MSc Management Data-Driven Decisions for Business: Analysis Report

This report explores the increasing importance of data analysis in business, focusing on key trends such as augmented data management and explainable AI. It analyzes sales data for bracelets and necklaces from WTS over several years using thematic analysis, revealing fluctuations and trends in customer preferences. The report justifies the use of thematic analysis for understanding customer behavior and identifying areas for business improvement. Ultimately, the report emphasizes the role of data analysis in enhancing operational efficiency, product development, and overall business performance, recommending strategies for marketing campaign optimization and leveraging advanced analytical techniques. Desklib provides a platform for students to access this and other solved assignments.

Data Driven Decisions For
Business

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Key changes and trends that are leading to the increased importance of data analysis...............3
Analysis of data...........................................................................................................................4
Justification for analytical approach that will be used for business analysis..............................7
CONCLUSION................................................................................................................................8
Conclusion...................................................................................................................................8
Recommendation.........................................................................................................................9
REFERENCES................................................................................................................................1

INTRODUCTION
This report will explain about the key changes for the trends which are to be leading with
increasing many importance for the data analysis. Along with this analytical approaches which
could be used by the business to handling about their customer. Furthermore, examine about the
data and analysis about the summative data with having the various concepts and highlights more
about the key points.
MAIN BODY
Key changes and trends that are leading to the increased importance of data analysis
There are number of changes happening that is affecting overall performance of business
and for adapting that changes as well as working as per the changing needs or changing factors,
it has become important for businesses to analyse data related to sales, resources and others.
Some key trends that are leading to increasing importance of data analysis include:
democratization, user experience, automation, accessibility and others. Some key trends include:
Augmented data management: The volume as well as diversity of data being generated
everyday is growing at a rapid place. It is estimated that around 2.3 trillion GB of data are
created by businesses each day (Keum and Giovannucci, 2019). This increasing rate of data man
affects quality if they are not managed in an effective manner. So, businesses are investing in
some techniques and tools that can manage data to the large extent in an easy manner and
augmented data management is one of the main trends of data management.
Explainable AI: It refers the set of capabilities that describe a model and helps in
highlighting its both strengths as well as weaknesses. It helps businesses in predicting likely
behaviour of model related to data and identifying errors. By making use of effective tools and
on the basis of this trend, companies can build corporate trust with global regulatory bodies
(Long and Ehrenfeld, 2020).
Data analysis plays a vital role as it helps businesses to understand problems that they are
facing along with reasons and as per the analysis; they can make changes in their internal
policies and can accomplish goals. Data analysis organises, presents and interprets data into
useful information that provide context for the data. Some reasons of analysing data include:
Operational efficiency: Data analysis makes companies able to improve their productivity
and efficiency. It increases benefit levels because businesses makes changes in strategies and

improve its performance on the basis of data analysis (Demir, 2017). It helps companies in
identifying possible issues, avoiding the waiting period and take actions on them accordingly.
Product development: An effective data analysis offers estimation as well as exploration
capability for information. It allows employers in understanding market’s current process and
along with this it offers a solid base to them by which they can forecast future results. Overall, it
can be said that data analysis with effective analytical tool helps companies to comprehend the
current business situation and changing processor that cause the need for new product creation. It
can increase sales and performance of business (Bendová, Čanji, Wagner and Bogdanov, 2019).
Analysis of data
This analysis will show sales value of bracelet and other ornaments of wood from the trees.
It will help out in knowing as in which ornament, this company should focus the more and how it
can grab attention of customers and can increase sales (Braun and Clarke, 2019). With the help
of thematic data analysis tool, data of WTS has analysed. Some steps have followed for analysis
data as by collecting data of specific year and specific ornament, data of this company is being
analysed.
Figure 1: Sales volume of Bracelet
Data analysis: On the basis of above data, it can clearly be said that in 2018 there were different
sales value in each month. There were increments in each month in salves value of bracelet. In

first of month of 2018, there were values of sales of bracelet were: £66,827 and in second month
it increased and became £73,234. There was increment of £6,407. Sales value were increasing in
each month in each month and as compared to first month there was increment in sales value in
the last or 12 month was: £28,754 that means original value of bracelet in the 12th month of 2018
was: £95,581. On the basis of this, it can clearly be said that bracelet was the main type of
ornament whose value was increasing and people were more likely to buy them,
Figure 2: Sales volume of Necklace
Data analysis: This graph shows sales value of necklace of the year of 2018 in each month. On
the basis of above data, it can be said that the value of sales in each month was fluctuating. In the
first month sales value of necklace of 45 pieces were £46,230 and in second year it became
£42,258 as sales value of necklace decreased in one month by £3,972. But again in the 3rd month
of 2018, sales value of necklace increased and it became £50,285. In the last or 12th month the
sales value of necklace in 2018 were very low and as compared to first month it was £9,503 less.
Original sales value was: £36,727. So, in this regard, it can be said that as compared to other
ornaments, people liked necklace to only some extent. Sales values were fluctuating.

Figure 3: Sales value of bracelet of 2019
This data shows sales value of bracelet of the year of 2019 in each month. The main aim of
knowing investment amount of people and their taste. On the basis of above data, it can be said
that sales value of bangles in each month of 2019 was fluctuating. In some months, it was
increasing than its just previous month and in some months, it was decreasing. In the first month,
the sales value of bangles was £88,439 and in 2nd month it was: £99,306. In third month also, it
was increased and became £133,831 but in 4th month sales value of bracelet decreased and it
was: £94,621. So, on the basis of above data and fluctuating value, it can be said that in some
months, value of sales was lower than its previous month and in some months it was higher. As
compared to 2018, sales value of bracelet of 2019 was lower.

Figure 4: Sales volume of bracelet of 2020
This data shows sales value of bracelet of 2020 was fluctuating as like 2019. In the first month of
2020, original value of bracelet was: £88,598 and in second month, it was £92,995. In third
month also, it increased and became £129,807. In the month of 2011, it was £115,607 an in the
month of 2012, sales value of bracelet was: £86,543. So, on this basis, it can be said that sales
value was fluctuating in each month of 2020.
Justification for analytical approach that will be used for business analysis
An analytical approach is all about using of an appropriate approach or process that helps
in breaking a problem or difficult tasks into elements that are necessary to resolve (Nowell,
Norris, White and Moules, 2017). By making use of analytical approach, businesses can solve
critical problems and can take effective decisions. There are different analytical approaches such
as: regression, grouping, multiple equation, thematic and others. For this study, thematic analysis
has used in which we need to develops some themes as per the data. It is beneficial and suitable
for set of texts such as interview. Researcher needs to examine data in order to identify common
themes. Along with this, regression analysis has also used to some extent. The main aim of
making use of thematic analysis approach is to know the main sales value of bangles and other
items and also knowing investment as well as behaviour pattern of customers (Hudon and et.al.,
2017). It can help this WTS in knowing areas where it needs to improve and areas where it is

good. It will also help it out in knowing specific ornament in which, it should focus the more and
invest for increasing sales and profit margin. This could also involves the stakeholder for having
the high business performance and might be helpful for their organization. Engagement and
reviewing about their products and services for which the high stream sources and some of their
valuable terms can be fixed for their customer attraction. In using some of the better technology
this could also help them for knowing about their effective role and responsibilities for which the
profits can be calculate and completed over their goals and objective.
CONCLUSION
Conclusion
From the above report it had been seems that, digital product planning that have been
taken place which could make the working forwards and make sure for having their working
process. This might be also essential for taking the steps towards succession. Along with this
also essential for taking the premium things and make sure for having more better growth and
opportunities for putting and reaching out to the customer. Marketing mix modelling being more
established about those sources that could make sure for having more better impact and that
could help the organization for knowing about their customer segments. While this could also
important for taking measure about adding offline marketing models for being more better
journey in business. Therefore, this might be also essential for organization in developing and
taking their more rules for which the employee can work. With pertinent talk occurring virtual
community spaces like online media and gatherings, advertisers at point don't require to depend
solely centre gathering and other normal statistical survey draws near. While bunches of
noteworthy information being made, outfit and transforming into remarkable advertising bits
knowledge difficult. Relative insight's market and purchaser bits knowledge stage intended for
take care this issue.
With everything set up econometric model empower organizations figure interest by
analyzing every one monetary components included. For instance, econometric investigation
naked that the development in magnitude of ladies working in the UK believed significant part in
development of eatery trade from past years. Yet, different factors which could being so busy
working as well: rising earnings made eating more moderate and more important degrees of
vehicle possession, particularly among young populace and undergrads, all converted into higher

café deals. Understanding the financial factors underlie request makes conceivable to
guesstimate the eventual fate of whole industry.
Recommendation
While for keeping with marketing campaign there difference among straight and
calculated relapse in manner. Note with connection, deterioration there is conjecture of solitary
way causal impact from the setting variable and result changeable. Various models can utilize for
arrangement and perhaps most notable is selection tree. A choice tree which could led with them
having the proper interaction where numerous inquiries are offered explanation decide the class.
Utilizing choice trees huge compass is otherwise called an irregular wild approach and this
technique frequently utilized with huge datasets (Vélez, 2021). It is normal utilized blend with
designed relapse to work on prophetic execution of the measurable model in strategy called
gathering learning. In having the expansion for the business this might be also essential for
taking the rule for which the employee can work with having more effective place. In such kind
of activities this might be also important for taking their strategy in which employee can easily
come to know about those activities which could be important for their organization.
Progressed advertising examination can assist advertisers with computerizing and
advance an mounting number of showcasing choice and cycles. These are basically numerical
plans that can be applied to showcasing information to know the examples and relations inside it.
A considerable lot of these elevated level examination strategies midpoint around foresee the
future rather than seeing what occur in past to portray or sum up to data. If people come what
may happened to attempt these assignments, it would also be difficult them start to end or it
would consume most of date. The best speculation prior for moving into acerbic edging
examination is to painstakingly set up the ground for it. This could also need to ensure elemental
announcing needs are all roughly dealt with. Having strong robotized in turn and detailing tube
set up will let loose assets, decrease human mistake and further expand in sequence quality. The
justification the vast majority of the high level examination methods perform on the whole better
within sight bigger volume of granular information gathered from variety of sources (Del
Vecchio and et.al., 2020). Recollect that the results see from high level examination
arrangements will be just pretty much great as the information for the employee and that might
be essential for taking rules. This could be also estimation about those sources and make sure for
having their better goals and objective.

