Data Insight for Business Decisions: Role in the Retail Industry

This presentation provides a comprehensive overview of data insights within the retail sector. It begins by outlining the critical role of information and data in the industry, emphasizing its impact on sales and profits within the context of globalization. The presentation then details the various types of data collected and utilized, including first, second, and third-party data, explaining how each contributes to a company's growth. It further explores the practical applications of data in retail operations, such as predicting customer purchasing behavior and personalizing product recommendations. The presentation also explains how information is stored, with references to databases and information systems. Additionally, it provides examples of how data delivers insights for business decisions, including the use of surveys to gather customer feedback. The presentation concludes by highlighting the importance of market research in conjunction with data analysis, emphasizing the use of primary and secondary studies to inform strategies. The presentation fulfills the requirements of the MG413 Data Insight for Business Decisions module, focusing on how data is used to make informed decisions within the retail industry.

Data insight for
business decisions
Retail industry

Table of Contents
 Introduction
 Main body
Role of data in retail sector
Types of data
How data is used in retail
How information is stored
Data for delivery insights of business decision
Uses of market research in conjunction
 Conclusion
 References

Introduction
• The entire report demonstrated about data insights.
• Data insights provide all the necessary data so that organisation can measure their goals
and make certain strategies which benefits the organisation for long run.
• This report provides information about the role of data within an industry along with this
how these data can be used for day to day operation is also be mentioned in this report.
• This report provides all the necessary information about the capturing and storing of data
in a database is also explained in this report.
• Along with this how data delivers all the inside for making decisions is being in this
report.

Role of information and data within retail
sector
• As the globalisation is evolving of retailing, both in sales and profits so that is why information
technology in retail is increasing rapidly.
• Information technology is required in managing complex retail operations.
• In order to take competitive advantage in retail sector it is necessary that company should have
market knowledge and also control on data and information.

Type of data collected and utilized by the
organisation
• There are various data which is collected by the
company because data helps company to grow.
• Some of them are as follows:
1st party data
• it is those data or information which is directly gathered
by customers or target audience.

Cont..
2nd party data
• it refers to the data which is the first party data of
someone.
• This kind of data is directly purchased from those
companies who are having it. It does not have
involvement of middle man.

Cont..
3rd party data
• these are the data which is purchased from
outside sources and it is not directly
collected.
• Retail companies buys such data from large
data centres which collects such data
through various other platforms or websites.

Information and data is used in retail sector
• Retail sector is using data for predicting the purchasing power of the customers.
• While purchasing online company recommends many products to customers which is based on
past searches.
• It can be said that company generates lot of sales by only recommendation of items to the
customers. It provides great profits to the company.

How Information is stored
• Database refers to collection of tables. Table includes rows and
columns. It can be compared with the spreadsheet.
• By making database which is made from table company can
store information in it. As table have column which includes
year, price, information about products etc.
• data is also stored in information systems. As they capture data
with the company and its surroundings.

Data for delivery insights of business
decision
• Data provides all the relevant information to the retail sector so that they can
make their decision making process.
• Data can be collected through survey where the retail sector can conduct a
survey about their quality of products services and others from their
customers.
• With the help of survey organisation can know how much efforts they have
to put more so that they can win the hearts of customers by providing them
Quality Services.
• Data helps the organisation to collect valuable feedback from the customers
about the quality and variety of products and services

Uses of market research in conjunction
• Market information system collects that stores summarise, analyse and distribute all
the marketing data with managers and their teams so that they can analyse all the
data send make proper strategies.
• Data can be gathered from primary and secondary studies. In the primary study the
organisation conduct various surveys interviews of their customers so that the team
of organisation can interact face to face with their customers and asked them about
the quality of product and services.
• So that in primary study the get more relevant and appropriate data is but the need of
Management and with the help of primary studies taken easily form different
strategies.

Conclusion
• After analysing the entire report it can be concluded that this report focuses on data
insights for business decisions.
• This report provides in-depth information about the role of information and data within
the industry and how industries using such data to get growth.
• This report also demonstrate that have organisation uses various data information for their
day-to-day operations. This report also focuses on providing all the necessary details about
the capturing and storing of data. How data is being used to deliver insights for various
business decisions is also being defined in this report.

REFERENCES
Books and Journals
• Ghasemaghaei, M. and Calic, G., 2019. Can big data improve firm decision quality? The role of
data quality and data diagnosticity. Decision Support Systems. 120. pp.38-49.
• Ma, Z. and et.al., 2017. The role of data analysis in the development of intelligent energy
networks. IEEE Network. 31(5). pp.88-95.