Strategic Decision Making: Data Insights in Retail Industry

This report explores the use of data insights in the retail industry, focusing on how organizations like Tesco leverage data for strategic decision-making. It covers various data collection methods, including primary, secondary, and big data, and contrasts orthodox market research with big data analytics. The report elaborates on data capture processes within different databases and management information systems, highlighting the impact of technological advancements on business decisions. It also discusses how data and information are used in daily operations and strategic planning, emphasizing the importance of customer relationship management systems and multi-channel strategies. Furthermore, the report outlines research strategies for improving data capture and utilization, suggesting enhanced customer interaction through online platforms and digital marketing. The conclusion underscores the significance of organized data management for revenue enhancement and emphasizes the need for businesses to adopt new database software for efficient data handling. Desklib provides access to similar reports and solved assignments for students.

Data insights for decision making
process.

Content
 INTRODUCTION
 Explanation of types of data collected and its use by the retail industry.
 Describing orthodox market research and its difference from big data.
 Elaborating the process of how information is captured with reference to different
databases and management information system.
 Describing the impact of technological development on role and significance of data in
the business decision making process.
 How data and information is used in daily operations of organisation and its strategic
importance.
 Set out outline for research into improving the data capture and use in organization
 CONCLUSION
 REFERENCES

INTRODUCTION
Data insights is a process in which individuals and
organisations achieve a particular information from
interpreting a specific issue. The deep understanding
assist organisation in taking better decisions. The
enterprise are able to improve the performance of the
organisation. This PPT contains the information
based on retail industry(Blacketer, Brownlee and
Bowen, 2022) .

Explanation of types of data collected and its use by the
retail industry
Data collection is a process of collecting data from various sources which assists in finding
solutions for different problems of research. When organisation has to take various decisions, the
data is helpful for the same. In context of retail industry, there are various methods of collecting
data which can be elaborated as given below:
 Primary data
 Secondary data
 Big data collection methods

Describing orthodox market research and its
difference from big data.
The orthodox market research is the process of evaluating viability of any new product or
service. It helps to know the target market for which the enterprise is rendering or
offering its products or services. The market survey helps in knowing the preferences of
the target market and the level of interest, they have in the enterprise product or service.
There is a difference between orthodox research and big data. In context of Tesco, there is
difference between market reasearch and big data which can be defined as given below:

Continue…
Basis Orthodox market research Big data.
Meaning It is the process of systematically obtain, examine,
analyse and interpreting the data for taking
decisions within marketing.
It is considered a data which is huge in
volume and grows at a very fast speed, It
requires various databases which require fast
processing of the data.
Purpose The main objective is to look at specific goods and
services to know that how consumer will perceive
the same.
It assists the enterprise to produce the
significant insights by modifying techniques
and campaigns of marketing.
Examples Telemarketing, broadcasting, window display, signs
and prints.
Advertisement, marketing, transportation
media and entertainment

Elaborating the process of how information is captured
with reference to different databases and management
information system.
There are different kinds of data such as
qualitative data and quantitative data. The
qualitative data can be in the form of words and
pictures whereas quantitative data is in the
form of number and figures. The information
stored is done with the help of software.

Continue..
 Databases : The main objective of information system
is to send data from one place to another. The data
stored is used in the process of decision
making(Lopes and Videira, 2019). By taking the help
of information system, data is taken and used for the
analysis.
 Management information system: MIS is a database
which is organised in a way which makes the data
secure and it will produce reports for each department
of the organisation

Describing the impact of technological development on
role and significance of data in the business decision
making process.
In an organisation, it is vital to take decisions. Technology enables the organisation to
work with more systematic procedures and strategies. The development in the
technology helps to speed the process of data collection. When the speed of
processing increases, the organisation is capable to improve the level of efficiency
and makes decision faster. It creates the link between customers and organisation. In
relation to Tesco, It started various initiatives such as 'bricks and mortar' to 'bricks
and clicks' with the emergence of tesco direct, it provides all grocery facilities on
click basis (Raut and et.al., 2019).

Continue.
The innovation of Tesco club card are some of the
innovations of Tesco. It also offers new “ shop and go”
technology which allows the consumer to scan and pay
with the help of smart phones. The new branch of
computing such as artificial intelligence, quantum
computing helps in identifying the consumer behaviour of
the customers and helps to improve the level of
profitability in the organisation.

How data and information is used in daily
operations of organisation and its strategic
importance.
 As the activities of the retail industry is increasing. The business adopts more digital and
capturing data in large numbers. The organisation Tesco is using the customer relationship
management system which takes the helps of various technologies such as Telephone and
email. The main source of collecting data is through personal methods such as taking
surveys and filling the questionnaire by the different clients. The Tesco is using tactics to
improve the value chain. It takes big data technology as multi-channel strategy so that
customer needs and desires are identified. The tesco is running online and offline stores
simultaneously which increases the burden of the tasks to be performed by the
organisation.

Set out outline for research into improving the data
capture and use in organisation.
 In case of retail industry, there are numerous methods to boost the data capturing
strategies. For improving the scope of research, an enterprise is required to boost
the interaction with customers(Uprety and Mechler, 2018). For instance, Tesco
uses online store and assists in knowing where customers came from, products
customers click on and various digital marketing strategies which are adopted for
knowing the patterns of the enterprise