Data Insight for Business Decisions: Fashion Industry Analysis, MG413

This presentation analyzes the role of data and information within the fashion industry, focusing on the retail sector, specifically Burberry and Next plc. It outlines the types of data collected (first, second, and third party), how it's used to improve customer experience, refine strategies, and drive sal...Read More

Data Insight for Business
Decisions

Executive summary
This presentation has aim to identifying the role and data which are used in the fashion industry. In order to make evaluation of
decision making in fashion industry, the chosen sector is in cloth or retail sector. Where all the sources are related to their
customer and work on the basis of new and recent trends.

Table of content
• Executive summary
• Introduction
• Role of information and data analysis
• Type of data collection
• How the data is use within the organisation
• How the information is captured
• how data is used to deliver insight for business decision making within your sector
• Market research with MIS and other database.

Introduction
Data insight is the knowledge which is used in the different type of organisation to gain knowledge which are helpful in
analysing the set of information provided for analysing the situation or given topic. Which the help of that information,
business take insight on that particular information and help businesses to make decisions. For completing this assignment two
organisations are chosen. First one is Burberry, which is a British luxury fashion house. Headquarter is in London, UK. Second
organisation is Next plc. A fashion retailer company which headquarter is in Enderby, England.

Role of information and data within fashion industry
Role of data collection and information gathering in Burberry Company:
The main strategy of Burberry is to boost up the sales and make large volume of sales and more personal connections with
their customers. And this objective will be achieved by them in order to share their data and collective information with their
loyal and valuable customers The data is used by their customer to not just tailored the information and provide some valuable
recommendations. This data driven and information gathering will make a bridge in between online and in-store environment.

Cont.….
Role of data collection and information gathering in Next Plc.
With the help of data collection and analysis those in a proper manner will help the company to rise in fashion industry. The
face which make changes in the organisation will be very helpful and constructive to make some high profile growth in
continuous work system and know about the market behaviour which directly affect the sales of the company. Another role is it
will increase the Omni channel customer experience, they have both option either go online or offline markets.

Type of data is collected and used within an organisation
First party is the main data which is defined the information as you and mainly collect the information through your audience.
The different kind of ways by which the data is collected and used are mainly related to website analytics platforms, CRM
system and different business analysis tools.
Second party is mainly someone else’s, this data is not able to commoditize. The only thing which is happened is make an
agreement with some trusted party who are ready to share their data with you.

Cont.….
Third party is related with many type of different sources that actually consist the rich behavioural and demographic data.
Third party users have no direct impact or connection with the customers. By collecting different type of hobbies and different
activities preferences of third party that has an incredible reach.
All of them are chosen different kind of data, as big data, smart data, Machine data, Transection data and many more data
which are helpful for the fashion industry to collect the data. These data resources are applicable and useful for the company’s
growth and applicable in all type of business either small or large.

How the data and information use within day of operations
After collecting the data it is important to use that data within right way in order to provide some valuable information. For the
fashion industry it is used and insight for taking right decision.
• To improve the customer experience
• To refine the company’s strategies

Cont.…
• To transfer the data into cash flow
• To secure more data
• Turning the data into knowledge

How the information is captured and stored with key references to
types of databases and information systems
Depending on the database, there are different type of database which are needed to store and captured the information in
fashion industry.
• Centralised database
• Distributed database

Cont.…
• Commercial database
• Operational database

Give an example of how data is used to deliver insight for business
decision making within your sector
All the data which is gather has to be used in such an effective manner within an organisation that it affect the decisions of
company in fashion industry. While it comes to Burberry, it has such a wide insight structure which are used in order to
maintain a significant strategy and follow the rules and regulation which are effective in manner. Burberry use all the data in
such a significant manner when it comes to sales and increase the volume of profit.

Cont.….
When it comes to Next plc. they are using the data base management system in an effective manner again. As their top level
management are analysis and evaluate the performance of the company’s employee. All these things are very effective and
valuable for the company to work in an organised manner.

Market research used with MIS and other database systems to
increase insight
After conducting all the resources and analyses of market research and data, which are helpful for conducting the accurate
analysis within the organisation which make a strong impact on society and on fashion industry as well. In Burberry, they
mainly try to increase the sale which are happened when all the data and resource are manage in a significant manner. It will
enhance the safety and security of the users. To developed the more customer support for the growth of company and for their
own loyal customer who are organised and vulnerable for giving their relevant data and share that information to the company.
In Next Plc., a typical market research and the use of MIS is based on the accurate data information which increase the insight
behaviour of company and it deals with some major practical solutions.

Conclusion
From the above report it is concluded that data analysis are very helpful in making some appropriate decisions which are
helping for the company in order to make some high position in their own industry. Data insight and its analysing power is
become increasingly important for the growth of business which are derived from the high amount of data which are work in
some unstructured from.

References
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• Bizri, R., 2016. Succession in the family business: drivers and pathways. International Journal of Entrepreneurial Behavior
& Research.
• Cosenz, F. and Noto, G., 2018. A dynamic business modelling approach to design and experiment new business venture
strategies. Long Range Planning, 51(1), pp.127-140.
• Del Vecchio, P. and et.al., 2018. Big data for open innovation in SMEs and large corporations: Trends, opportunities, and
challenges. Creativity and Innovation Management, 27(1), pp.6-22.