Applied Business Analytics and Data Visualization

INF80031
Applied Business Analytics and Data Visualization
Assignment 1
“How can companies better exploit
their textual business data”
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Table of Content
1. Introduction
2. Overview Industry
3. Problems of business
4. Benefits that can be achieved by text analytics
5. Text analysis strategy and challenge of each strategy
6. Benefits of using strategy
7. Drawback of using strategy
8. Recommendations
9. Conclusion
10. Reference list
1. Introduction
Technology has brought about various changes in people's daily lives, as well as in their
individual thinking and behaviour. As a result, today's firm must adapt to satisfy customer
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expectations in order to meet client demands. Many businesses are using technical feature
solutions as a stepping stone to satisfying client expectations and developing new features of
technological competition (Xianga et a. 2015). There are a number of key issues facing
businesses in the digital age including the rapid increase in the launch of new products and
services, as well as the proliferation of informed customers demanding. Thereby, they will
have to mine the vast amount of data available to them and find the best possible solutions to
address these critical obstacles to success. The retail and hospitality industries can be
characterized as key players among the various businesses that rely on clearly defining their
diverse consumer base to achieve success. This article aims to examine how organizations in
these two industries will better leverage their documented business data to improve customer
satisfaction and deal with external concerns may affect their performance (Piccoli, Anglada
& Watson 204)
2. Overview of the selected Industry
2.1 Retail Industry
Retailing is a basic commercial operation that allows customers to purchase goods and
services from a wide range of products. Furthermore, retail has become a complex and
perplexing industry. It covers the selling of tangible items such as auto parts,
pharmaceuticals, clothing, medical care, books, and food, as well as administrative services
such auto repair and carpet cleaning (Suttle 2021). Despite the rapid growth of digital, several
retail industries continue to use traditional methods. However, as technology and the digital
sector advance, e-commerce and social media apps are swiftly outpacing other enterprises
(Osorio 020). As a result, it is critical to effectively analyse the data obtained about target
consumers in order to facilitate organisations to become more successful.
2.2 Hospitality
The hotel business has caught the interest of scholars in a range of subjects, including
management science and information technology, due to its importance to the economy.
Competition is also affecting customer-related industries, with hotels boosting their efforts in
client retention, customer relationship management (CRM), and targeting (Karakostas et al.
2005). The hotel sector, in particular, is fiercely competitive because most hotels offer similar
products and services, making it difficult for hotels to distinguish themselves from
competitors. Guest satisfaction has developed as an important criterion for analysing the
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hotel's efficiency and operation to address this issue (Xiang et al. 2015). Guest satisfaction
was measured over time using consumer surveys or focus group interviews. While this is a
helpful tool, it is frequently hampered by insufficient samples and poor response rates,
resulting in ambiguous assessments of guest satisfaction and experience. As a result, using
data analytics to gauge guest happiness in hotels has become a fascinating research area.
3. The problems faced by the selected organization
The rapid development of technology and the power of consumers on the internet have fueled
the rise of e-commerce platforms. It was created to fulfill customer purchases as well as
review customer or feedback before checkout (Agrwal 2019). Most industries face this
challenge, especially in retail and hospitality. In addition to this challenge, there are several
other challenges that also arise in the ever-changing business world as discussed below:
3.1 Lack of understand of customer requirements
Technological advancements have completely impacted customer expectations. Therefore,
businesses must thoroughly understand the specific requirements of their customers in order
to compete successfully (Huang 2018). In the past, businesses' inability to fully identify
customer needs has led to the closure of several established companies.
Blockbuster was a popular home movie and game retailer in the early 2000s that went
bankrupt in less than ten years. This is because they did not figure out the customer's change
and their requirement to change the business model. On the contrary, they continued the same
business strategy of renting movies and games on CD/DVD. As a result, they lose market
share and increase their competitors (Verbenko 2016)
3.2 Human trafficking
Trafficking in human beings seems to have become a big problem all over the world (Spinks,
2020). As a result, organizations must deal with concerns regarding human trafficking.
Furthermore, if they do not take enough steps to counteract it, the government frequently
requires them to shut it down (Gasienica 2020). According to Lavietes (2019), certain hotels
have refused to implement preventive measures to avoid human trafficking, hence the US
government has used legal assistance to tackle it. The reputations of enterprises in the
industry will suffer as a result of this.
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