MSc Management: Data-Driven Decisions for UK Bangle Industry

This report provides a detailed analysis of data-driven decisions in the UK bangle market, focusing on trends and key changes that have increased the importance of data analysis for businesses like bangle companies. It evaluates different analytical approaches, including descriptive, diagnostic, predictive, and prescriptive methods, to answer business-related questions. The report also examines various analytical techniques used in the current market situation, such as data filtering, organization, and alignment, using sales data from 2017 to 2020 to illustrate market trends. The analysis reveals consistent sales growth and the impact of promotional campaigns. The report concludes with recommendations for Wood from the Trees (WFTT) to expand their business activities internationally, emphasizing the importance of data analysis expertise and the use of various data analysis strategies and methods to inform strategic decisions.

Data Driven Decisions for
Business

Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY.................................................................................................................................................3
1. Detailed identification and examination of the trends and key changes that increased the
importance of analysis of data in firms such as bangles..........................................................................3
2. Evaluation of different analytical approaches that are used to answer the questions that are related
with the working of the business.............................................................................................................4
3. Detailed examination of various analytical techniques that are prevailing in the current market
situation which helps in answering the business related question in an appropriate way......................5
CONCLUSION and Recommendations.........................................................................................................9
REFERENCES..............................................................................................................................................16

INTRODUCTION
Decision-making is amongst the most valuable and also crucial components for any business
that operates in the present market condition, regardless of the strategy of the business, and
choices taken drawing on statistics developed by the firm's specialists become somewhat
increasingly imperative since it has the likely to improve and enhance the firm's productivity.
Wood from the Trees is a company based in the United Kingdom that offers a variety of services
to help businesses make better decisions by looking at data in a stepwise order. Together with
different businesses that are unable to do so, it has gained a greater part of the market as a result
of this (Kuo and et.al, 2021). This study discusses the bangle industry's trends and emerging in
the United Kingdom, as well as its relevance to the business. Aside from that, this study includes
data assessment and analysis in order to assist a company in growing and prospering in the
industry in which it operates. In addition, this report includes appropriate suggestions that might
benefit the firm in the long run. WFTT wants to expand their business activities at international
level in Bangles so for this require to analysis trends of bangles in UK with the helps to data
analytics. Data analytical work requires an expert in data analysis who uses different strategies
and methods to analysis this data. WFTT is data analyst consulting companies who have various
analysts of data. Moreover, these analyst are collecting information from the different sources
and gears of data analyses that provide massive data analysis of the data set and consist of
evaluation after the gather information from internet, prior customer records and social network
data.
MAIN BODY
1. Detailed identification and examination of the trends and key changes that increased the
importance of analysis of data in firms such as bangles
The particular sector wherein the aforementioned firm operates is strongly fiercely competitive
in essence, there are various industry developments to analyses, and by evaluating those certain
trend lines, a project can be completed reasonable and proper adjustments in its operations
because it can remain sustainable with a much prolonged period of time than its competitors in a
similar business. In the bangle business, there are a lot of developments and trends to be aware
of, which are detailed elsewhere here:

• Volatility- The bangle industry in the United Kingdom is very volatile, and it tends to expand
upwards manner, which serves to increase demands of customers depending on the value it
carries. Big data may bring value to it since previous and current situations can be analyzed
using comprehensive research and analysis, which can then be used to build for the future so that
aberrations can be avoided, resulting in greater earnings and enhanced organizational in the long
term (Wang and et.al, 2021).
• Artificial Intelligence (AI)- The usage of artificial intelligence (AI) is increasing in the bangle
business in order to maximize the utilization of all resources, resulting in lower costs and more
profitability for the company. Even though AI is one of the most critical parts in the present
environment because it benefits in enhanced efficiency and thus getting better the business's
endurance, data that helps in value addition to it by gathering pertinent insights that can help for
the industry to increase needed adjustments and adopt suitable approaches that can help the
corporation (Brunk and et.al, 2021).
• Enhancing benefit: Since bangles have a high economic value, they are also utilized as an asset
and may aid in obtaining greater quantities in a short period, resulting in better returns for the
proprietor. There is also an increase rise in the value of it once in a while, so it is best to buy it as
quick as practicable so that instability can work in favor instead of against people. Business
intelligence has a lot of significance since it assists in analyzing the real and fair image of the
existing economy situation so that a person can make proper investment selections that will
create benefits in the future.
Various styles of bangles may be seen on the market as well as on a woman's wrist. Everyone
has a different solution. They make their selections based on their personal interests and
preferences. The occasion and event also have a significant role in the selection of bangles. Glass
bracelets, for instance, are favored with traditional attire, but a solid metal bangle is chosen with
modern attire. Professionals like a polished appearance that is appropriate for a formal situation.
WFTT has established itself as one of the most famous & operational data analytics
organizations provide highly reliable and effective data interpretation services for different
companies. Recently, these analytics process impact in changing manner and enhance efficiency

