Data Insights: The Role of Information and Data in Fashion Industry

This presentation delves into the crucial role of data and information within the fashion industry. It explores how data is collected, including first, second, and third-party data, and how it is utilized across various departments such as research and development, manufacturing, and human resources. The presentation outlines different methods for capturing and storing information, including interviews, surveys, and questionnaires, and emphasizes the importance of data in making effective decisions within a competitive market. Furthermore, it highlights the application of Management Information Systems (MIS) in market research, encompassing primary and secondary studies, and concludes by underscoring the significance of data-driven strategies for the success of fashion businesses. The presentation cites several academic sources to support its findings.

Data Insights
The Role Of Information And
Data In Fashion Industry
Presented By:
Name: ID:
Name: ID:

Table of Content
Introduction
Role of Data & Information in Fashion Industry
Type of Data Collected
Ways to Utilize Data & Information
Ways to Capture & Store Information
Usage of Data within Decision Making
Market Research with MIS
Conclusion
References

Introduction
Data refers to facts as well as statistics which are gathered for
analysis or reference. Basically, data insight gives in-depth
knowledge about different aspects. Fashion industry implies a
globalised sector which is liable for meeting demands for apparel
as well as dictates trends with respect to what should be worn. This
presentation comprises of role of data and information, kind of data
gathered and ways in which that is utilized within fashion industry.
Furthermore, it also comprises of ways in which it is captured as
well as stored and role played within decision making. Moreover,
market research in context, of MIS will be illustrated.

Role of Data & Information in Fashion Industry
Data plays key role within forecasting trends as well as
understanding of behavior of individuals, emotions and
preferences. Wide role is being played by information and data
within Fashion industry, it is illustrated below:

Cont…
Analysis: It enables to analyze what other firms are
doing like if Nike is producing some designs then Adidas
can have a view of that and develop their own services.
Sharing of Information: It will lead fashion
industry to manage supply chain. This
involves data associated with customers as
well as their preferences.
Bar Coding: This facilitates recording of
comprehensive data by transforming into
electronic form which can be shared with
others via EDI system.

Type of Data Collected
Information plays critical role within Fashion Industry or every
organization as it leads within formulation of decisions. For an
instance, human resources collect data via online medium for
recruiting as well as confirming details related with them.
Types of data gathered by Fashion Industry:

Cont…
First Party Data
(Market): This is the
segment which creates
a huge impact on
ways in which
services are
manufactured by
Fashion Industry.
Second Party
Data
(Customers):
They are those for
whom services
are prepared or
manufactured for.
For an instance, if
Zara, do not takes
into account
needs of their
customers then
their sales will
decline.
Third Party
Data
(Suppliers):
This data is
collected to have
knowledge about
prices related
with raw
material that is
offered by
different people.

Ways to Utilize Data & Information
Research & Development Department: Data is collected and as per
that they will look for probable options by which demands of customers
and market can be fulfilled.
Manufacturing Department: Information attained from R&D can be used
by them for developing their products.
Human Resource Department: They attain data by internet surfing as well
as from internal departments of Fashion Industry with respect to their
requirements
Information has been gathered from distinct sources, now it has to be utilized for carrying
out decisions with respect to working of each department within Fashion Industry.

Ways to Capture & Store Information
Within every industry, information plays vital role in carrying out
everyday operations. Fashion industry entirely depends on their
customers, thus it becomes very important to precisely gather
information. There are different ways for capturing data which can
be utilized by Fashion Industry; few of them are illustrated below:
Interviews: Here, firms like Nike, ZARA, etc. can directly ask the
questions from respondents either directly or via some other
medium like mails or phone calls.

Cont…
Surveys: With respect to this, Fashion Industry selects few people from
different demographics, to analyse their needs.
Questionnaire: In this, as per the feasibility options related with peculiar
product, multiple choices are being given.
The information have been collected, now it has to be stored and for this
database can be utilized. There are different types of database illustrated
in figure and depending upon demands of firm they can be utilized.

Cont…

Usage of Data within Decision Making
For being successful within evolving market, it is necessary for
Fashion Industry to formulate effectual decisions from data
which is gathered. Few points in this context have been
mentioned below:
Be clear with value of insight that is attained.
Have a advice from experienced experts to analyse feasibility
of data.
 Formulate hypothesis and visualize analysis which have been
made by experts from Fashion Industry.