Data Insights for Business Decisions in Retail Sector

This PPT discusses the impact of technological development on data capture and storage in retail sector. It explains the importance of data insights for effective decision making in businesses and explores different types of database systems. The PPT also outlines strategies for improving data capture in retail sector.

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 The PPT will determine they type of data is collected by the organistaion and then
determine orthodox market by describing how different from the big data.
 Further, it will explain how an information is captured and stored by referring to types of
database.
 Moreover, it will describe the impact of technological development on this role by
determining the role of data into this
 Lastly, it is analyse how an information and data is used for a day to day operations by
determining the strategic importance. Also, it iutline the research by improving data
capture use in the chosen sector.

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 With the help of this, retail sector can collect data in the form of structures, semi-
structured and unstructured data that assist to generate insights and support automation as
well.
 Another way through which big data helps retail sector is from social media posts from
an existing customers and this in turn help to make decision effectually. Also, with the
help of this system, company might also faces many challenges that affect the business
performance like not having expertise might lead to not analyse data effectually and this
in turn create negative impact upon the business performance.

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 Sometimes, interview as a source of primary method is also used by the retail industry in
order to answer the specific questions. Like, Tesco uses this method and ask to each top
management or employees regarding employee engagement. This in turn help to create a
better outcome can determine the existing situation of a company as well.
 With the help of this method, company can easily determine the trend and then make
decisions affectively. Therefore, it will help the business to make decision for the welfare
of a company so that effective outcome can be generated.

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 With the help of secondary data, retail sector can easily determine the trend and this in
turn assist to generate a better outcome for the company. Like, to motivate employees,
there are many research already conducted and this in turn help to make decision
accordingly. That is why, it will assist to conclude a better outcome and make the
business different from other company as well.
 This research require less time and less money which in turn help determine the decision
for the welfare of a company. The expertise work in this actually get a leverage in order
to answer the research question and then make effective outcome as well. That is why,
with this source retail sector determine the customer buying behavior so that effective
outcome can be generated.
 Overall, it can be stated that with this type of data collection methods, company can
actually determine the facts about the business so that effective outcome can be generated
so that decision can be taken in smooth manner.

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 Apart from this, interview is also fall under this market research which assist sector to
realize about the company’s strength and weakness. Also, under this methodology
company might make effective decision but do not only relied upon this outcome because
it might fluctuate the views and as a result, affect the outcomes as well.
 As per the facts, orthodox market research is not completely diminished but there are
some major companies who do not prefer this method because of large data. At that time,
big data is used which in turn visualize the data in an effective manner in order to
evaluate the results effectively. It has been also determined that with the change in
market trend, companies are relied upon the big data in order to visualize the same so that
it generate an appropriate results.
 The major difference between orthodox and big data is such that big data is now
considered as a present as well as future of media research and that is why, it becomes a
personal choice of all the top companies in order to generate an effective outcome.
 In order to determine the customer views, survey has not considered a best option
because it is a time consuming method which affect the personal time. Also, the views
might be fluctuate and that is why, to minimize the chances of negative results, there is a
need to adopt Big data that helps to create a better outcome and with the help of Google

Dashboard and Analytics company can analyse the consumer behavior in an effective
manner.
 The traditional data sets are actually tends to be measured in GB and TB, so researcher
faces an issue related to storage. However, with the help of big data company can easily
distinguished not only by its size but it provides enough volume as well which in turn
assist to generate a better outcome.
 Therefore, it can be stated that adopting big data rather than orthodox market research is
considered one of the best option for the researcher as it saves time and that is why, there
is a need to adopt the same that provide an organized data to interpret and improve the
results as well.

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Information storage in retail sector
The retail sector uses three main type of data storage available in the market in order to store the
data or information captured from sources. This three types of data storage are as follows:
Cloud Storage: For example, Tesco company uses this storage system in order to store the
important information so that management can access it from other place such as during business
meetings. With the help of this system, retail sector able to store their information in flexible
way. This is also best for disaster recovery, automatic software update, increased collaboration. It
is cost effective as well.
Server-based storage: For example, Tesco company of retail sector uses this system only
because they can afford it but the retail sector small companies with low budget can’t use this
storage system. This system also requires high physical space because with hyper-convergence,
retail sector can have different servers and the data is striped across the servers.
Traditional storage system: This is basically uses as a back-up method for the cloud for the
cloud. It provides benefits to sectors in the form of affordability, faster data access time,
scalability etc. The retail sector purchases the traditional storage systems in mainly two ways
such as first purchasing a storage area network from a technology vendor or they can go for
purchasing network attached storage to local technology products store. Not only that, retail
sector and Tesco company basically use this system to usually store data and information which
they can access it while signed onto the internet connection where they have store important
information. Generally, the traditional storage system is easily manageable by the employee and
also people are very used to it. The employee can delete, edit, overwritten, and duplicate as
needed by people.

