Data Insights for Business Decisions - Desklib

This presentation discusses the importance of data insights in making effective business decisions. It covers different types of data collection methods, the impact of technology on data usage, and the strategic importance of data in daily operations. The presentation also provides an outline for research into improving data capture and use in organizations.

Data insights For Business Decisions

Contents
 Introduction 3
 Types of the data is collected by the organization 3
 Difference between orthodox market research and big data 4
 How information is captured and stored with key references to different
types of the database and management information system 5
 Impact of technological development on the role and use of the data in
business decision making process 5
 How data and information is used in daily operation of organization and its
strategic importance 6
 Set out the outline for research into improving the data capture and use in
organization 6
 Conclusion 7
 Reference 8

Introduction
The data insights refer to a deep understating an
organization or individual gain from analyzing
the information on specific issues. By this
deep understating, an organization is become
able to make better and effective decision than
by relying on the gut instinct. It helps the
organization to optimize their performance.
The data insight is very between the industries
and department of an organization.

Types of the data is collected by the organization
Data collection is a process of the gathering
information and details form all relevant
sources in order to find solution of different
research.

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 Primary data- In this method,
information is collected directly
form first hand sources through
surveys, observation and
experiments research problems.

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 Secondary data- These data are collected by some other person or means
than an actual user. In this, information is already available and some other
person analyses it.

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 Big data collection methods- In this
approach, an organization collect and
measure the amount of required
information form variety of different
sources so that company can capture an
accurate and complete picture of
organizational operation and make critical
decision of business.

Difference between orthodox market research and big data
Orthodox market research is a process of determining viability of
any new product or service through the research conducted in a
direct way with the potential customers.

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How information is captured and stored
to different database and MIS
There are two types of Components of information in which
data can be store is Hardware and Software. Data can be in
numbers or in words.
Databases- The goal of information systems is to transfer the
data from one place to another to generate the information or
knowledge that can be store or can be used in decision
making.

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 Management Information System -
MIS is technical or computerize
database of information organised
and programme in such a way that
that data is secure and it will
produced regularly reports on
operation for each level of
management in the organisation

Impact of technological development on the role and use of the data
in business decision making process
For an organization, to take crucial and decision,
technology is providing them with some
system. In a business, decision support system
is highly interactive and flexible IT system
which is designed in order to support the
decision making when the issue is not
structured.

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 By offering the network links between
customers and organizational central
database, company will collect the
current data on the sales and can also
make the decision on the basis of new
information.

How data and information is used in daily operation
of organization and its strategic importance
Automobile industry is becoming an increasingly data
rich environment as business goes digital, creating
more data capture opportunities. uses the customer
relationship management system in order to chase the
customer’s interaction through telephones and Email
from contact centre, and to increase a knowledge base
of information on the product and services offered by
respective company and frequently asked questions.

Set out the outline for research into improving the data
capture and use in organization
In automobile industry, there are different ways for
research to improve the data capture and in company.
For this, company need to define the important
customers interaction. For instance, as Jaguar own
an online store, they will likely want to get know that
where their customers come from, product customers
click on, product customer add to their cart and
product customers ultimately buy.

Conclusion
From the above PPT it is concluded that every organization uses data and
information in their business to stay up to date with market trends. Every
organization uses different methods of data collection such as primary
methods, secondary methods, big data collection method and many more.
The traditional research marketing is very different from the data as now
technology has impacted role of data vastly. To analyze and make effective
decision about a business, organization uses different methods of the data
collection.

Reference
 Bizri, R.M., 2022. Understanding the antecedents of family influence in the
family firm. Journal of Family Business Management.
 Chen, Y. and et. al., 2022. Building data-driven dynamic capabilities to
arrest knowledge hiding: A knowledge management perspective. Journal of
Business Research, 139, pp.1138-1154.
 Hassani, A. and Mosconi, E., 2022. Social media analytics, competitive
intelligence, and dynamic capabilities in manufacturing
SMEs. Technological Forecasting and Social Change, 175, p.121416.

Thank you