI consultants<\/a> for support.<\/p>\n\n\n\n Looker Studio \u2013 formerly Data Studio \u2013 is a powerful business intelligence software that helps companies of various sizes explore, analyze, and share real-time business insights. It\u2019s a browser-based embedded BI tool that doesn\u2019t require any installation and enables users to generate interactive and dynamic dashboards in a couple of clicks, schedule and automatically share reports, receive report alerts, and more.<\/p>\n\n\n\n <\/p>\n\n\n\n\t
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What is <\/strong>business intelligence<\/strong>?<\/strong><\/span><\/h2>\n\n\n\n
The difference between business intelligence and business <\/strong>analytics<\/strong><\/span><\/h2>\n\n\n\n
What are <\/strong>business intelligence tools<\/strong>?<\/strong><\/span><\/h2>\n\n\n\n
Types of <\/strong>business intelligence tools<\/strong><\/span><\/h3>\n\n\n\n
Ad hoc analysis<\/strong><\/h4>\n\n\n\n
Online analytical processing (OLAP)<\/strong><\/h4>\n\n\n\n
Mobile <\/strong>BI<\/strong><\/h4>\n\n\n\n
Real-time <\/strong>BI<\/strong><\/h4>\n\n\n\n
Operational intelligence (OI)<\/strong><\/h4>\n\n\n\n
SaaS <\/strong>BI<\/strong><\/h4>\n\n\n\n
Embedded <\/strong>BI<\/strong><\/h4>\n\n\n\n
Collaborative BI<\/strong><\/h4>\n\n\n\n
Bottom line<\/strong><\/h4>\n\n\n\n
![\"Types](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2023\/09\/types-of-bi-tools-1024x683.png\")
<\/figure><\/div>\n\n\nWhat is ecommerce <\/strong>BI<\/strong>?<\/strong><\/span><\/h2>\n\n\n\n
Synder Insights<\/strong><\/span><\/h3>\n\n\n\n
![\"Synder](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/11\/synder-reports-main-page.png\")
<\/figure><\/div>\n\n\nWhat\u2019s so cool about Synder for ecommerce businesses?<\/strong><\/h4>\n\n\n\n
Tableau<\/strong><\/span><\/h3>\n\n\n\n
![\"Tableau](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/11\/tableau-1024x512.jpg\")
<\/figure><\/div>\n\n\nWhat\u2019s cool about Tableau BI?<\/strong><\/h4>\n\n\n\n
Microsoft Power<\/strong> BI<\/strong><\/span><\/h3>\n\n\n\n
![\"Microsoft](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/11\/microsoft-1024x546.jpg\")
<\/figure><\/div>\n\n\nWhat makes <\/strong>Microsoft Power<\/strong> BI so cool?<\/strong><\/h4>\n\n\n\n
Looker Studio<\/strong><\/span><\/h3>\n\n\n\n
![\"Looker](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/11\/looker-1-1024x576.jpg\")
<\/figure><\/div>\n\n\n![\"sisense](\"https:\/\/synder.com\/blog\/wp-content\/uploads\/sites\/5\/2022\/11\/sisense-1024x583.jpg\")
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