Data Insights for Business Decision Making: A Comparative Report

This report delves into the critical role of data in shaping business decisions, emphasizing how data analysis informs market understanding and competitor strategies. It explores various data collection methods, differentiating between primary, secondary, and third-party data, and examines how orga...Read More

Data insight for business
decision

Table of content
• Introduction
• Evaluate role of information and data within industry and profession sector
• Comparison between Pizza Hut and Domino's Pizza
• Type of data is collected and used by organisation and what if it is first, second or third party data
• How information and data is used to within day to day operations of organisation
• Collection and storing of data in context of databases and information systems
• How the data of customer will affect the decision making of the company in that particular area
• Secondary and primary research can be used in conjunction with MIS
• Conclusion
• References

Introduction
• This report revolves around importance of collection of data in making
business decision and how this data help in understanding market trends
and scenario. This report help in understanding about methods of
collecting of data in order to understand market scenario and to analyse
competitor strategies. There are different types of data which are
collected by organisation in order to analyse different aspects which
help organisation in formulating and implementing suitable strategies in
order to maximize productivity and profitability of organisation.

Evaluate role of information and data within
industry and profession sector
• Every organisation effectiveness and efficiency depends
on its business decision as it help in effective utilisation
of resources and also help in formulation of strategies
and plan according to need of organisation. Business
decision of organisation depends on effectiveness of
data which is collected for analysis of market trend and
analysis of competitors. Information plays vital role in
understanding need of resources and analysing
competitor strategies (Ahamad, Haque and Imran,
2018). Organisation focuses on collecting and gathering
authentic data which can assist managers in
understanding need of resources and understanding
market scenario.

Comparison between Pizza Hut and Domino's
Pizza
• Pizza hut and Domino's are one of the top
organization in food sector which provides
delicious pizza and other products.
Consumers prefers pizza hut in comparison
to Domino's due to their services and
atmosphere, whereas some consumer
prefers Domino's in comparison to Pizza
Hut due to its quality products and effective
prices. Domino's have gained upper hand in
competition with Pizza hut by providing
products by differentiating regions and
applying taste factor accordingly.

Contd…
• Domino's make sure that data should be utilised
effectively as it data which is collected is very costly and
it incur high cost. Domino's focuses on using information
or data in order to understand market scenario as it is
important to formulate and implement strategies which
can help organisation in analysing needs and wants of
consumers and help in developing effective product for
consumers. Information also help in understanding need
of resources and how these resources can be utilised
effectively by organisation.

Type of data is collected and used by
organisation and what if it is first, second or
third party data• Every organisation which focuses on implementing change in
structure of their business or making innovation in their
products focuses on implementing changes by gathering or
collecting data which is reliable and effective. Data is
collected by organisation in order to make effective business
decision and it also help in analysing market trends and
scenario. Data help organisation in understanding needs and
wants of consumer in order to provide products to their
consumer which can help them in satisfying their consumers.
Data help organisation in making innovation in their products
as innovative products help in satisfying consumer and also
help in retaining and engaging new consumer with

Contd…
• Primary data considered as authentic data and it is
considered as specific in nature and it is also
considered as up to date information. Secondary
data which is considered as second hand data
includes reviews from government agencies,
newspapers etc. Secondary data is considered as
time- consuming and low-cost. Domino's focuses
on utilising both type of data as it help in making
interpretation about data (Fiaidhi, 2020). Primary
and secondary data help Domino's in
understanding their wants and preference
because consumer satisfaction plays vital role in
achieving goals and objectives of organisation
and it also help in boosting revenues of
organisation

How information and data is used to within
day to day operations of organisation
• Information and data which plays vital role in understanding
need of change in organisation and how these changes can
help organisation in achieving its goals and objectives also
plays crucial role in day to day operations of organisation.
Organisation utilises data to understand about need of
consumer and utilising resources of organisation by
effectively analysing data and implementing necessary
changes in organisation (Griva and et. al., 2018). Information
and data stored by using management information system
which is effective and efficient way of storing data as it is
considered as safe and reliable part of data storage.
Organisation focuses on using management information
system as a effective tool to store data for long duration and
management information system help organisation in keeping
data safe.

