Data Insights for Business Decisions

This presentation discusses the type of data used by the retail industry, challenges related to data, and the strategic importance of data in business decision-making. It explores the use of 1st party data, personal data, engagement data, and attitudinal data. It also covers the impact of technology on data usage and the ways to store data and information. The presentation concludes with methods to improve data capture and usage in the retail sector.

DATA INSIGHTS FOR
BUSINESS DECISIONS

TABLE OF CONTENT
 INTRODUCTION
 TYPE OF DATA USED BY RETAIL INDUSTRY
 ORTHODOX MARKET RESEARCH AND BIG DATA
 SIZE OF THE DATA
 CHALLENGES RELATED WITH THE DATA
 CONSUMER BEHAVIOUR DETAILS
 MANAGEMENT INFORMATION SYSTEM
 WAYS TO STORE DATA AND INFORMATION
 IMPACT OF TECHNOLOGIES DEVELOPMENT ON ROLE AND USE OF DATA IN BUSINESS DECISION MAKING PROCESS
 THE WAY INFORMATION AND DATA IS USED IN DAY TO DAY OPERATION OF ORGANIZATION AND ITS STRATEGIC
IMPORTANCE RELATED TO FIRM
 CONCLUSION

INTRODUCTION
 Type, volume and source data and information collected internally or externally helps the
businesses in taking the decisions of the organization.
 With the help of data based on the fact, trends and the statistical number, it provides the
business leaders and operational managers in making the best and suitable decisions in the
favour of the company.
 So in the same context, the report will discuss the type of data based on its volume and
source that the Retail industry for example Unilever company of the UK uses in the
decision-making.

TYPE OF DATA USED BY RETAIL INDUSTRY
 The type of data collected by the Unilever company in order to take
the business decisions are 1st party data.
 1st party data are the information that the organization collect from
the customer directly by analysing the activity of the visitors on the
companies websites, consumer's behaviour and interest and by
analysing the social media platform of the Unilever company.
 For retail industry the customer's data is the key which help the
managers of the business in taking the decisions regarding whether to
continue the operations of the particular product or not.
 The customer data helps the Unilever company in taking the
decisions related to the operations of the food products for all age
groups.

CONT.
Personal data
 In this, the organization collect the personal details of the customer is collected from the laptop and
mobile devices of the customer's such as gender, non-personally identification number, social security
number etc.
Engagement data:
 In this the data is collected related to the interaction of the customer's with the companies websites,
social media pages, mobile apps, emails and paid ads.
Behavioural data:
 In this the data related to the behaviour of the customers is collected such as the purchase history of
customers, repeatedly product usage information and mouse movement information of the qualitative
data.
Attitudinal data:
 In this the information related to the attitude of the customers with the product of the company is get
collected.

ORTHODOX MARKET RESEARCH AND
BIG DATA
 Orthodox market research is the process of visualizing the
demand of the new product or services of the company in the
market through the thorough research.
 The research is related to the interest of the customer on the
product and services of the company.
 The common market research that the company use in their
decision-making process is surveys, interviews, focus groups
and customer's observations.

SIZE OF THE DATA
 This is one of the key difference between the
market research and the big data.
 Big data generally used for the purpose of
capturing, and analysing the large amount of data
which is actually so large that to handle it
requirement of the new digital technology
increases.

CHALLENGES RELATED WITH THE DATA
 In order to understand and processes the large amount of data in the case of big
data research theory, the different management accounting software has arisen.
 The impact of this on the organizations is that it is not only time-consuming but it
also expensive.
 To use the big data study, company need to has the high budget to implement the
expensive software and also hire high qualified software specialist.

CONSUMER BEHAVIOUR DETAILS
 Identifying and analysing the consumer behaviour details are the biggest
challenges all the organizations especially retail sector are facing.
 Because big data has the ability to track the behaviour of the large number of
customer in real time and in large scale.
 So the company uses the big data research theory are capable to deal with the
consumer behaviour details.

MANAGEMENT INFORMATION
SYSTEM
 The key data is captured and stored by implementing
and incorporating the different software in the
organization systems.
 In order to convert the data into information and
further convert it into the knowledge, management
information systems are highly preferable.
 The requirement of which software to incorporate in
the business is depends upon the type data and whether
the data is qualitative and quantitative.

WAYS TO STORE DATA AND
INFORMATION
Primary storage
 In order to store the data and information which are currently in use, the company uses the
primary storage such as the memory chips. It is also known as the Random Access Memory.
Secondary storage
 The secondary storage is the non-volatile memory which is generally used by the
organizations to store the information and data externally to the computers.
Data warehouse storage
 It is a computer system which is used by the companies and which help the
companies to store the historical data of the companies.
 It includes the previous salaries, sales and other information.

