Data Insights for Business Decisions

This presentation explores the types of data collected by organizations, the difference between orthodox market research and big data, methods for capturing data, the impact of technological development on decision-making, and the strategic importance of data in the retail sector. It also discusses how research can help improve data collection and application in a company.

Data Insights for
Business Decisions

CONTENT
 INTRODCUTION
 Explain type of data that is being collected and used by organisation
 Define orthodox market research and differentiate it from Big data
 Explain methods helpful for capturing data key preference given to kind of databases and
management information system
 Explain effect of technological development on use and role of data in facilitating decision
making process.
 Explain how data and information is used on a frequent basis in company. Also define its
strategic importance towards enterprise within sector
 Explain how research would help to Improve collection of data and apply it in company
 CONCLUSION
 REFERENCES

INTRODUCTION
The report prepared below takes in account
working and improving functioning of
company Asda. It explains usefulness of big
data and how it can be applied in a firm for
better results and with what ways it can be
collected whether to consider primary data or
secondary.

Explain type of data that is being collected and used by
organisation
It can be explained as a process of collection, gathering and organising
information in a way that makes sense to the user. It helps to find
answer for related questions and keep a track record of related
consequences. It lays down an idea as how a company must function
and carry out operations well in time in relation to enterprise. Such
data can be explained with two forms:
 Primary data: In Asda company that deals in retail sector HR
manager is required to collect data that is fresh and collected on his
own.

Continue…
 Secondary data: It is a data which already
exists and on the basis of which one
predicts situations and chooses related
methods as well. These can be collected
with the help of questionnaires, interviews
and surveys as well that are done by some
other person.

Define orthodox market research and differentiate it
from Big data
 Orthodox market research can be
explained as a data that is collected
from traditional methods and sources.
It is collected from various sources that
helps the Manager to directly link with
employees and clients that are engaged
with the Asda organisation.

Continue…
Big data whereas is a vast and large term in case of data collection and gathering
complex data at one place. It is useful for developing strategies and policies by
manager that contribute in improving efficiency and effectiveness of Asda
organisation. This further helps to decrease cost and increase margin of profit. Big
data counts methods that would contribute in forecasting futuristic situations that
would be impossible to handle and thus plan in advance what can be done and how
can be done.

Explain methods helpful for capturing data key
preference given to kind of databases and management
information system
Data can be collected and kept at priority with the help of two sources that are hardware and
software. The information can be quantitative as well as of qualitative nature too.
 Management information system: It can be explained as a term that considers a computer
system that consist of software as well as hardware and proves to be an important function
in Asda company. It helps manager to collect data from various online sites and examine the
data that would help to prepare reports for facilitating decision making as well. It is more of
a technical way to collect data that can contribute in planning policies.

Continue..
 Data bases: : It can be defined as an structured evidence that is being kept in the system
and can be monitored by a Database management system. It further supports storing of
information electronically and alteration of data. Such system makes it easier for
Manager of Asda company to understand data easily and well in time.
Databases are developed in such a way that helps in storing, modifying
and deleting of data through certain operations that is not useful. It
helps to make decision making process better and carry out results
that would be beneficial.

Explain effect of technological development on use
and role of data in facilitating decision making
process.
Every organisation desires a advancement in technology being used by them so far as it
would help to provide results that are being expected by linked people. They can be external
as well as internal users too. Technology development can be through advancing research
and development methods In Asda by Manager. Further, it can be explained as techniques
that reduce wastage and eliminate related risk due to use of obsolete technology.
 It helps to collect data from useful sites that can be relied upon and is accurate as well. It
helps in increasing the efficiency of employees in working and carrying out best results
so far possible.

Continue..
 It eliminates risks that are involved in keeping the data safe and thus contributes
in securing the data that can affect Asda if any breach of information takes place.
Such techniques that help to keep data at places that are out of reach from
cybercrimes.
 It would also increase the quality of data that is being served to people by Asda
company and would help to eliminate any uncertainty if prevailing.

Explain how data and information is used on a frequent
basis in company. Also define its strategic importance
towards enterprise within sector
There are various ways that help Asda company’s manager to use the data collected
in different areas of retail sector to increase the working efficiency of firm. It also
helps to plan and develop related strategies and policies that would assess the
company to improve its performance in market as well. It is important because it
helps in:
 Maintain relations within and outside organisation: Data collection helps to
increase building of relations among employees as well as their relations with
customers too.

Continue..
 Digitalization: It helps to increase the reach of company towards its related and
potential customers. It assists the manager to find ways that would help the firm to
tap more customers in less time and engage them with Asda. It would also help
them to get related feedbacks in time on which they can work and improve their
performance well in time.

Explain how research would help to Improve
collection of data and apply it in company
There are many ways in which research would help the company to improve the methods
used for capturing information and implement in related sectors, they are:
 Interaction value: It can be explained as a way that would enhance the skills of manager
for building relations with consumers. It would help the organisation to understand what
is their demand and expectations & what are the ways that would help them to keep them
linked with the company for a longer period of time. Interacting with related people and
competitors in market would help Asda to understand where it lacks and lags behind. And
thus it would help them to plan accordingly and perform on better grounds.

Continue…
 Improving the chain of products: Research helps to
improvise the performance served at present point of
time by firm in market. It would help the manager of
Asda to realise the difference between expected and
actual results and find the related reasons behind it as
well. It can be through improving the platform used for
availing the products to users and how it can be
improved.

CONCLUSION
The report prepared above includes types of data collected by a organisation’s
manager. Primary data can be explained that is collected at first place by the
researcher itself whereas In case of secondary it is analysed from pre collected data
available on online sources such as questionnaires, surveys etc. It also includes
difference between orthodox market research and its variation observed from big
data. It also includes impact recorded by use of advance level technologies in a firm.
The report serves as a base for manager who plans related strategies for improving
efficiency and effectiveness of a business.

REFERENCES
 Niittymies, A., 2021. Studying Cognition Through Decision-makers’ Characteristics:
Insights from International Business Research. In Thinking about Cognition. Emerald
Publishing Limited.
 Tibiletti, V., Marchini, P.L. and Bertacchini, F., 2021. The effects of covid-19 on
financial statements: Some insights from italy through an international literature
review. Universal Journal of Accounting and Finance. pp.1033-1048.