Data Insights for Business Decisions - Importance, Types, and Use Cases

This presentation discusses the significance of data insights and tools for making appropriate business decisions. It covers the types of data collected and used by organizations, orthodox market research vs big data, information capture and storage, impact of technological development, and the strategic importance of data in day-to-day operations of organizations. It also provides an outline for research into improving data capture and use in a sector/organization.

Data insights for business decision

Table of Content
• Introduction
• State type of data collected and used by the organization and if this is big data
and if primary or secondary data
• Describe orthodox market research (traditional market research) and how this is
different from Big Data
• Explain how information is captured and stored with key references to types of
databases and management information systems
• Describe the impact of technological development on the role and use of data in
the business decision making process within your chosen sector
• Set out how information and data is used within the day-to-day operations of
organizations within that sector and what is its strategic importance to the
organisation within its sector
• Set out an outline for research into improving data capture and use in a
sector/organization
• Conclusion
• References

Introduction
• Data is an important part of each and every business. Without data, it is
quite difficult to take appropriate decisions. With an aim to take
suitable business related decisions, there is requirement of huge data &
information (Levenson and Fink, 2017). Here, data insights are used by
the business owners to reach at meaningful decisions. The present study
is based on the significance of data insights and tools with an aim to
take appropriate decisions. The study will cover type of data and its
uses by the organization.

Big Data at Tesco
In context to Tesco, the organization is moving towards a data lake model
which is purely based around the Hadoop framework. In reference to
organization, different stakeholders demands for different data and the
organization is supported by data scientists for the purpose to access the
data.
21/01
/20

State type of data collected and used by the organization
and if this is big data and if primary or secondary data
• In context of the current study, TESCO
is taken into consideration. It is a well-
known organization of retail industry
that offers groceries and general items
to ample of customers (Selz, 2020). The
company is required to take ample of
decisions on regular basis. Here, they
need to have sufficient information so
that better decisions can be made. In
current time, the competition is
increasing significantly.

Describe orthodox market research (traditional market research) and
how this is different from Big Data
• Orthodox market research is about
collecting the data and information
directly from the potential
customers. It is also called as
traditional marketing research
method where data is collected
through one to one interaction
(Khan and Krishnan, 2021). The
major sources of such data
collection are focus group,
interview, surveys and more.

Cont..
21/01
/20
Big data market research
Big data refers to complex, unstructured
and large data sets which is collected in
real time.
In case of market research, the large
amount of data can be collected through
multiple sources, methods and sizes.
It is a new and evolved method of data
collection and evaluation (Kar and
Kushwaha, 2021).
On other side, market research is a
traditional method of data collection.
Big data is helpful in analyzing the past
incidents. Also, the predications can be
made by using big data.
However, market research is based on a
specific question and might include
qualitative data.
Big data is used to make sense out of the
available information
Market research aims to solve a particular
issues in an efficient manner.

Explain how information is captured and stored with key references
to types of databases and management information systems
Data and information can be collected by the students through ample of
mediums. Collection of data is highly crucial to reach at meaningful
conclusion in an efficient manner. To gather the necessary information,
companies are likely to utilize ample of ways like cookies, websites and more.
Apart from this, they also get the questionnaire filled by the customers with an
aim to collect necessary amount of data & information (Massaro, 2021).
Nowadays, social media platforms have become a crucial way of data
collection as it helps in taking suitable decisions for future betterment.

Cont..
A management information system is a computer based system which consist
various software as well as hardwares that are used as the backbone of an
organization to maintain consistency in the operations (Raut and et. al., 2019).
Through MIS, it is possible to collect data from multiple sources like online
systems, reports the data and more.

Describe the impact of technological development on the role and
use of data in the business decision making process within your
chosen sector
• In the present era, technological advancement has become a crucial part of
each and every industry. It is related to the use of different softwares & tools
to keep the business entity functioned in a proper way. Nowadays, artificial
intelligence is used by the business organizations to store and further utilize
the data significantly. In addition to this, various softwares are also used by
the retail organizations with an aim to present the data in form of graphs,
tables, charts and more.

Cont..
• Nowadays, there are ample of software solutions are used by the companies to
meet with different business aims and objectives. In retail industry, softwares
and tools are used by the companies for the purpose of fast data collection, e-
commerce analysis, appropriate sales predictions, online tracking of
customer’s feedbacks. These softwares are useful in terms of gathering the
appropriate amount of information so that effective business decisions can be
taken.

Set out how information and data is used within the day-to-day
operations of organizations within that sector and what is its
strategic importance to the organisation within its sector
• In business, different operations are performed on regular basis. Here, the data and
information plays a highly important role in managing daily business operations of the
company in significant manner. In this context, the role of data in day to day operation is
mentioned below:
• Risk management
• Cost reduction
• Creating of new reality
• Value addition

Set out an outline for research into improving data capture
and use in a sector/organization
Data is an important part of every
research. The organizations can take
below mentioned steps to improve
the data capture:
• For this purpose, the researcher
needs to have proper information
about the topic.
• In addition to this, there is
requirement to utilize the recent &
updated tools to collect necessary
amount of data and information
significantly.

Conclusion
• Out of the above-information, it is analyzed that Data is an important part of
each and every business. Without data, it is quite difficult to take appropriate
decisions. With an aim to take suitable business related decisions, there is
requirement of huge data & information. It is analyzed that data is used in
different forms within the organization. Discussion has been carried out
regarding use of software and tools in completion of the business operations.

References
• Kar, A.K. and Kushwaha, A.K., 2021. Facilitators and Barriers of Artificial
Intelligence Adoption in Business–Insights from Opinions Using Big Data
Analytics. Information Systems Frontiers, pp.1-24.
• Khan, A. and Krishnan, S., 2021. Moderating effects of business-systems
corruption on corruption in basic national institutions and electronic
government maturity: Insights from a dynamic panel data
analysis. International Journal of Information Management, 59, p.102349.
• Online
• https://www.forbes.com/sites/bernardmarr/2016/11/17/big-data-at-tesco-real-
time-analytics-at-the-uk-grocery-retail-giant/?sh=a292f6461cf3
21/01
/20