Impact of technologies development on role and use
of data in business decision making process
 There are numerous development and growth in technology that has affected the way data are gathered and
processed so that appropriate decision can be taken by business.
 Large enterprise have data related to number of employees, customers, stocks and range of operation so
innovative technology contribute in effective handling and managing the data.
 Likewise company operating in retail industry are collecting useful information through customers' loyalty
programs and RFID.
 Moreover, innovative technologies has contributed in reducing chance of frauds and timely analysis of inventory
that helps manager in taking appropriate decision about whether company has sufficient resources or not.
 Companies such as Unilever are investing huge amount of capital in new and innovative technologies in order to
extract and analysis useful information.

CONT.
 The data plays important role as well used by business for various purposes from
many years, but recently development in technology has provided opportunities to
company such as Unilever to speedy and efficiency collect large amount of data.
 The technology has contributed in better understanding of information and predicting
the future strategies that could be used by firm to sustain its business operation in
retail industry of United Kingdoms.
 This has helped in effective analysis, interpretation of useful information and data
related to business thereby contributed company in retaining competitive advantages.

The way information and data is used in day to day
operation of organization and its strategic importance
related to firm
 Information and data are very important for smooth operation of business in
external environment as it helps manager in understanding needs of customers
thereby identifying alternative method that could be used to achieve the same.
 Furthermore, information flow in and out of business in different directions
such as in context of Unilever, information flow from top to bottom.
 Thus, it helps in informing employees about their respective roles and
responsibilities in organization and the way they can be fulfilled in the best
possible manner.
 So the way information and data contribute in performance of several activities
and operation can be illustrated as follows:

CONT.
 It helps in solving problem: The first role-played by information and data in day to day
operation of business is identification of several problems or key issue that are faced by
company. Thus, it contributes in tracking problem, issue thereby identifying method to
resolve them for achievement of company goals.
 Contribute in improving process: Through data and information manager of Unilever is
able to understand actual performance of employees, total stock present and need to be
arranged so that various operation can be completed easily. It helps business in reducing
amount of wastage of resources, time and money thereby delivering maximum value to
customers.

Method that can be used to improve data capture
and use in retail sector of United kingdom
 Data capture is process of extracting useful information related to
specific topic in real time that can be helpful for manager of
business to take right decision for benefits of organization. The
method of data capture can be improved through setting guidelines,
making use of available tools, ensuring compliance and continuity,
encouraging customers registrations and track customers
transactions. Therefore, the several methods that could be used to
enhance data capture as well as their use in retail sectors of United
Kingdom or companies such as Unilever. Such as:
 Setting guidelines: Unilever by setting guidelines related to
prevention of duplication of information can improve capturing of
necessary data. Likewise using of abbreviations, capital letter and
unique names.

CONT.
 Use available tools: Moreover, it can be stated that company can make use of
CRM system in order to capture and use data related to company for various
purposes. Such as Unilever by making use of CRM has gathered information in
context of name, phone number and address or other detailed of the clients and
employees.
 Track customer's Transaction: Unilever can easily improve the data capture by
implementing customers reward programs such as offers codes, sales and others.
Company through this code can easily maintain information up to date and track
customers thereby enhance their satisfaction level.
 Therefore, all these are basic method that are used by Unilever to
improve data capture and their usages so that company can retained its market
positioning in retail industry of United Kingdom.

CONT.
 Making use of innovative technology: Company can improve its usage of data
as well as information by making use of innovative technologies as they assist in
gathering and taking correct decision that can be fruitful for organization. The
technology will helps in usage of important decision in formulating effective
strategies that could yield maximum profitability and market share.
 Evaluation of sources: Moreover, enterprise in order to improve the data usage
must evaluate sources from which they have been gathered.

CONT.
 Building data management team: Unilever in order to improve usage of information
needs to build data management team by coordinating diverse individual to work in
team for achievement of end goals. Company has to hired and recruited talented
employees that can effectively use data that can helps manager in taking right
decision.
 Understanding the potential of data: There are number of information that are
collected and stored by company for various purpose or in order to take correct
decision. So, it is responsibilities of manager of Unilever to understand the potential
of data in order to improve the usage of information.

CONCLUSION
 The report concludes that how the different tools of the management accounting
systems help the company in capturing and storing the large amount of data and
the information.
 The report also concludes that how the setting the outline for research helps in
improving the data that the company capture and further process it for the use in
the decision-making.
 The report further concludes and help in understanding of the market research and
the way it different from the big data research theory.

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