This report provides a comprehensive overview of data insights and their application in business decision-making. It begins by defining data insights and their importance in solving business problems. The report then discusses various forms of data, including primary, secondary, and big data, and how organizations collect them. A comparison is made between Big Data and Orthodox Market Research, highlighting their differences in purpose and application. The report also explains how information is collected and stored, emphasizing the role of databases and Management Information Systems. Furthermore, it examines the effect of technological developments on the use and role of data in the decision-making process, particularly in improving performance and customer understanding. The strategic importance of data in business operations is explored, using TESCO as an example, and various data collection strategies are discussed. The report concludes that raw data is transformed into meaningful information for strategic use, and financial decisions are made using decision-making techniques. The report includes references to support the information presented.
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