Data Driven for Business: Importance of Data Analysis and Trends

Data driven for business

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................2
a) Key changes and trends leading to importance of data analysis.............................................2
b) Planning, summarizing and justifying the analytical approach...............................................3
c) Analysis...................................................................................................................................4
i. Presenting the steps to clean the data.......................................................................................4
ii. Presenting the findings............................................................................................................4
CONCLUSION................................................................................................................................8
i. Summary and Recommendations.............................................................................................8
ii. Critically evaluate the use of econometric analysis within Bangles to make effective
analysis of UK marketing campaign............................................................................................9
Summary of broad findings in Presentation.............................................................................10
REFERENCES..............................................................................................................................20

INTRODUCTION
Data driven within business refers to the utilization of data in order to inform or enhance
the process in order to make effective decision for future. The present study also based upon the
a study of Bangles data and determine the positive impact of marketing campaign upon the sales
performance of UK in the month of 5, 2020. For that study will summarize the key changes and
trend that leading to increase the importance of data analysis within Bangles. Further, study will
justify the analytical approach which will used in order to answer the question. Also, by using
effective graphs and data, study will summarize the key point drawn from analysis. Lastly, it
would recommend the ways through which loopholes can be minimized and evaluating the use
of econometric analysis for UK marketing campaigns.
a) Key changes and trends leading to importance of data analysis
Data analysis helps in providing the users with the ability to identify the pattern or
trends with respect to the information given. The information gathered through this helps in
providing better knowledge to the user which results into undertaking effective and right
decisions with a sense of confidence. Over the period of time, there has been a change in the
trends which involves emergence of IoT, big data, 4Vs, the cloud, digital social platforms which
has consequently resulted into increase in the relevance and importance of data analysis. IoT
refers to the analysis of the huge data volumes which is generally generate through the connected
devices. A bangle organization can acquire various benefits from it like optimizing the operation,
control processes along with better engaging with the customers. The combination of IoT and
data analytics is very beneficial which results into creating favorable conditions for the
organizations pertaining to the decision making. On account of the big data and 4 Vs, it helps the
businesses in deriving hidden patterns or trends or correlation which helps in providing
meaningful insights for the business (Big Data Analytics. 2021). This has helped in identifying
the hidden pattern or the relations among the various variables which the management might not
be able to identify by mere looking at the numbers. It takes into consideration 4 dimensions
which are: volume, variety, velocity and veracity based upon which the big data is segmented.
Apart from this, the increase in the usage of the cloud and the social media platform has also
increase in the volume of data which has resulted into increase in the usage of data analytical

tool which provided assistance in grabbing better and crucial information which can be further
used in business strategies or practices.
The data analytics is adding value in every industry including bangle companies, as data
analysis helps in extracting and manipulate the data from the multiple sources in order to provide
immediate and relevant insight which supports the organization in undertaking better and quick
decisions (Data Analysis: What, How, and Why to Do Data Analysis for Your Organization.
2019). This results into adding value to the benefits in terms in formulation of better and
effective business strategies which is helps in further enhancing the performance based upon the
key ideas derived the information gathered. It helps in avoiding the unnecessary cost and make
efficient and appropriate usage of the resources.
b) Planning, summarizing and justifying the analytical approach
For an analytical approach, MS-Excel has been used in order to analyse the data that
helps to present the data in an effective manner. Along with this, different key functions will be
used as an analytical approach that further examine the overall performance of the company and
sales of all subtype for the year of 2020.
Pivot table: The pivot table in excel is a powerful analysis tool which is very easy to use
as the it has a feature of drag and drop. In the given case, the data is organized such that each
column represents one variable and by selecting the data source, pivot table is created with the
required variables (Excel Data Analysis – PivotTables. 2020). It is very helpful as it provides
dynamic and interactive summary of the data given which helps in easily understanding and
interpreting it. In addition to this, it has an option of filter and sort, slice so that data can be
further categorized until the desired outcome is derived.
Filter: In order to determine the impact of marketing campaigns upon sales performance
in UK, filter within excel has been used that helps to clean the data for the specific month. With
the help of this analytical approach, particular data for the 5 month 2020 can be selected in order
to make an effective comparative analysis within countries. This in turn assist to determine the
business question and examine the trend of each subtype as well.
Graphs: It is another analytical tool which is used in order to make comparative analysis
that helps to identify the sales value as well as sales volume within 5th month only considering