Data Insights for Business Decisions

This presentation discusses the importance of data insights in making informed business decisions. It explains the difference between orthodox market research and big data, and how information is captured and stored. It also explores the impact of technological development on data collection and usage. The presentation concludes by setting an outline for research into improving data capture and use in a sector/organisation.

Data insights For
Business Decisions

CONTENT
 INTRODUCTION
 DATA COLLECTION
 Orthodox market research and how this is different from Big Data
 BIG DATA
 Explain how information is captured and stored with key references to types of databases and
management information systems
 Impact of technological development
 Set out how information and data is used
 Setting outline for research into improving data capture and use in a sector/organisation
 CONCLUSION
 REFERENCES

INTRODUCTION
Statistical findings are the results of a firm's
analysis of a group of statistics relevant to a
specific issue or scenario. The examination of the
data gives findings which assist firms in making
educated choices while also reducing the
uncertainty associated with traditional trial-and-
error research procedures. We reside in a
technological age where we have access to vast
volumes of information.

DATA COLLECTION
With the help of well recognized processes, information gathering refers to the
activity or processes for gathering, quantifying, and analysing credible observations
for investigation. In this connection, the following major supplementary information
was chosen and examined in the framework of GA Salon:

Orthodox market research and how
this is different from Big Data
While investigating a topic for the identification of specific ideas, orthodox
commercial study, also known as traditional advertising investigation, is followed.
Traditional marketing analysis has extensively used in the hairdresser sector to
acquire useful statistics and information that aid in the analysis of the firm's main
components. Big data, on the other hand, is used to evaluate larger data volumes
from across the industry to create information about development potential. The
following important details have indeed been deduced in this respect:

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 In 2017, the hairdresser industry is predicted to rise by 1% in
volume, reaching £7.57 billion, as even more creative therapies
encourage users to spend extra.
 Income is predicted to increase at an annualised concentration of
1.5 percent over the next five years, reaching £4.1 billion in
2018-19.

BIG DATA
Big data is a term that refers to the massive amounts of information
– both classified and unclassified – that overwhelm businesses on a
regular schedule. The amount of information is, though,
insignificant. It is what companies do with information which
defines the outcome. Acquiring and storing large amounts of critical
information seems to have been a long-standing habit.

Explain how information is captured and stored
with key references to types of databases and
management information systems
Details on this industry have been gathered from many studies and articles. The
following are descriptions of a few of those findings:
 Hairstyling and Skincare Products in the Great Britain, according to IBIS World.
 The Hair and Beauty Industries Association (HABIA) has indeed released a number
of business estimates, including facts on business growth and revenues, regional
divisions, and demographics by demographic characteristics.

Impact of technological
development
With very rare exclusions, the widespread usage of the internet, and now
portable gadgets, has paved the way for all industries. Modern technology
have advanced quicker than any other breakthrough in historical, reaching
almost half of the worldwide people within only 2 decades and altering
society.
 Obtain a comparative benefit as it is critical for firms to overcome their
competitors in addition to gain a strategic opportunity.

Set out how information and data is
used
The hairdresser industry is a data-driven marketplace. Therefore, information's job in
the industry is to allow company managers to make judgments based on reality,
trends, and figures. With enough data available, company must be equipped to sort
through the clutter and obtain accurate data in order to achieve the greatest strategic
and development choices possible. Information is at the centre of almost each
strategic move. The accompanying are essential factors which can assist you
comprehend how information is utilized in GA Stylist's company activities in the
segment:

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 That really is, effective marketing. To keep existing client information and attract
prospective buyers, leveraging Suggest a Friend, Employer Rewards Programs, and
reward points.
 Getting clear of stock which is not moving is another way to utilize information is to
leverage computer's sales activities to get rid of stock which is not trading. That
could range from quick sales for their whole customer profile, in which you must
purchase a given myriad of factors within a particular timespan, to a highly specific
and specialised publicity strategy for your firm.

Setting outline for research into improving
data capture and use in a sector/organisation
The existing study's framework is important since it includes a review of several
statistics gathering approaches that could be used to acquire and utilise information
in the hairdresser industry. The following are some major strategies for increasing
input gathering in GA Salon in this respect:
 Questionnaires/surveys as they are a typical means of acquiring statistics
because they are inexpensive and could provide an elaborated perspective. They
might be conducted in person, over correspondence, over the call, or on the
internet.

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 Conversations can be conducted in person or
over the line, and they can be arranged using a
checklist or left disorganised. For one thing,
they don't require responders to be literate.
Furthermore, these assist interviewers
(especially highly-trained ones) in gaining
substantial understanding by explaining and
extending participant answers, as well as
gathering gestural evidence.

CONCLUSION
According to the findings of the project, information views necessitate the
examination of databases in order to form assumptions regarding the information
acquired. It helps leaders to handle original data as well as uncover patterns in
order to extract relevant facts from one another. In the business world, information
enables better decision-making, more effective methods, high-quality client
engagements, and operational efficiencies. The key role of information and
expertise in the company's current decision-making, orientation, and viewpoint is
to motivate leadership, provide a benchmark, and find remedies to challenges.

REFERENCES
 Chomicki, G., Schaefer, H. and Renner, S.S., 2020. Origin and domestication of
Cucurbitaceae crops: Insights from phylogenies, genomics and archaeology. New
Phytologist, 226(5), pp.1240-1255.
 LaDonna, K.A., Taylor, T. and Lingard, L., 2018. Why open-ended survey questions
are unlikely to support rigorous qualitative insights. Academic Medicine, 93(3),
pp.347-349.
 Wang, S. and Chen, S., 2019. Insights to fracture stimulation design in
unconventional reservoirs based on machine learning modeling. Journal of
Petroleum Science and Engineering, 174, pp.682-695.