MG413: Data Insights for Business Decisions - Analysis Report

This report examines data insights within the context of Morrison's plc, a major international supermarket. It begins by defining data insights and explaining the types of data collected, including primary and secondary data, and differentiating between orthodox market research and big data. The report details how information is captured and stored using techniques like club cards and surveys. It then explores the impact of technological advancements on data processing and its role in strategic decision-making, such as gaining a competitive advantage and meeting customer needs. Furthermore, the report outlines how data is used in day-to-day operations and provides a framework for research to improve data capture, concluding with the significance of data insights in enhancing judgment and building successful strategies.

Title
DATA INSIGHTS

Table of content
 INTRODUCTION
 What type of data is collected
 Orthodox market research
 Explain how information is captured and stored.
 Describe the impact of technological development on the role process
 Set out how information and data is used within the day to operations
 Set out outline for research into improving data capture
 Conclusion
 References

INTRODUCTION
 Data insights refers to the information obtained by an
organization as a result of evaluating data sets related to a
particular scenario (Scharf and Nestler, 2018).
Organizational managers gain insights from data analysis
that help them make better choices and reduce risks that
get in the way of performance. Data insights are actionable
when they are important, aligned, precise, consistent, and
contextual. Morrison’s plc, a major international
supermarket and general merchandise retailer in London,
UK, is being evaluated for the programme.

What type of data is collected and used by the organisation?
With the aid of traditional established
techniques, data collection refers to the
process or procedures for collecting,
calculating, and analysing reliable insights
for inquiry. Morrison’s plc administrators
collect big data and information of
marketing in order to generate range of
documents and work with collections of data
that are so broad and dynamic in nature.

Continue.
 In other terms, it is a tool for gathering
measurements that is systematic
(Bransberger, 2017). Morrison’s plc, for
example, gathers statistics on the supply
chain, product prices, rival adjacencies or
activities, and pricing data in the
supermarket market. Other forms of data
gathered by Morrison’s plc marketers are
described below:

Continue..
 Primary data- A kind of data which researchers’ captures for the first period and
explicitly from prominent factors like respondent is also said to actual
information. In affiliation to Morrison’s plc, primary data is obtained from
different outlets at which data originally comes of and is treated as best in analysis
 Secondary data- Secondary data is information collected by someone without the
involvement of the primary recipient. Since they are posted online, prosecutors
and individuals can quickly view them.

Orthodox market research and the ways it is different from
Big data
 Traditional marketing analysis is referred to as orthodox marketing research, and
it is used to promote particular beliefs when researching a subject (Papatzimos,
Dawoodand Thies, 2018). Big data, on the other hand, is described as the art and
science of integrating data about customer behaviour and attitudes with advanced
analytics to generate more accurate and quicker decisions that deliver better
outcomes. Marketers at Morrison’s plc use conventional market analysis to
capture smaller volumes of data on a single subject.

Explain how information is captured and stored.
One of the most relevant questions is how information is obtained and processed. In
general, there are a number of methods and techniques for capturing and preserving data. In
the case of Morrison’s plc, some primary approaches for collecting and storing key data are
listed below:
 Club cards: This is a system by which corporations gather and store valuable knowledge
about their clients and their habits
 Surveys- Morrison’s plc also uses surveys to gather results, in which they prepare a
series of questions. This collection of questions is used to perform surveys in a number
of contexts, such as malls and colleges

Describe the impact of technological development on the role
process.
In order to understand the existence and types of data, technical advances are crucial.
Furthermore, with the aid of technology, it is getting easier for enterprises to obtain
access to data in a quick and cost-effective way. Morrison’s plc's collected data play
an important role in making strategic decisions, as is detailed below:
a) Gain competitive advantage- It is important for firms to outperform their rivals in
order to achieve a strategic edge.
b) Meet the customer need- This is important for businesses to meet the desire of
consumers so that they can please them.

Set out how information and data is used within the day to
operations
It is not necessary that the data obtained be used for long-term operations. The
knowledge may also be accessed for a brief period of time (Tiwari, S., Wee and
Daryanto, 2018). This is made possible due to the data obtained in order to determine
everyday development and resource use. Morrison’s plc, for example, uses statistics
in their day-to-day operations to assess how much product is waiting in their stores,
and is then contrasted to real data from prior years. They will also calculate their net
profit by contrasting it to business data from previous years.

Set out outline for research into
improving data capture
The retail industry relies heavily on data and knowledge. Data is a term used to
describe an independent unit that entails unprocessed data with no clear definition.
Data, on the other hand, refers to structured and analysed data delivered in a
particular way that managers use in the workplace. The following are some of the key
uses of records / knowledge in the retail sector where Morrison’s plc works:
 Empowering supervisors
 Maintaining a baseline
 Finding solutions to issues

CONCLUSION
It is inferred from the analysis that the information systems require the review of
datasets for the aim of indicating conclusions on the knowledge gathered. It
encourages organizations to take raw data along with discover trends to derive useful
information from each other. In market, data insights help to enhance judgment, to
build more successful tactics, to provide improved customer experiences.