Big Data Analysis: Tesco's Decision-Making and Business Strategies

This blog post explores the application of big data within Tesco, a leading UK supermarket chain. It defines big data and its challenges, including capturing, storing, and analyzing large and complex datasets. The post highlights the three key parameters of big data: volume, variety, and velocity, illustrating how Tesco leverages these aspects for strategic decision-making. Specifically, it examines how Tesco uses big data to generate new revenue streams, understand customer needs, redevelop products, and improve customer engagement and retention. The analysis references how Tesco utilizes real-time data for personalized services, automates processes, and optimizes sales approaches, supported by data from loyalty cards. The post references academic journals to support the arguments.

Big Data Theme for blog
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CONTENTS
BIG DATA THEME FOR BLOG POST...................................................................................1
REFERENCES...........................................................................................................................3

BIG DATA THEME FOR BLOG POST
Big data is defined as the collection of information sets which is so large as well as
complex which becomes problematic to process utilizing on hand database management tools
or outmoded information dispensation applications. Additionally, the big data challenges
involve capturing, storing, searching transferring, searching, sharing, modifying, evaluating
and visualizing. There are mainly three important parameters of big data that is velocity,
volume and variety. Firstly, volume is being referred as the scale which means that large
amount of the data is being available, stored, transferred, modified and supplied within the
business (Merendinoa and et.al., 2018). One of the important advantages of the big-data
based decision making in context of volume in Tesco which is one of the leading supermarket
chains of UK is that it helps the firm in developing new revenue stream. This is mainly due to
the fact that the large number of insights being gained from evaluating the market and its
clients with the big data are just important for the firm but it is also valuable for the market
and thus, the company can sell the same and earn revenue. Secondly, variety is signified as
the complexities which implies that there are different kinds of structured as well as
unstructured information, text and multimedia available. Another important benefit of big
data-based decision making within Tesco is dialoguing with the customers. Big data helps the
company in uniting the digital as well as physical shopping spheres. In other words, big data
can be supporting the firm in determining the specific requirement of the company and
meeting those needs by offering those products and services physically at store (Kaivo-oja
and et.al., 2015). Thirdly, velocity means the speed at which the information is being
generated. There are different benefits of implementing big data-based decision making in the
selected organization that is Tesco. through executing big-data based decision making, Tesco
can also re-develop their products. This is being done by comprehending the manners in
which the products are being perceived by others so that customers or marketing of the firm
can be adapted as per the requirement.
Other than this, there are mainly three important manners in which the big-data based
decision making can impact Tesco. First of all, big data supports the firm in improving
customer engagement and retention. Services of the clients is one of the most crucial areas on
which Tesco is delivering metrics in the current times. Firm is making use of real time data
for offering one on one customized services as well as solutions to its clients. Furthermore,
Tesco is also leveraging data for automating their processes, optimizing selling approaches as
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well as augmenting the overall efficiency of their business (Duana, Edwards and Dwivedic,
2019). It has also been claimed that most of the sales of the company are rung up from the
loyalty cards and has reported sixty percent redemption rates. This has supported the firm in
staying profitable for even throughout the global recession period.
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REFERENCES
Books and journals
Duana, Y, Edwards, J.S. and Dwivedic, Y.K., 2019. Artificial intelligence for decision
making in the era of Big Data – evolution, challenges and research agenda.
International Journal of Information Management. 48. pp.63-71.
Kaivo-oja, J., Virtanen, P., Jalonen, H. and Stenvall, J., 2015. The Effects of the Internet of
Things and Big Data to Organizations and Their Knowledge Management Practices.
The Effects of the Internet of Things and Big Data to Organizations and Their
Knowledge Management Practices. 224. pp. 495–513.
Merendinoa, A., Dibba, S., Meadowsa, M., Quinna, L., Wilson, D., Simkina, L. and
Canhotoc, A., 2018. Big data, big decisions: The impact of big data on board level
decision-making. Journal of Business Research. 93. pp.67-78.
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