& competence among others. By the statically methodology has different benefits and highly
widespread as per this method.
2. Evaluation of different analytical approaches that are used to answer the questions that are
related with the working of the business
During the many phases of the process intelligence, a large quantity of data is analyzed.
There really are four types of statistics, regardless of the stage of the process and the need for
data gathering: descriptive, diagnostic, predictive, and prescriptive. These four sorts of reports
include all a business needs to know, from what is really happening in the organization to what
measures should be implemented to improve operations. The four forms of statistics are
generally applied in phases, and no single form is considered superior than the others. They are
interconnected, and each one provides a unique perspective. Because data is so essential in so
many different industries, from production to critical infrastructure, most businesses use one or
more of these forms of analyses. Big data may provide greater insight for businesses if the
appropriate analytical approaches are used (Zhang and et.al, 2021).
Analytical method is among the most important and vital aspects since it is explained as
the method of dividing down an extra text into sub problems parts so that almost all of the
elements can be accurately analyzed and the answer to every one of those can be pinpointed.
There seem to be a myriad of possible techniques that small corporations use to get to a decision
so how they can correct the problem that is currently taking place, and the most significant ones
are listed see below a methodical way for example:
• Descriptive approach- This is a sort of attitude whereby all significant and necessary
information is outlined or explained in just such a direction how it can aid in an improved
understanding of the current market conditions by implementing innovative business analytics
innovation so that all elements can be thoroughly examined (Aversa, Hernandez and Doherty,
2021).
• Diagnostic method - In this sort of approach, historical quality is typically evaluated and
analyzed so it can be opposed to the previous scenario in order to discover what's going on and
probable causes for the difficulties, as well as the end result is probably an analytic display.

• Predictive approach- It is a method wherein the possible result is predicted using various
methods and techniques available in the current situation, such as data mining algorithms,
mathematical analysis, and etc, in necessary to come at a tangible concluding about what can be
done to solve all of the firm’s stakeholders (Kim and et.al, 2021).
• Prescriptive method- It is mostly a subset of the preceding technique, since it is primarily used
to identify one or more solutions to the issues such that the optimal one may be picked from the
many options available to the company.
Planned approach: There are planning to about market campaign in broad manner that helps to
take right decision in regard of different strategies. Many analytical techniques are important,
and the one that will be utilized for the company, Wood from the Trees, is the diagnostic
approach, since it compares past results to current performance, reducing the possibilities of
every sort of mistake, and therefore increasing the organization's long-term success.
3. Detailed examination of various analytical techniques that are prevailing in the current market
situation which helps in answering the business related question in an appropriate way
The following are some of the measures that were done in WFTT to clean the data:
• Techniques identification- Using methodologies, a firm like WFTT was sufficient to guarantee
that data study was made correctly, which aided in the improved derivation of findings and
suggestions.
• Data filtering- WFTT initially collected raw data, which was then utilized by the firm to make
informed judgments on how to evaluate and analysis the information.
• Data organization- WFTT's raw information is compiled properly, which aided greatly in
guaranteeing that the firm was able to consistently utilize the information in an appropriate way
for generating findings and suggestions that may be beneficial in the long run (WANASIDA and
et.al, 2021).
• Data alignment- WFTT had to match the information as per the numerous factors that were
accessible; this greatly aided the firm in guaranteeing that the collected data everything was
performing was done correctly.

The Bangles dataset used in the WFTT investigation is as tries to follow:
2017 2018
44000
46000
48000
50000
52000
54000
56000
58000
60000
62000
50000
60000
Sales
Sales

Analysis- The number of sales in 2017 was 50000, which climbed to 60000 in 2018. This
demonstrates that by employing the proper strategies and procedures, Bangles was able to
increase its combined revenue while experiencing any challenges or concerns. This can also
demonstrate that the firm has achieved quick development in total of sales and profits earned,
which helps to ensure that the organization's corporate sales objectives are being met.

2018 2019
54000
56000
58000
60000
62000
64000
66000
68000
70000
60000
70000
Sales
Sales
Analysis- The total number of sales in 2018 was 60000. This year 2019, this number
climbed to 70000. As a result, it can be concluded that Bangles has been able to boost profits
from the preceding year after employing the right strategies and procedures, allowing the firm to
improve sales and profitability in a sensible way (Ciampi and et.al, 2021).

2019 2020
64000
66000
68000
70000
72000
74000
76000
78000
80000
70000
80000
Sales
Sales
Analysis- The number of Bangles sold in 2019 was 70000. By 2020, this number will
have risen to 80000. This indicates that the firm has been able to accurately utilise its advertising
initiatives to attract distinctive kinds of consumers in order to increase total sales quickly and

successfully while avoiding hassles and concerns. In addition, it was able to enhance its revenue
as a result of this.
Key points from the analysis-
 From 2017 to 2020, the selling of bangles rose dramatically. This was the outcome of the
firm's intensive promotional campaign throughout the centuries, which greatly aided in
boosting revenue.
 The rise has been consistent at 10,000 pounds in between years. As a result of the firm's
powerful advertising reelection campaign throughout the decades, it has been sufficient to
assure that the brand’s marketing aims and goals have been met successfully and quickly.
As a result, it can be claimed that the firm has been capable of retaining consistency in its
sales growth (Toloo, Keshavarz and Hatami-Marbini, 2021).
 The research work shows that the data study is particularly essential in ensuring that the
appropriate marketing strategies to be used in the coming may be discovered in order to
enhance the level of revenue, which will have an influence on profitability. This will go a
long way toward guaranteeing that the approaches to be used in the coming are properly
established.
CONCLUSION and Recommendations
The preceding discussion concludes that data analysis methods may be quite beneficial in
guaranteeing that WFTT is able to employ analytical methodologies and approaches in order to
provide appropriate data collection and analysis for the Bangles firm. This has been really
beneficial in determining the course of action with no hassles or concerns. As a result, it can be
stated that the total level of Bangles sales rose from 2017 to 2020 as a result of the firm's
promotional activities in the United Kingdom (Gil and et.al, 2021).
As a result, the firm has been able to guarantee that scale growth is increased in a timely and
efficient manner. This will be extremely beneficial in the future when it comes to achieving
better standard of achievement. Nevertheless, WFTT's analysis of the data seems to have some
scope for development, which may help it enhance its efficiency and efficacy. The following are
some possible steps to be taken in this regard: