Data-Driven Decisions: Analyzing Trends for Strategic Business Growth

This report explores the importance of data analysis in driving business changes and strategic decisions. It highlights the increasing role of data and analytics in digital transformation, emphasizing the need for augmented data management and artificial intelligence. The report assesses the current analytical approach of using Excel and suggests adopting advanced technologies to improve sales, particularly for underperforming products like hair bands and accessories. It also recommends focusing on pricing strategies to attract customers and leveraging comparative analysis to identify successful markets. Furthermore, the effectiveness of econometric analysis in forecasting and decision-making is discussed. The report concludes with references to relevant research on trends in data analysis and business outcomes. Desklib provides access to similar solved assignments and past papers for students.

Data Driven Decisions for
Business

Changes and trend that reflect importance
of data analysis
 The role of data and analytics in a digital
transformation is now become more strategic
and due to increasing volume and complexity
of a data, most of organizations are looking
for the changes that helps improve the sales as
well as productivity
Augmented Data
Management
Augmented
Analytics
Artificial
intelligence

Analytical approach
 Company uses only excel as an analytical
approach in order to generate the best
outcomes.
 It is tool which is not only used to solve
complex data but it helps to explore the data
for better insights.

Tables and graphs to highlight the key
points
Bracel
et Ring
Neckla
ce
Access
ory
Hair
band
Sales
Volume 278 18 22 9 2
Sales
Value
23926
1 13382
29406.
67
11670.
5 1219
Bracelet Ring Necklace Accessory Hair band
278 18 22 9 2
239261
13382
29406.67
11670.5 1219
Sales of bangles for 5th month'2020
Sales Volume Sales Value

Recommendations
 It is to be suggested to the Bangles that it must focused upon advance technology in order
to improve the sales of least sold products i.e. hair band and accessory.
 It is also suggested to the company to focused upon pricing strategy that will assist to
attract the customer. Through comparative analysis, it has been identified that rings,
necklace and hair bands are sold effectively in the countries like USA and Japan.

Effectiveness of using econometric analysis
 Econometric analysis. It is the statistical as well as
mathematical analysis of economic relationship
which often serve as a basis for forecasting within a
business.
 This model mainly used by government in order to
set the economic policy and private business to help
in decision making process regarding the prices and
inventory.

REFERENCES
 Danielson, W. A. and Lasorsa, D. L., 2020. Perceptions of social change: 100 years of front-page content in
The New York Times and The Los Angeles Times. In Text Analysis for the Social Sciences (pp. 103-116).
Routledge.
 Huang, L. and et.al., 2020. Trends in global research in forest carbon sequestration: A bibliometric
analysis. Journal of Cleaner Production. 252. p.119908.
 Alkhouli, M. and et.al., 2020. Trends in characteristics and outcomes of hospital inpatients undergoing
coronary revascularization in the United States, 2003-2016. JAMA network open. 3(2). pp.e1921326-
e1921326.
 Dudel, C. and et.al., 2020. Monitoring trends and differences in COVID-19 case-fatality rates using
decomposition methods: Contributions of age structure and age-specific fatality. PLOS one. 15(9).
p.e0238904.