Role of Information and Data in the Retail Sector: A Case Study of Tesco Plc

MG413
Data Insights

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Outline the role of information and data within your industry or profession sector..........3
2. State what type of data is collected and used by the organisation and if this is 1st, 2nd, or
third-party data.......................................................................................................................4
3. Set out how information and data is used within the day to day operations of organisations
within that sector....................................................................................................................5
4. Explain how information is captured and stored with key references to types of databases
and information systems.........................................................................................................6
5. Give an example of how data is used to deliver insight for business decision making within
your sector..............................................................................................................................7
6. Describe how market research secondary and primary studies can be used in conjunction
with MIS and other database systems to increase insight......................................................7
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Data insight is the new knowledge and information an organisation gains by making
thorough analysis and examination of a set of information or data presented for the respective
topic and the situation. The given or presented data is evaluated and examined with one major
objective that is of bringing out new useful information from the existing one and developing
something new and innovative through it for the potential consumers (Bato and et. al., 2016).
The insights collected and developed helps businesses in making informed decisions, mitigate
potential risks identified and adopts hit and try method for determining the most appropriate and
profitable solutions. The present report is is based on Tesco Plc a retail organisation and world's
leading supermarket store which was founded in 1919 by Jack Cohen and situated in England,
United Kingdom. The report is inclusive of evaluation of roles of information within the retail
sector and what type of data Tesco is using. Moving along use of collected and processes data is
will be highlighted for day to day operations. Furthermore, how information is collected and
stored in the organisation is also presented in the assignment.
MAIN BODY
1. Outline the role of information and data within your industry or profession sector.
Information or Data in context of retail industry and Tesco Plc is a resource which is
gathered over time and everyday in stores and form market and then stored in databases for
future use either for long or short term. Information is a raw asset to the industry and Tesco Plc,
thus it needs to be processed before use like every other resource present in the organisation and
the whole industry. The internal data of company is sensitive and crucial for the brand as it holds
number of private and costly information. On the other hand, the data which exist in the external
environment that is in retail industry and the whole market is the commercial information that is
used by all the related organisations that is competitors of Tesco Plc.
The data and information plays an important role in the development and for bringing
procedural changes in the industry that is retail. The information plays an increasingly important
and significant role in making the industry more and more productive and by making
management and decision making easy with reduced complexities. Certain relevant roles of data
in reducing complexities of retail sector and effective flourishing is as follows: