Data Insights For Business Decisions

DATA INSIGHTS FOR
BUSINESS DECISIONS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Type of data collected and used by organization if it is big data and if it is first, second- or
third- party data............................................................................................................................1
TASK 2............................................................................................................................................3
Description of orthodox market research and ways in which it is different from Big Data........3
TASK 3............................................................................................................................................4
Explanation of ways in which information is captured and stored with key references to types
of databases and management information systems....................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Data insight can be defined as a kind of deep understanding of an organizations or
individual’s gain by analysing data or information on a particular issue. It further help an
organization to make effective and better decisions that can further help them to enhance their
insight, lead actions that can increase efficiency of business that can further enhance efficiency,
revenue and profit of an organization (Alharthi, Krotov and Bowman, 2017). Today for most of
the organizations data insight is one of the most important things which is required to be focused
upon by them as it not only helps in decision making but can also help in enhancement of
strategic growth of organization, that allows them to forecast consumer trends, boost
competitiveness, and makes evidence- based decision making which is fruitful for both
organization and customers. This presentation will focus upon data insight for business decisions
in technology industry. Organization focused upon in this is Facebook which is a social
networking service publisher founded in 2004. This presentation will focus upon type of data
collected and used by organization, orthodox market research and ways in which it differ from
big data, ways in which information is captured and stored with key references to types of
databases and management information systems, impact of technological development on the
role and use of data in the business decision making process, ways in which information and data
is used within the day to operations of organisations, ways in which data capture can be captured
and used within organization.
TASK 1
Type of data collected and used by organization if it is big data and if it is first, second- or third-
party data
Big data can be defined as a collection of data that is huge in volume and yet has scope of
growing exponentially with time. Big data is so large that it cannot be dealt with using traditional
data processing software or applications (Venkatesh and et. al., 2019). First party data is a kind
of information which is directly collected by organization from their customers. Second party
data is a kind of information which is essentially someone’s first party data. This data is
collected directly from customers so organizations can be confident about accuracy of this data.
Whereas, third party data is a kind of data that organization buy from outside source who are not
original collectors of the data.
1

There are many different kinds of data which is being used in this industry for many
different purposes. Some of these data are big data and some of them are not and each of these
data are classified into three different types of data that are: first, second- or third- party data. In
technology industry data is one of the most important part of organization that can become one
of the main reasons for success and failure of business (Ionescu, 2019). Some of the most
common type of data which is being collected in this industry have been explained below with its
type and explanation whether it is a big data or not.
Type of data used in the
industry
Is it Big data Is it 1st, 2nd, or 3rd party
data
Details of customers is one of
the most important type of
data which is being used in
this industry
Yes, data or information
stored about customers is a big
data and it is used to identify
type of customers, their
preference and ways in which
they use organization’s
products and services.
It is a 1st party data in which
data about customers is
collected and managed by
themselves. This data is
collected in the form of
customer feedback,
organization’s application and
website.
Non-traditional type of
personal data of customers
such as photos, videos etc.
Yes, it is a kind of big data
and an important type of data
which is collected by
Facebook because it directly
help them in understanding
type of data which is being
preferred by their customers,
posted and shared by them.
It is third party data which is
being collected by
organization for understanding
type of data that customers
prefer posting and sharing.
This data is collected by
Facebooks application or
website.
Data collected by other
organizations with whom they
have collaborated with or who
uses Facebook as a platform
for sponsorship
Yes it is a big data which is
being used by organization for
expansion of their business
and customer segment as well.
it is a second party data which
is used by them for attracting a
greater number of customers
and expand business by
collaborating with other
organizations.
2