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Relational Database systems: In this system, the relationship between the data is relational. Not
only that the data is stored in tabular form of rows and columns. If retail sectors want to use this
database system within their industry, then they need to use the structured query language in
order to query relational database management system. Each column of a table denotes an
attribute while on the other hand each row denotes a record. The retail sector can use this
database system without any training. For example, Tesco company uses this system the benefit
of which is that they can modify the data without specifying the entire body.
Hierarchical Database systems: This is another database system in which data is stored in the
stored by the people in the form of collection of fields. In this, each fields contains only one
value. Further, the records in this database are linked to each other in the form of parent-children
relationship. For example, retail sector can use this database system to access the data and update
the data quickly and rapidly. The feature of this system is a double-edged sword.
Network database systems: This is a database management system which basically uses the
network structure to create a relationship between the entities. This is somehow like hierarchical
database but here one nodes have relationship with the multiple nodes. For example, retail sector
usually uses network database management system such as IDS (Integrated data store), IDMS
(Integrated Database Management System) etc. With the help of this system, retail sector able to
store its data in most concise manner where database in organized in many to many relationships.
Object-oriented database systems: This model is another significant system which is used by
retail sector in order to manage database of the organization. The object-oriented DDMS is
helpful in increasing the semantics of C++ and Java. In simple term, the database functionality is
added to object programming languages. With the help of this system, the retail sector able to
develop analogical of the application and database into a language environment and constant

data model. This database system uses objects which are small and recyclable separated from
software which are automatically stored in object-oriented DDMS.

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The impact of technological development over Tesco plc of retail sector are as follows:
It has enhanced the customer loyalty of the organizations of retail sector.
The employees of the retailers are able to enhance its collaboration with each other.
The organization of retail sector with the help of technological development able to meet its
customer needs without any issue.
Businesses of retail sector can use online search engine such as Google and social media
channels for targeting audience segments effectively.
It is also helpful in improving the work-life balance of employees of retail sector because of its
improve network connectivity.

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Also, a use of good information within the retail sector is important for effective operation and
decision making at all levels in businesses. The information is basically the life blood of retail
sector with the help of which the companies of retail industry able to form strategies, implement
processes based on strategies. The retail sector uses this information to create content of their
products and service and promote it on various social media sites. In this way, it can be said that,
uses of information plays crucial role in the day to day operation of retailers.
The accurate and simple information allow retailers to make informed decisions
regarding the business operations via presenting the data in such a way that management can
interpret ate easily. For example, customer information is a type of information used by the retail
industry from their big data sets to understand their customer’s needs. After analysing customer
information, the retailer offers its customers with various discounts as well as online payment
option. The ultimate result of this over the business is such that retail sector is one of the largest
profit generating sector in UK. Along with this, the retailers with the proper use of information
related to customer’s buying behaviour can attract new customer. This is done by retail sector
very easily because they use Customer Relationship Management tool. This is a tool where
companies can store the personal information of its clients or customers in secure way.
The growth of the business is depending upon the information used by organization thus
retail industry requires so much effort and resources to implement efficient information
management system. The usefulness of information system within the retail sector is such that it
drastically improves the business productivity and efficiency. For example, in the present time,
companies of retail sector are started storing information related to its employees. This
information involves the strength, weakness and performance of the company with the help of
which they can provide training and development session to its poor performance employees.
The ultimate outcome of which the growth of retail industry is increasing day by day.

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For example, payment collection or processing is a business process which easily get improved if
retail sector incorporate the data management system.
In this systems, the company able to keep its loyal customer information and at the time of
processing its instalment, their payment processing is easily get completed in no time.
With the help of data management system, the organization of retail sector able to achieve its
ultimate result and business objectives in best manner possible. It is only possible because the
data allows organization of retail sector to effectively identify the causes of problem. After
identifying the causes of problem, the organization able to explore various solutions and
strategies that can resolve this issues. It is because data allows organizations to visualize the
relationship between what is going on in different location, department and systems of
organization of retail sector.
The increase in profitability of organizations of retail sector is another benefit of data which state
that data is important for strategic business success. This is possible because of the retailer’s
strategy of keeping track of all the information of company. Good data basically allows the
organization to establish baseline and benchmark in order to keep themselves moving forward.
One of the most significant strategic importance of data over the success of retail sector or
retailers is that with the help of data captured and storage, organization able to make use of their
most money. For example, the data regarding the cost of different sources of finance and the
internal rate of return of investment helps the organization of retail sector to invest their savings
and capitals in the highly profitable investment projects. The impact of which the retailers take
the advantage from investment and financing opportunities.

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Data capture is the process of collecting all the data which basically processed or used by
organization later in order to achieve some certain goals. Capturing the data is the most crucial
part of data management system and the retail sector have to adopt different strategies to improve
its data capture systems.
Set Guidelines: Firstly, retail sector need to set the guild lines such as using abbreviation,
spelling out street, use of capital letters for companies and double checking spellings for unique
names in order to prevent duplication from data.
Ensure Compliance and continuity: This is another most significant steps that need to be taken by
the retail sector in order to enhance their data capture. After creating guidelines for data
collection the organization of retail sector need to aware its staffs for the same. This helps in
decreasing the number of errors, wrong or outdated customer information with the help of which
the organization can enhance its data capturing process.
Uses of available tools: The tools available to retail sector regarding the data capturing is CRM
software. In case if this software has the feature look up customer’s phone number using their
names than they should use it.
Track customer transaction: The another way to improve data is by implementing customer
reward program the impact of which the overall data of the customers easily get improved.
Encourage people: The retail sector also encourages the people so that they can share important
data regarding retail market with the organizations. It is also one of the most significant way with
the help of which organization of retail sector able to enhance its data capturing process.

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