Patchworks today launched its new BI (business intelligence) solution, Patchworks BI, which offers fast-growing ecommerce brands superior analysis for their business data. The new tool is set to optimise data-driven customer journeys and develop intelligent strategies that meet the expectations of increasingly tech savvy and socially conscious consumers, driving revenue and growth.
Patchworks BI is a secure, fully hosted Reporting as a Service (RaaS) solution, that aggregates data already flowing between ecommerce systems such as Adobe Commerce, commercetools, BigCommerce, Shopify or WooCommerce and back office systems such as Oracle NetSuite, Microsoft Dynamics 365 Business Central, and Peoplevox. By harnessing this data Patchworks BI generates a wealth of insights across different business areas in a clear, engaging way. It shifts retailers away from simply taking, processing and shipping orders to using data from transactions and interactions intelligently.
Able to be set up in hours, Patchworks BI offers fast, accurate, and meaningful data insights through a suite of reports developed by experts. Its sales analysis takes the guesswork out of returns and discounts for accurate sales figures to understand what’s selling well but has a high rate of return, or the best and worst performing products. Ecommerce leaders can rapidly learn how discounts and deals are impacting sales, and adapt their strategy to maximise revenue. Advanced inventory management metrics can inform brands what is and isn’t working in their supply chain to optimise fulfilment.
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The fully scalable BI solution is built upon the Microsoft Power BI platform with data hosted in a cloud-based data warehouse. It adds a critical layer of business analysis to complement Patchworks’ integration platform as a service (iPaaS), the most advanced secure integration for hundreds of popular ecommerce systems and apps. Brands can take control of their data, by building complex but seamless data flows between an ever-increasing array of core systems.
Jim Herbert, CEO and founder of Patchworks, said: “Retailers know they need to be able to make intelligent retail decisions based on their data to evolve and compete in a rapidly changing retail landscape. Patchworks BI offers customers new perspectives to customer data and external influences, which couldn’t matter more right now in this economy. This insight allows retailers to be truly dynamic, to deliver for customers’ evolving expectations and to make quick and informed decisions that impact the bottom line.
“We’re constantly innovating, using our customer feedback, to be a step ahead of what today’s businesses really need. On a daily basis, brands that have access to this layer of business intelligence to optimise operations and customer experience can boost sales, basket sizes, repeat orders and more.”
With three product tier options – Standard, Professional, and Enterprise – the product suits businesses at any stage in their analytics journey. Ecommerce, marketing and customer excellent decision-makers can swiftly generate reports on order and inventory management to web and app traffic and digital spend. Professional and enterprise tiers offer a more advanced multi-user approach, adding daily alerts, regularly refreshed data several times a day for the most accurate figures.
As part of Patchworks’ composable commerce approach, the MACH-based integrations provider is driving the trend for business agility, allowing fast growing brands to combine and customise various best-of-breed components into a single solution tailored to their specific business needs.
The tech company’s new BI product is part of a wider strategy to develop ecommerce solutions and follows its recent Stockr unified stock management service. Patchworks’ combined 4.8m investment from Gresham House Ventures since 2021 has enabled the business to build a portfolio of dedicated tech for D2C offerings that design the future in the retail space.