Data Insights for Business Decisions in Retail Sector

This presentation discusses the importance of big data in making effective decisions for retail sector. It covers the type of data collected, orthodox market research, information capture and storage, types of database and management information systems, impact of technological development, uses of information and data, strategic importance of data, and ways to improve data capture.

Data Insights for Business
decisions
RETAIL SECTOR

Table of content
 Impact of technological development on role and use
of data
 Uses of information and data within day to day
operation of organizations
 Strategic importance of data to the organization of
retail sector
 Improving data capture within retail sector
 Conclusion
 References
 Introduction
 Type of data collected by the organization
 Orthodox market research and how it is differ
from big data
 Determining how the information is capture
 Information storage in retail sector
 Type of database and management
information system

INTRODUCTION
 Data insights refers to an in-depth understanding that helps to analyse information related
to a specific issue.
 This in turn assist to make effective decision for the company and it also relied on
different instinct as well.
 The present study helps to determine the importance of big data and create an
understanding regarding the same so that effective outcome can be generated.
 The chosen sector for this study is retail in which Tesco as a company selected which is
one of the top organization in the retail sector who offer range of products to their
customers.

TYPE OF DATA COLLECTED BY THE
ORGANIZATION
 Data collection is the method through which
information can be collected in order to
provide accurate results. There are many ways
through data can be collected and this in turn
assist to generate a better outcome and make
decision as well. The retail sector collected the
data from three different ways which are as
mentioned below:
Big data
Primary
Secondary

Continued….
Big Data:
 It is a methodical approach which is used to
gather and measure information through large
amount of information with the help of
different sources to capture and gather the data
for making an accurate information

Continued….
Primary data:
 It is one of the best method which assist
company to collect fresh information so that it
helps to collect information directly from
sources. Like, retail sector uses survey in
order to determine the weakness of a company
through customer’s point of view and this in
turn assist to make decision accurately.

Continued….
Secondary data:
 It is another method through which company
can collect the data and then make decision.
Under this, retail sector uses already
conducted article, books and newspaper article
which in turn assist to generate a better
outcome.

ORTHODOX MARKET RESEARCH
AND HOW IT IS DIFFER FROM BIG
DATA
 Orthodox market research is also known as traditional marketing research which helps the
company to generate a better outcome and improve the business performance.
 There are many types of traditional market research which assist company to reach
towards a particular decision and that is why, from last many decades company are relied
upon different orthodox market research.
 For example, primary research and secondary research are considered as some of the most
common orthodox market research methods which assist researcher to meet the defined
aim and conclude to a final conclusion as well.

DETERMINING HOW THE INFORMATION
IS CAPTURE
 The information is captured in a
database in such a manner that helps
to determine how the business can be
easily implemented in an effective
manner. Under a database, company
create a table which can be easily
created and stores the data in such a
manner that helps to improve the
storage and capturing issue.

INFORMATION STORAGE IN RETAIL
SECTOR
 Cloud Storage: This is the one of the most significant
type of data storage system which is simply an offsite
computing that holds data of retail sector in such a way
that authorized people can access it from anywhere at
any time
 Server-based storage: This is also known as hyper
convergence storage system in which data is usually
stored within the individual servers at a data centre on
their business sites. The retail sectors mostly use this
storage system so that they can speed the work and
control the data in house

TYPE OF DATABASE AND MANAGEMENT
INFORMATION SYSTEMS
There are basically four type of database and
management information system uses by retail
sector for the information management are as
follows:
 Relational Database systems
 Hierarchical Database systems
 Network database systems
 Object-oriented database systems

IMPACT OF TECHNOLOGIC
DEVELOPMENT ON ROLE AND USE OF
DATA
 The technological development puts major impact
over the organization decision making regarding the
role and use of data.
 Tesco is a UK based retail sector which uses big data
analytics within their organization in order to collect
and analyse large database at a single point of time.
 It is because this helps the organization to keep
themselves up-to-date regarding the new
opportunities available to market and they can also
grasp it to understand taste and preferences of their
customers.

USES OF INFORMATION AND DATA WITHIN
DAY TO DAY OPERATIONS OF
ORGANIZATIONS
 The uses of information and data plays vital role in the day to day operation of business of
retail sector.
 It is because the company’s operation depends upon the information they have.
 The information systems basically provide the most recent and complete data with the
help of which organizations can complete its daily production etc.
 With the help of information system, the organizations of retail sector able to operate
efficiently and also gain competitive advantage over competitors.
 For example, Tesco plc an UK based retail sector uses updated information about the
market and customers. By using it, they able to understand the taste and preferences of
customers and provide them the products as per their demand only.

STRATEGIC IMPORTANCE OF DATA TO
THE ORGANIZATION OF RETAIL
SECTOR
 The most significant strategic importance of the
data to the organizations of retail sector is such that
it allows organizations to use only evidence-based
information or data to make strategic decision of
business.
 The accurate big data helps the retail sector to plan
carefully so that the business objectives are easily
get achieved.
 The another strategic importance of data to retail
sector is that it helps them to solve the issues and
challenges regarding slow and inefficient business
process.

IMPROVING DATA CAPTURE WITHIN
RETAIL SECTOR
The ways to improve data capture within retail
sector are as follows:
 Set Guidelines
 Ensure Compliance and continuity
 Uses of available tools
 Track customer transaction
 Encourage people

CONCLUSION
 The presentation has concluded the type of data use by retail sector to make important
decision for the success of the organizations.
 The presentation has also concluded the meaning of orthodox market research and how it
is different from big data.
 Further, the presentation has also concluded the information capture, stored process of
retail sector and different types of database and management information systems.

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