Data Insight for Business Decisions

This presentation explores the importance of data insights in making informed business decisions. It discusses the type of data collected by Marks and Spencer, the difference between orthodox research and big data, methods of capturing and storing information, the impact of technological development on data usage, and how data is used in day-to-day operations. It also suggests ways to improve data capture and usage in the retail sector. The presentation concludes by emphasizing the value of data insights for organizational success.

DATA INSIGHT FOR
BUSINESS DECISIONS

Table of Contents
Introduction
Type of data that is collected
Orthodox research and how this is different from big data
How information is captured and stored
Impact of technological development on the role and use of data in business decision making
How information and data is used within the day to operations of organizations
How data capture and use can be improved in a given sector or organization
Conclusion
References

Introduction
Data insights refer to the knowledge that an organization gains from analyzing the
different sets of information about a particular topic or situation. The analysis of the
information provides useful insights that further help the company in making informed
decisions and thus, reduces the risks. Organization chosen for this report is Marks and
Spencer, which is a British multinational retailer of clothing and household products.

Type of data that is collected
Marks and Spencer is a multinational organization that operates across various
geographic locations. The company collects both big data as well as first party data.
Big data can be defined as a collection of data that is large in volume and keeps on
growing with time at an exponentially. Besides big data, the company also collects 1st
party data, which it collects directly from its customers.

Cont…
First party data is also collected from the visitor’s activity on the website of the company
and this has helped the company in gathering data about the behavior as well as
interests of the customers. There are other ways that the company uses in order to
gather first-hand information such as offline surveys, customers feedback etc.
This provides useful insights and helps the company in making informed decisions.

Orthodox research and how this is different
from big data
Orthodox research can be defined as a research wherein the researcher adheres to
accepting the norms. On the other hand, big data can be defined as a collection
that is huge in terms of volume. Such type of data continues to grow with time as
the operations of the company expand in the coming years.

How information is captured and stored
The different methods for capturing information include manual keying, OCR
or Optical Character Recognition, Intelligent Character Reading, Barcode or
QR Recognition etc. OCR is a technology that is used to capture data and
enables the respective organization to recognize characters that are produced
through the machine as a part of the data capture and extraction process.

Cont…
On the other hand, ICR refers to the computer translation of characters that are hand
written or printed. The process of intelligent character reading is more difficult as
compared to OCR. There are different types of data that is captured by the
company, as discussed. First party data is usually captured through social media
platforms, email, surveys, CRM systems etc. The different types of data such as big
data and first party data are managed with the proper use of different types of technologies.

Impact of technological development on the role
and use of data in business decision making
Technological development can be defined as the overall process of inventing,
innovating, and diffusing the different processes or technology. Advancements in
technology have transformed the way in which businesses conduct their
operations effectively. Marks and Spencer has implemented latest technology at
its workplace in order to promoted informed decision-making.

Cont…
Technological development has impacted the role as well as use of data in
business decision making of the respective company, Marks and Spencer in a
positive manner. This is because it has improved the process of collection of data
that is needed in order to make useful decisions. Not only this, it also provides
useful links between a central database as well as the local retail outlets. This has
helped Marks and Spencer to collect the latest data related to sales and thus, make
decisions based on the same.

How information and data is used within the
day to operations of organizations
Both information as well as data play an important role in the day-to-day
operations organizations across different sectors, including retail. In the retail
sector, when the cashier scans the barcode printed at the back of an item, the data
that is collected, is used in managing the inventory, loyalty programs,
bookkeeping as well as maintaining supplier records.

How data capture and use can be improved in a
given sector or organization
Data capture is important for any organization and can help it in developing
effective strategies as well as making informed decisions. But there are different
ways in which data capture as well as use can be improved in the retail sector.
Organizations such as Marks and Spencer, that operate in the retail sector can use
mobile data capture solutions in order to assist the customers skip the check-out
line thereby increasing the floor space.

Cont…
On the other hand, as far as the use of data is concerned, the company can use the
same in order to track the buying process of customers and then make decisions in
order to improve the in-store shopping experience of the customers. The data can
also be used for gaining useful insights which organization can use to cut costs as
well as improve its overall product offerings.

Conclusion
From the presentation, it can be concluded that data insights are very useful and
valuable for the overall success of an organization. This is because they assist the
company in developing effective strategies and making informed decisions. data
can be collected through first party, second party or third party. It should be
analyzed effectively in order to enhance the overall understanding about the
preferences and needs of the customers.

References
 Hair Jr, J. F., Page, M. and Brunsveld, N., 2019. Essentials of business research
methods. Routledge.
 Hazen, B. T., Skipper, J.B., Boone, C.A. and Hill, R.R., 2018. Back in business:
Operations research in support of big data analytics for operations and supply
chain management. Annals of Operations Research. 270(1). pp.201-211.
 Saggi, M. K. and Jain, S., 2018. A survey towards an integration of big data
analytics to big insights for value-creation. Information Processing &
Management. 54(5). pp.758-790.

Thank You