Retail Business Management Assignment
Added on -2021-02-17
| 8 pages| 2256 words| 101 views
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RETAIL INDUSTRY
Table of ContentsINTRODUCTION...........................................................................................................................1TASK1.............................................................................................................................................11.what is data and information...............................................................................................12.The role of information and data within retail industry......................................................13. what is decision making and type of decision making used in retail industry...................24. what type of data is used in retail and what is information system....................................25.Sources of information collection .....................................................................................36. How information is used for business decision making.....................................................4CONCLUSION................................................................................................................................5
INTRODUCTIONRetail industry is the part of country's economy that comprises of selling goods throughmultiple channels. This report will enlighten the role of information in the industry. It willanalyse different types of data which is collected by different sources of information. This reportwill also discuss about data storage system in organisation and its interpretation. Last part willhighlight the use of market research with MIS system in order to increase business insights. TASK11.What is data and information.Data can be described as information which is translated into different forms used forincreasing efficiency in movement or processing. Data is core of nearly every business decisionmaking process. Human resources are responsible for collecting information from differentsources such as online sources. Great business leaders are using data effectively in order to makedecision through analysing these collected information. Where as information is the data that hasbeen processes in such a way as to be meaningful to the person receives it. It is been stored indifferent management system to further use it for taking decisions.2.The role of information and data within retail industry.Information and data within retail industry plays an very important role. As globalizationis increasing in retailing it have impacted retail industry in terms of scale and as well as in termsof supply. By controlling the data and information organisation can gain a competitive advantagein the retail sector. Market is growing continuously and becoming complex day by day becauseof which retailing has started to deploy more advanced retail information systems in order tocope up with all type of transaction involved within the industry. Retailer are beginning to noticethat technology plays an important role in speeding up different processes and helps to savedelivering cost . Their storage helps an organisation to increase the company's ability to respondto the evolving marketplace by collecting and analysing customer data which enhances the workefficiency in the company (Balaji and Roy, 2017). It also helps organisation to interpret this datawhich can help them to capture different market opportunities while avoiding threats.Information technology helps organisations to avoid different challenges related to customerdata, transparency and tracking, global data synchronization by providing information availableat every point of time. 1
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