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Role of Information and Data in Retail Sector

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Added on  2023-01-04

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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.

Role of Information and Data in Retail Sector

   Added on 2023-01-04

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MG413 Data insights
Role of Information and Data in Retail Sector_1
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 in Retail Sector_2
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.
Role of Information and Data in Retail Sector_3
Continue
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
Role of Information and Data in Retail Sector_4

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