MG413 - Data Insights for Business Decisions: Presentation Analysis

This presentation provides an overview of data insights and their crucial role in business decision-making. It begins by defining different types of data, including big data, primary data, and secondary data, and then contrasts orthodox market research with the modern approaches of big data analysis. The presentation explains how information is captured and stored, and it delves into the impact of technological developments on the use of data in business decision-making. It uses the example of Sainsbury to set out how data is used in daily operations and its strategic importance. The presentation also outlines areas for research to improve data capture and use within an organization. The conclusion emphasizes the importance of data management and insights for informed business decisions, with references to relevant sources such as Acharya and et.al. (2018) and Brinch (2018).

Data insights for business
decisions

Content
 INTRODUCTION
 MAIN BODY
 Type of data collected and used by organisation and if it is big data, primary or secondary
data
 Description of orthodox market research and how it is different from big data
 Explanation of how information is captured and stored

Content
 Impact of technological development on role and use of data in process of business decision
making within chosen sector
 Set out how data is used within daily business operations within sector and strategic
importance to organisation within its sector
 Set out for research into improving data capture and use in sector organisation
 CONCLUSION
 REFERENCES

INTRODUCTION
The concept of data insights is concerned with the deep understanding of a person or a company
about a specific perspective which facilitates business in taking decisions and leading towards appropriate
direction. This presentation covers type of data collected along with orthodox market research and it also
includes impact of technological development on role and use of data (Acharya and et.al., 2018).

Type of data collected and used by organisation
and if it is big data, primary or secondary data
There are different types of data that are used by
organisation to collect reliable information and explanation of these
types of data is given below:
 Big data: It is diverse and large set of information which is
complex and includes volume, velocity or speed at which data is
generated and gathered. This can be in form of structured,
unstructured or semi-structured used by organisation to collect and
use data in process of business decision-making.

Continue
 Primary data: It is first-hand data that is gathered by
investigator itself according to its needs and demand and is
accumulated from original source directly through survey,
interviews, etc.
 Secondary data: It is accumulated by other persons who
are not primary users and is gathered for other purpose as
well as it is quickly obtainable and cheaper in comparison to
primary data and collected through journal articles,
websites, government publications, etc.

Description of orthodox market research and
how it is different from big data
Orthodox Market Research incorporates
marketing and advertisements and there are
different techniques that are involved in
market research for collecting data. This
process puts emphasis on taking assessment
of overall market for particular goods and
services.

Explanation of how information is captured and
stored
Database refers to software package system to create and
manage database and data is stored in tables in an standardised
manner. The various database system includes hierarchical database
system, objective-oriented database system, etc. in which Hierarchical
database system resembled in tree-structure in which system
relationship is pre-defined and users are needed to pass hierarchy for
accessing required information (Brinch, 2018).

Impact of technological development on role and
use of data in process of business decision
making within chosen sector
Technology has a great impact on role and
use of data in business decision-making process
and development within technology offers a wide
number of opportunities to make decisions. It speed
up the data collection that facilitates company in
framing decisions easily and in fast as well as
effective way.

Set out how data is used within daily business
operations within sector and strategic
importance to organisation within its sector
Within Sainsbury, information system of
company gains significance by processing data from
inputs of business for generating information that is
useful to manage organisational operations. Business
communication system helps in collecting and sharing
information and is used by managers of company to
communicate in a rapid way.

Set out for research into improving data capture
and use in sector organisation
Data Capture collects information of clients and customers that is put into CRM
system which helps in improving, enhancing and maintaining market-base (Saggi and Jain,
2018). Sainsbury has online stores and from which capturing and using of data of company
gets improved.

Conclusion
From above explanation, it has been concluded that data management within business
plays a crucial role and offers insights that facilitate in business decision making process.
Organisation use different data collection to analyse and frame effective decision and
technological development made traditional marketing research from data. Business is needed
to set effective outlines for research for improving data to make well-informed business
decisions.