How information and data is used to within
day to day operations of organisation
• Information and data which plays vital role in understanding
need of change in organisation and how these changes can
help organisation in achieving its goals and objectives also
plays crucial role in day to day operations of organisation.
Organisation utilises data to understand about need of
consumer and utilising resources of organisation by
effectively analysing data and implementing necessary
changes in organisation (Griva and et. al., 2018). Information
and data stored by using management information system
which is effective and efficient way of storing data as it is
considered as safe and reliable part of data storage.
Organisation focuses on using management information
system as a effective tool to store data for long duration and
management information system help organisation in keeping
data safe.

Contd…
• Domino's focuses on using data in
controlling quality and implementing
strategies and plans which help in
implementing effective plan to control
quality and maintaining efficiency in
organisation. It also help in
understanding resources which are
utilised in day to day operations and how
day to day operations can be made
effective by analysing data and
information. Data which help in
understanding facts, figures and trends
is used by Domino's to implement
changes in terms of quality and
efficiency of products and services
(Grover and et. al., 2018).

Collection and storing of data in context of
databases and information systems
• As Domino's is an international brand they will also be having a
huge customers base. The success of Domino's was only
possible because of the fact they were having a very long
history of serving the customers. Due to that only they are
now having that big of the fan base. They were serving the
customers with good quality of product and good quality of
service from time to time and because of that they were able
to retain many of their customers. Like all the other
institution Domino's will also having those customer who are
very loyal to the brand. These customers are having a very
good taste of how the brand will deliver their product and
their services. These are the prime customers or the frequent
customers, they come to the outlet maybe every day or every
hour, this all because of their likeliness to that brand.

Contd…
• With the help of the information that they have captured
they will also get to know what the customer is eating
everyday. For example if there be a regular customer
who is coming everyday and he is having specific food
on each day. So the next time the customer is coming,
Domino's will automatically know what the customer is
desiring of them, it is also on of the good point of
Domino's that they are providing their customer with
the freedom to be able to make changes in their food.

How the data of customer will affect the
decision making of the company in that
particular area• With the help of the data that the organisation is having
they will easily know what the customer will like and
what the customer will hate. Whenever the customer is
coming to Domino's they are being provide with the
feedback form and in that feedback form the customer
will be letting the organisation know what they like and
what all improvement they want with the current
management. For the big companies to make the
decisions they will have to know all about the like and
the dislikes of the customers, as customer is the king of
the market and they are the one that will decide which
company to stay and which company to go

Contd…
• With the help of the data the companies are able to
develop their product according to the needs and
demands of the customer. As mentioned before the
customer is the king of the market and the companies
have to mould themselves according to the needs and
the demands of the customers. Like wise Domino's is
having continuous product development with them, they
are making various types of development like the
development in their toppings or the development in
their type of crust.

Secondary and primary research can be used
in conjunction with MIS
• Primary data – this is the first hand data that is been
collected by the organisation. These are these type of
data that is having no other production with them. The
creator r of these data is the first one to think of it. It is
also called the original data. In case with Domino's the
primary data is the feedback that they are getting from
their customers. It is the good practice for Domino's as
they are taking the feedback of the customer each and
every time they visit. These feedbacks are the first hand
data that is only for the use of the company (Miah and
et. al., 201).

Contd…
• Secondary data – this are those data which have been
collected from the secondary sources. These are the
type of data that the organisation is collecting from
various different sources. These data will provide much
bigger picture of the thing that organisation wants. In
case with Domino's these data are collected from
different sources like the websites which provide the
review about their products. For example their are
various sites and there are various different apps that
shows the review about the product that Domino's is
using and by using that kind of information they will be
able to make many decision about their products .

Conclusion
• From the above report it can be concluded that the data
that the organisation is having with them various
different types of information. All these information can
be used by the organisation so that they can use these
information to improve their working and that they can
also make sure that all the development that the
company is making is all according to the need and the
demand of the customer.

References
• Acharya, A., and et. al., 2018. Big data, knowledge co-creation
and decision making in fashion industry. International Journal
of Information Management. 42. pp.90-101.
• Ahamad, M. V., Haque, M. and Imran, M., 2018. Insight Into Big
Data Analytics: Challenges, Recent Trends, and Future
Prospects. In Handbook of Research on Pattern Engineering
System Development for Big Data Analytics (pp. 67-79). IGI
Global.
• Balachandran, B. M. and Prasad, S., 2017. Challenges and
benefits of deploying big data analytics in the cloud for
business intelligence. Procedia Computer Science. 112.
pp.1112-1122.

Thank you!!!!