Role of Data and Information in the Retailing Industry

This report explores the role of data and information in the retailing industry, including the types of data collected, how it is used in day-to-day operations, and the use of market research and database systems.

Project

INTRODUCTION
In this competitive era, use of technology has increased the scope & importance of data at
higher scale. In business sector, it has become essential to focus on gathering of reliable information
as well as data so that decisions are made appropriately. Morrisons, a largest supermarket firm
headquartered in U.K. Firm is located at global scale & has many competitors such as Tesco,
Sainsbury, Walmart, etc. Main aim of this project is to understand use of data & information within
a industry. This report comprises of role of data & information, type of data collected by entity,
information & data used within day to operations, capturing of information, examples of how data
is used and market research secondary concept of MIS & database systems.
MAIN BODY
Explain role of information and data within specific industry or profession sector
In retailing industry, it is essential to focus on appropriate use of data & credentials so that
decision making is done in correct way. Information & data both are important as they help in
improving business processes & used to measure performance of enterprise operations at larger
scale. Data are the raw facts which gathered during operations business. Whereas information refers
to a complete set of data this is useful for some purpose. In relevance of Morrisons, role of data as
well as information is wider because they use these two within their management & in market as it
help them gaining a detailed view of individual.
Role of data & information-
In retailing sector, it is essential to be aware about market & consumers as which is done by
using a detailed data & credentials. In relevance of selected firm, they also use these in effective
way as it assist them in analysing of gaining competitive advantage.
Analysis- Through using of data & credentials assist in accessing to competitor's strategy
properly & also help in examining of their product & services. In relevance of chosen firm, through
proper market information it is easy for them to implement strategy.
Sharing of credentials- Through carrying out this, it is easy to manage supply chain within
business & moreover it leads to accessing to customer preferences & their changing demands in
correct way.
Bar coding- It help in examining of data & transferring it into electronic form. In retailing
sector, bar coding is mostly used through which better data is gained. Moreover, it seen that data
which is collected through bar code is easily available.

Therefore, after analysing above matter it states that it is essential to focus on these roles of
data & credentials so that objectives are achieved in correct way. So, through proper examining
these roles it is easy to make decisions within a stated sector.
State what type of data is collected and used by the organisation and if this is 1st , 2 nd, or third-
party data
In retailing sector, data is needed to be used properly as it helps in making decisions within
entity. It is crucial to focus on these how data or credentials are collected. For example- in chosen
enterprise, human resources are responsible for gaining or collection of data within management.
There are various ways through which data is collected & are discussed below-
 First party data (Market) - It is a type of data which is gathered directly from audience or
from market. For example- in relevance selected entity they collect first party data through
carrying out research & analysis.
 Secondary data (Customers) - They those in which data is gathered through customer’s
word of mouth & for whom services are being prepared. In context of selected company,
they focus collecting this data through customers & which is shared on basis of trust.
 Third part data- Further comes third party in which information is gathered through
outside sources & data collectors. In this, it is gathered from various types of social
platforms & websites.
Therefore, Morrison’s uses these data with proper considerations so that it is easier for them
to implement new tactics & make appropriate decision. By using these types of data it is easier for
selected enterprise to use gather information in most effective manner and also help them in
implementation of business structure accordingly.
Set out how information and data is used within the day to operations of organisations within that
sector
Once data and information has been gathered and collected by corporation it is important
for them to use it in such a way that positive outcomes are achieved. Also in context of Morrison’s
they use these information’s within their day-to-day operations which are explained below-
 Research & development department- When data has been collected these are to be used
within business of patients and in relation of selected company the user's information as well
as data within their departments such as research and development who uses such
information’s for new area of knowledge etc. The R and D department ensure that data
which are being used are reliable as well as effective to achieve set objectives and goals.
 Manufacturing department- Other way in which data is being used is within the
manufacturing department of selected enterprise. Data use by research and development
department is further processed and are used in manufacturing department of company for
improving and developing products as well as services in market. It is crucial for

manufacturing department to use these information’s with proper confidentiality so that it is
not used by competitors. In retailing sector, manufacturing department plays important role
and it is duty of entity to provide them with needed credentials.
 Human resource department- It is a department which is responsible for hiring a selecting
deserving candidates who has the capability to deliver positive output and productivity. In
relevance of selected entity, data information is being provided and used within HR
department through different types of social media tools and browsing internet in a specific
field.
After analysing use of data within the department of a company it is seen that it is duty of a
manager to ensure that confidentiality is being maintained at prior level so that it is not used to in
wrong way.
Explain how information is captured and stored with key references to types of databases and
information systems
Give an example of how data is used to deliver insight for business decision making within your
sector
Describe how market research secondary and primary studies can be used in conjunction with MIS
and other database systems to increase insight

CONCLUSION