Data Insights for Business Decisions

This presentation explores the role of data and information in business decision making, focusing on the footwear sector. It discusses the types of data, how information is captured and stored, and how data is used to deliver insights for business decision making. The presentation also highlights the use of market research in conjunction with management information systems. Gain valuable insights for your business decisions.

DATA INSIGHTS
FOR BUSINESS
DECISIONS

TABLE OF CONTENT
 Definition
 Role of data and information
 Types of data
 How information and data is used
 How information is captured
 How data is deliver insight for business decision making
 Market research used in conjunction with MIS
 Conclusion
 References

INTRODUCTION
Data is one of the most important as well crucial aspects for each and
every firm that is operational in the current market scenario which is
highly competitive and dynamic in nature since it helps the company to
analyse and evaluate the data so that it can help the organisation to grow
and prosper in the long run. In this report all the discussion and evaluation
has been done while taking the footwear sector into consideration since.

ROLE OF DATA AND INFORMATION
Data which is accurate and efficient too possess a lot of value since it
proves very beneficial from the company’s point of view as the decisions
can be taken which can further help it to grow and develop in the industry
in which it is operational. The footwear sector faces stiff competition since
the profit margin is too high and also due to the ease of entry and exit of
the enterprises.

CONTINUE…
 The information and data that is collected by various organisations
possess a lot of value since they helps in analysing the market conditions
in detail so that appropriate decisions can be made in that regard that can
prove useful for the firm.

TYPE OF DATA
There are mainly three types of data that has been collected by different
teams that are made in this regard. All the aspects that are included in it
and various data sets are elaborated below in a detailed way-
First Party Data-
 It is a type of data that has been collected on a primary basis by
doing surveys, taking appropriate feedbacks and doing things like
that. It is regarded as the most accurate and precise format of data
since no external other person is involved in it.

CONTINUE…
 Second party Data-
 This type of data collection method is not regarded as much
accurate since it takes the primary party data into consideration.
 Different things are analysed in this and also helps in increasing
the sales volume and that too within a limited time period with
immediate effect.

HOW INFORMATION AND DATA IS USED
Things that are used in terms of data and information is explained
below-
 The footwear sector firm formulates and maintains a record in a
precise and proper format so that all the aspects relating to the
customers can be utilised as per the requirements.

HOW INFORMATION IS CAPTURED
AND STORED
 Transaction processing system
(TPS) – In this system all the
transactions that are done in a
period of time are summarised in
a proper format so that it can help
in evaluating the overall
performance of the company.

CONTINUE…
 Types of database- There are many databases but Database
Management System (DBMS) is used most commonly and
its various types are described below-
 Hierarchical
 Document
 ER Model
 Network
 NoSQL

HOW DATA IS USED TO DELIVER
INSIGHT FOR BUSINESS DECISION
MAKING
 The decisions that are taken by footwear sector firms are mainly
accordingly to the changes in the customer preference in the society.

HOW MARKET RESEARCH USED IN
CONJUNCTION
The two market research that is primary and secondary that are
explained above helps in recording, collecting, and summarisation of
the data and information so that it can be used for the benefits of the
company in the long run.

CONCLUSION
From the above it can be concluded that data and information and
that too of a sector like footwear is very crucial as well as critical at
the same time as it can help the company to grow and prosper in the
industry as well as it can destruct its reputation and market value if
not analysed and evaluated in an appropriate manner.

REFERENCES
 Akerkar, R., 2019. Artificial intelligence for business.
Springer.
 Chatfield, A.T. and Reddick, C.G., 2018. Customer agility
and responsiveness through big data analytics for public
value creation: A case study of Houston 311 on-demand
services. Government Information Quarterly, 35(2), pp.336-
347.
 Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research
methods in business studies. CambridgeHolsapple, C.W.,
Hsiao, S.H. and Pakath, R., 2018. Business social media
analytics: Characterization and conceptual
framework. Decision Support Systems, 110, pp.32-45.
University Press.