Business Decision-Making: Leveraging Data Insights and Market Research

This report provides a comprehensive overview of data insight and its impact on business decision-making. It explores different types of data collected by firms, including big data, primary data, and secondary data, and contrasts orthodox market research with modern approaches. The report discusses how data is captured and stored, emphasizing the role of databases and Management Information Systems (MIS). It also examines the positive impact of technological development on the retail industry, highlighting tools like SPSS, SQL, and Excel for data analysis. Furthermore, the report delves into the strategic importance of information and data for operational efficiency, using Tesco as an example of effective customer relationship management. Finally, it outlines key considerations for improving data capture methods, emphasizing responsibility, transparency, and the importance of obtaining permission for data collection. The document concludes by underscoring the competitive advantage gained through big data and the positive influence of technology on business sales and trend analysis. Desklib provides access to similar solved assignments for students.

Data Insight for Business decision

Table of content
 Introduction
 type of data is collected
 Orthodox market research
 how information is captured
 impact of technological development on the role of retail sector
 How information and data is used within the day to operations of organisations
 research into improving data capture
 Conclusion
 References

INTRODUCTION
 Data insight is the deep understanding pertaining to an individual and organization gain in
order to analyse the information for a particular issue.
 The current presentation will help to develop a deep understanding pertaining to the
market research in order to generate a better outcome.
 Also, it will describe the type of data collected for a business and orthodox market
research.
 Further, it determines the impact of technological development on the role as well as use of
data in a business decision

Type of data collected and used by a firm
Big data
Primary data
Secondary data

Orthodox market research
 Orthodox market research is rely upon the
traditional market research in which it
incorporates with advertisement and
marketing.

Information capture and stored in database
and Management information system (MIS)
 In order to capture the data in an authentic
manner, database is used in which non-relational
database are most suited in order to handle the
large volumes of data. This in turn assist to
create a better outcome and store data in an
accurate manner.
 Further, it can be stated that with the help of
MIS, retail managers can collect, organize and
store the relevant information that assist to make
a flow of information in order to make decision
effectually.

Impact of technological development on the retail industry
 There is a positive impact identified over the
business when company uses technological
development and this in turn assist to create a
better outcome for the role of a business.
 Further, it to analyze the data collected by
marketers, retail sector use SPSS, SQL, Excel in
order to make decision that help to create a
better outcome and generate a better outcome.

Information and data for operations and its
strategic importance
 Information flows in and out in the business in many directions. Dara is
collected in order to complete the business goals and objectives.
 When the data is reliable or up to date it helps companies in order to
respond in more efficiently in order to market changes and customer needs.
 In operations data management help to minimize the potential error in order
to establish process and policies for the use and should also look at who
will be getting the reports and how long different campaigns or business
deals will be in place.
 For example, Information and data help Tesco to track the customer
activities as well as it helps for customer relationship management.

Set out outline for research into improving data
capture
 Data is one of the valuable resources in business and collecting
information about customer allow companies in order to
understand their interest and needs better.
 It is important to be more committed in order to take
responsibilities that comes in order to handle any kind of
information.
 Then it is necessary to be more transparent in order to clear about
what kind of data should collect by company.
 To ask permission from sources and ask permission in order to
agree on sharing the information so that the data is collected in
order to ask for relevant information.

Conclusion
 There are different types of data collected by the company which in turn assist to generate
a better outcome that include primary, secondary and Bog data.
 There is a huge difference between Orthodox data and Big data and now Big data is used
by the companies to remain competitive.
 Technology development plays an important role in the success of a company and this
cause positive impact over the business sales and determine the trend.

REFERENCES
 Abarca, H. and et.al., 2019. Image and data processing for InSight lander operations and
science. Space Science Reviews. 215(2). pp.1-53.
 Geldof, T., Huys, I. and Van Dyck, W., 2019. Real-world evidence gathering in oncology:
the need for a biomedical big data insight-providing federated network. Frontiers in
medicine. 6. p.43.
 Hussain, M. and Ahmed, N., 2018. Reservoir geomechanics parameters estimation using
well logs and seismic reflection data: insight from Sinjhoro Field, Lower Indus Basin,
Pakistan. Arabian Journal for Science and Engineering. 43(7). pp.3699-3715.
 Wang, M.G. and et.al., 2021. Retrospective data insight into the global distribution of
carbapenemase-producing Pseudomonas aeruginosa. Antibiotics. 10(5). p.548.