Data Insights for Business Decisions: Footwear Sector Analysis Report

This report provides a comprehensive overview of data insights for business decisions, specifically within the footwear sector. It begins by defining data and its crucial role, followed by an examination of different data types (first-party and second-party data) and how information is captured, stored, and utilized. The report delves into how data delivers insights for decision-making, emphasizing customer preferences and market research, including transaction processing systems and database management systems. It also explores the application of market research methods. The conclusion stresses the critical importance of data analysis for a company's growth and reputation. References include academic sources on artificial intelligence, big data analytics, and research methods.

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
Data is one of the most important as well crucial aspects for each and
every firm that is operational in the current market scenario which is
highly competitive and dynamic in nature since it helps the company to
analyse and evaluate the data so that it can help the organisation to grow
and prosper in the long run. In this report all the discussion and evaluation
has been done while taking the footwear sector into consideration since.

ROLE OF DATA AND INFORMATION
Data which is accurate and efficient too possess a lot of value since it
proves very beneficial from the company’s point of view as the decisions
can be taken which can further help it to grow and develop in the industry
in which it is operational. The footwear sector faces stiff competition since
the profit margin is too high and also due to the ease of entry and exit of
the enterprises.

CONTINUE…
 The information and data that is collected by various organisations
possess a lot of value since they helps in analysing the market conditions
in detail so that appropriate decisions can be made in that regard that can
prove useful for the firm.

TYPE OF DATA
There are mainly three types of data that has been collected by different
teams that are made in this regard. All the aspects that are included in it
and various data sets are elaborated below in a detailed way-
First Party Data-
 It is a type of data that has been collected on a primary basis by
doing surveys, taking appropriate feedbacks and doing things like
that. It is regarded as the most accurate and precise format of data
since no external other person is involved in it.

CONTINUE…
 Second party Data-
 This type of data collection method is not regarded as much
accurate since it takes the primary party data into consideration.
 Different things are analysed in this and also helps in increasing
the sales volume and that too within a limited time period with
immediate effect.

HOW INFORMATION AND DATA IS USED
Things that are used in terms of data and information is explained
below-
 The footwear sector firm formulates and maintains a record in a
precise and proper format so that all the aspects relating to the
customers can be utilised as per the requirements.

HOW INFORMATION IS CAPTURED
AND STORED
 Transaction processing system
(TPS) – In this system all the
transactions that are done in a
period of time are summarised in
a proper format so that it can help
in evaluating the overall
performance of the company.

CONTINUE…
 Types of database- There are many databases but Database
Management System (DBMS) is used most commonly and
its various types are described below-
 Hierarchical
 Document
 ER Model
 Network
 NoSQL

HOW DATA IS USED TO DELIVER
INSIGHT FOR BUSINESS DECISION
MAKING
 The decisions that are taken by footwear sector firms are mainly
accordingly to the changes in the customer preference in the society.

HOW MARKET RESEARCH USED IN
CONJUNCTION
The two market research that is primary and secondary that are
explained above helps in recording, collecting, and summarisation of
the data and information so that it can be used for the benefits of the
company in the long run.