Showcasing to some unacceptable possibilities can be exorbitant enterprise. this can utilize
change forecast events examine above deliver derelict of clients who are being perhaps going to
transform into clients, however this could also help the organization and make sure for having
their proper estimation about how they have to deal with them.
Advertisers realize that an exceptionally huge level of clients regardless whether they are
happy with item or government just don't revisit. Ordinarily, it is simple part of clients who stay
dedicated to brand and surprisingly less who become actual brand champions. This minority
bunch is effectively the most important and also led them for having many process. This could
also make sure for having their more effective roles and employee could also work with having
many more terms. While in such kind of activities the digital planning for the in this could make
their activities and make sure for having their working process. Utilizing client lifetime good
opinion strategies, situation to predict ahead time normal lifetime worth of customer dependent
on short the past exchanges (Schuh, Boßmeyer and Brälking, 2021). Knowing this, can limit
expenses on unprofitable clients, advance obtaining channel and look reactivate clients with
elevated probability to beneficial. There are many varieties of procedure, some include basic
business rules like ascribing credit to first or last break. Others include more random estimations
and probabilistic methodologies. In view of outcomes, credit can be allotted to everyone
promoting channels address general significance of every one.
The organization can also take the help for the social media and that could also important
for taking much benefits. While having such this could help them for knowing about their
customer concepts and easily make sure about those effective goals and objective. While
organization can have their business through online which could easily come to know about their
customer about how they can developed out their business and make their attraction (Saroja,
Haseena and Blessa, 2021). Company can work with having many promotion activities so that
could help the business for having more profits. While in such kind of things this could be also
essential for working with many more terms and make sure for having their roles and
responsibilities for their employee. In such kind of activities this could also have their customer
attraction and might be also play their role for being high effective developed.

REFERENCES
Books and journals
Bendová, M., Čanji, M., Wagner, Z. and Bogdanov, M.G., 2019. Ionic liquids as thermal energy
storage materials: on the importance of reliable data analysis in assessing
thermodynamic data. Journal of Solution Chemistry. 48(7). pp.949-961.
Braun, V. and Clarke, V., 2019. Reflecting on reflexive thematic analysis. Qualitative Research
in Sport, Exercise and Health. 11(4). pp.589-597.
Del Vecchio, P. and et.al., 2020. Detecting customers knowledge from social media big data:
toward an integrated methodological framework based on netnography and business
analytics. Journal of Knowledge Management.
Demir, A., 2017. Importance of data analysis on achieving the organizational goals during the
short term strategic plan: Case of service quality and students’ satisfaction level at Ishik
University. International Journal of Social Sciences & Educational Studies. 3(3).
pp.110-121.
Hudon, C. and et.al., 2017. Key factors of case management interventions for frequent users of
healthcare services: a thematic analysis review. BMJ open. 7(10). p.e017762.
Keum, N. and Giovannucci, E., 2019. Global burden of colorectal cancer: emerging trends, risk
factors and prevention strategies. Nature reviews Gastroenterology &
hepatology. 16(12). pp.713-732.
Long, J.B. and Ehrenfeld, J.M., 2020. The role of augmented intelligence (AI) in detecting and
preventing the spread of novel coronavirus.
Nowell, L.S., Norris, J.M., White, D.E. and Moules, N.J., 2017. Thematic analysis: Striving to
meet the trustworthiness criteria. International journal of qualitative methods. 16(1).
p.1609406917733847.
Saroja, S., Haseena, S. and Blessa, B.P.M., 2021. Data‐Driven Decision Making in IoT
Healthcare Systems—COVID‐19: A Case Study. Smart Healthcare System Design:
Security and Privacy Aspects, pp.57-70.
Schuh, G., Boßmeyer, H.J. and Brälking, A., 2021. Data-Driven Technology Management
Supported by Artificial Intelligence Solutions. Journal of Production Systems and
Logistics 1 (2021).
Vélez, J.I., 2021. Machine Learning based Psychology: Advocating for A Data-Driven
Approach. International Journal of Psychological Research, 14(1).
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