Comprehensive Report: Data and Information Role in the Retail Industry

This report provides an in-depth analysis of the role of data and information within the retail industry. It explores various aspects, including the types of data collected (such as point-of-sale, customer, and market data), how this data is used in daily operations, and the methods of data capture and storage. The report highlights examples like Tesco to illustrate how data drives business decisions and analyzes market performance. Furthermore, it discusses the integration of market research studies with Management Information Systems (MIS) and database systems. The conclusion emphasizes the importance of data in communication and decision-making, supported by references to relevant academic sources. The report underscores the significance of data-driven strategies in enhancing retail business practices.

Table of content
 Introduction
 Role of information in the industry
 Type of data collected and used by organisations
 Ways in which information and data are used in day to operations of company
 Ways information are captured and stored
 Example of the ways data is used to deliver insight for business decision making
 Describing how market research studies are used in conjunction with MIS and database
system
 Conclusion

Introduction
Data insights
refers to gaining
information for
understanding the
situations or events
in particular
phenomena.

Role of information in the
industry
Information plays huge role in retail industry. Its
main role is to provide assistance to
companies about total sales of product,
existing firms and demand among customers.
Data and information also plays role of
helping businesses to set their future plan.

Type of data collected and used by
organisations
In retail industry, type of data that is collected
by organisations are as follows;
 Point of sales data
 Customer centric data
 Merchandising data
 Market data
 Loyalty card data

Ways in which information and
data are used in day to operations
of company
In retail industry, companies such as Tesco, Asda
and many more uses data and information by
analysing the facts and figures so that they
plan and implement strategies for day to day
work.

Ways information are captured
and stored
In retail industry, companies uses various types of data
bases and information system for capturing and
storing information. Some of data base types such as
end user database, relational database, distributed
database and NoSQL data base are used for
controlling storage and integrating data with regular
working.

Example of the ways data is used
to deliver insight for business
decision making
Tesco is a retail company that uses data for
analysing market performance, competitor
strategy and demand of its offering in the
market.

Describing how market research
studies are used in conjunction
with MIS and database system
Primary studies of market research are done for the
first time to collect information about the data
that is not collected by others so to improve
insights. The study is used with MIS and other
database system in order to answer particular
questions and tailoring perceptions of people.

Conclusion
The presentation concluded that data and
information have role of communication
important facts and figures and helping in
decision making. Different types of data are
collected and used in business based on the
purposes.

References
Borgogno, O. and Colangelo, G., 2019. Data Sharing and
Interoperability Through APIs: Insights from European
Regulatory Strategy. A modified version of the paper is
forthcoming in" Computer Law & Security Review.
Tiwari, S., Wee, H.M. and Daryanto, Y., 2018. Big data analytics
in supply chain management between 2010 and 2016: Insights
to industries. Computers & Industrial Engineering, 115,
pp.319-330.

Thank You