Data Insights for Business Decisions: Analysis and Report

This report examines the significance of data insights in business decision-making, emphasizing the critical role of information in today's competitive global environment. It explores various data types, their applications, and how they contribute to informed business strategies. The report highlights the importance of accurate data collection, including transaction processing systems, and how consumer preferences shape business choices. Furthermore, it underscores the integration of market research with data analysis to provide a comprehensive understanding of market conditions. The conclusion emphasizes the vital role of data and knowledge in achieving business success, referencing the footwear industry as a practical example. The report also includes references to relevant academic sources to support the analysis.

DATA INSIGHTS
FOR BUSINESS
DECISIONS

TABLE OF CONTENT
 Definition
 Role of data and information
 Types of data
 How information and data is used
 How information is captured
 How data is deliver insight for business decision making
 Market research used in conjunction with MIS
 Conclusion
 References

INTRODUCTION
Information is among the key factors for any enterprise that is active
in the globalized world that is competitive and volatile business
scenario as it assists the company in analysing and evaluating
data, so as to enable the organization to improve and thrive in the
long run.

ROLE OF DATA AND INFORMATION
Exact and effective data also have a lot of benefit because from the
perspective of the business it is extremely useful because decisions
can be made that further contribute to the growth and development
in the sector where it operates.

CONTINUE…
 Knowledge and data obtained by different organisations are of
great benefit because they contribute to the detailed analysis of
market conditions to make effective decision-making which can
prove useful to the company.

TYPE OF DATA
In this regard, there are primarily three types of data obtained by
various teams. The following details are given for all aspects
and different data sets.

HOW INFORMATION AND DATA IS USED
Things used in data and information are listed below-
 The footwear sector company prepares and maintains an
accurate and correct record such that all consumer aspects
can be used according to specifications.

HOW INFORMATION IS CAPTURED
AND STORED
 Transaction processing system
(TPS) – All transactions
performed in a period of time are
summarised in a proper format
in this method so that it can help
evaluate the total company's
results.

HOW DATA IS USED TO DELIVER
INSIGHT FOR BUSINESS DECISION
MAKING
The choices made by footwear companies are largely based on
shifts in society's consumer preference.

HOW MARKET RESEARCH USED IN
CONJUNCTION
The two primary and secondary market analysis that have been
explained above helps to record, compile and summarise the
data and knowledge to be used for the company's long-term
advantage.

CONCLUSION
It could be inferred from the above that data and knowledge
and even of a sector such as footwear is both very important
and vital, as they can enable the business to develop and
succeed in the industry and can destroy its credibility and
market value unless properly analysed and assessed.

REFERENCES
 Doshi, J., Basu, S. and Pang, G., 2018. From satellite imagery
to disaster insights. arXiv preprint arXiv:1812.07033.
 ULUC, C.İ. and Ferman, M., 2016. A comparative analysis of
user insights for e-health development challenges in Turkey,
Kingdom of Saudi Arabia, Egypt and United Arab Emirates.
Journal of Management Marketing and Logistics, 3(2),
pp.176-189.