Role of Information and Data in Retail Sector

This presentation discusses the role of information and data in the retail sector, focusing on how it can lead to competitive advantage. It explores the capturing and storing of information, using data for business decision making, and leveraging market research studies. The presentation provides insights into the importance of information technology in managing complex retail operations and highlights the use of algorithms and big data for forecasting demand and customer journey analytics. It also discusses the integration of market research studies with management information systems to increase insights. Overall, the presentation emphasizes the significance of informed decision making and leveraging data for commercial growth in the retail sector.

MG413 Data insights

Introduction
Information technology is playing a very crucial role in the management of complex retail
operations. The use of market knowledge and the way information and data is collected
is leading to attainment of competitive advantage by many industries (Tchamyou,
2019). There is a need to make analysis of the way in which different sources of
information can be collet, stored and then further analysed so that it can result into
attainment of higher competitive advantage for the organisations

Role of information and data within industry or
profession sector
With the changing external environment IT is playing a very effective role in the retail
sector as it is used for dealing with complex retail operations. IT is leading to
management of the data and information in the most effective manner (Dadgar and
Joshi, 2018). With the terms of point of scale there is need to collect the data and
information that is a key source of achievement of higher competitive advantage.

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Forecasting of demand: There is use of some of the algorithms and web
browsing trends to predict the next big steps in the retail industry,
operators one of the most crucial data points is to forecast demand
according to changing weather.
Customer journey analytics: customer journey is never straight it keeps on
changing very fast, the most crucial way to handle this journey is creation
of better princesses by use of big data

How information is captured and stored with key
references to types of databases and information
systems
Data is logically organized into:
Bit: It is the smallest unit of data representation.
Field: It includes the grouping of information a data filed represents a
attribute of some entity or person, place or a event.

How data is used to deliver insight for business
decision making within the sector
For the purpose of leveraging the wealth of overall digital insights that can be
available at the fingertips and further embracing the power of business
intelligence there is requirement to make informed decisions by the retail sector
that can further lead to commercial growth, evolution and there can be increase of
bottom line (Wei, TAN, and Peng, 2020).

How market research secondary and primary studies
can be used in conjunction with MIS and other
database systems to increase insight
Different sources of secondary sources of information includes the government statistics that is
widely available and can be easy access online to provided better insights related to product
shipments, is that there can be business formation, pricing, patterns, economic trends.
Industry associations that include the websites full of information that consist of the overview of
the industry list of participating companies, press releases.
Trade publications: It includes the new articles that can result into obtaining directly from the
executives for leading companies.

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Trade publications: It includes the new articles that can result into
obtaining directly from the executives for leading companies.
Company websites: it includes the goldmines of information that can lead
to investor relations for annual reports, regulatory findings so that there can
be deep insight that have to be provided related to company's individual
performance and industry at large.

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Marketing information system is used by organisation to support the overall process of decision
making. In retail sector it is supporting the decision making process together by different
kinds of information of procedures, equipment and data that can help organisations in making
better decisions (Kirby,Delmelleand Eberth, 2017).
MIS Indicates the way activities are taking place so that there can be real time performance and
projects for sufficient individual accountability.

Integrated communication mix and
methods
In context of the changing retail market the collected data is of the target market environment is
used through smart intelligence system for the purpose of monitoring compositors, industry trade
publications and observations of the market by managers and employees. All the venues of
market intelligence include the trade shows, conversation with prospective customers, covering
with distributors, testing of product and analysing the mystery shopping.
Marketing research is a technique in which the data is integrated with the management
information system that includes the way information is syndicated and further customer research
reports are formed.

Conclusion
From the above made discussion it can be said that there are different
techniques of information system that can be used by organisations for the
purpose of using it to form necessary decisions. In sub organisations there are
various technique to collect data that include primary sources of collecting
information and secondary sources of collecting information,. According to the
suitability both the sources are applied for the purpose of enhancing the decision
making process.

References
Tchamyou, V.S., 2019. The role of information sharing in modulating the effect
of financial access on inequality. Journal of African Business, 20(3),pp.317-338.
Kumar, A., Srivastava, P.K. and Takeuchi, Y., 2017. Modeling the role of
information and limited optimal treatment on disease prevalence. Journal of
theoretical biology, 414, pp.103-119.
Dadgar, M. and Joshi, K.D., 2018. The role of information and communication
technology in self-management of chronic diseases: An empirical investigation
through value sensitive design. Journal of the Association for Information
Systems, 19(2), p.2.Kirby, R.S., Delmelle, E. and Eberth, J.M., 2017. Advances
in spatial epidemiology and geographic information systems. Annals of
epidemiology, 27(1), pp.1-9.