MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample
Task 1: Introduction and Project Proposal
Project Planning
Professional zones globally bank upon the crude data transfiguration for a massive number of functions. Data analysis involves raw data transformation, cleansing and capitalizing it concurrently to obtain useful information in a phased manner.
Data collected may not appear adequate and for appropriate analysis dimension an accurate exploration is to be considered (Khalid and Zeebaree, 2021).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample To reduce the scope of errors, it has become critical to accumulate satisfactory raw data from primitive sources during processor analyses.
The objective of the study is to determine the most optimistic effect on sales happened through marketing campaigns of BIJ and why. BIJ group operates in several countries through its multiple outlets in North America, Japan, and the United Kingdom (Teichmann, 2020). http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample
The one of the major factor for company’s highest revenue level in international markets is the global extrapolation of the business. For BIJ’s data analysis project, a consulting firm named WTFF was also hired.
Figure 1: The Pyramid Principle
(Source: Created by Author, 2022)
Project Plan
- To generate excessive sale, unique business advantages are to be identified
- Arrange for reliable facts apprises and protocols constructed on consumer inclinations and perceptions to surge client contentment.
- BIJ’s business operations have benefited in a number of ways i.e. implementation of data analytics frameworks used to analyze the data, process of data cleaning resulting in creation of charts to be utilized for future data analysis.
- BIJ is able to improve its key marketing strategies through support from the right sources
Data Analytics Framework
The PPDAC data analytics framework is used for analyzing the sales performance of BIJ at several stages. It involves a methodological framework to analyze the analytical problems existing and its nature as it is necessary to identify both; the problem and its true nature for formulating an implementation plan.
The procedure of planning involves the process of addressing the problem identified. Thereafter, the stages of the said procedure involves:
- Identification of issue
- Collection of relevant data
- Analyzing the collecting data
- Development of the implementation procedure.
Furthermore, it is essential to formulate a plan for the collection of data prior to the formulation of analysis procedure. Thus, the analysis procedure can also include several stages. In furtherance, the data collected is to be analyzed in an efficient manner (Gonzalez et. al. 2019).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample
The data so analyzed is also to be manipulated in a perfect order to unleash the hidden pattern related to the problem. Thereafter, the data is finally interpreted to draw out conclusion for modifying the core original plan. On the other hand, if the conclusion stands unsatisfactory, change is brought is the procedure leading to the said conclusion as a useful conclusion is necessary for finding the resolution of the problems.
A satisfactory conclusion can only help in providing an efficient plan of implementation. Thus, in brief in can be said that performance analysis of BIJ sales comprises of few middle stages as well to note the precision such as the data cleaning technique to attain the obligatory facts about the data (Röhm et. al. 2020).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample
Errors were corrected during the editing and omission of ignored data resulting in the development of an appropriate analysis plan. In the process of data analysis, creation of charts, tables and other data analysis products is performed to derive relevant. (Sharma and Biros, 2020).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample
Figure 2: The PPDAC Data Analytics Framework
(Source: BPP Lecture Notes, 2022)
BIJ’s Measurement criteria – KPIs
To assess and evaluate the business performance as a whole a range of equipment were used to consider that whether the business is decorously denoting to its KPIs as key performance indicators.
For successful execution of the business plan, KPI’s assists in determining areas of improvement and development essential to be addressed (Kylili et. al. 2016).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample
Quantitative and qualitative measurements can both be categorized in KPIs, according to research. Each report comprises of several prime indicators, containing turnover rates, costs & profit and other quantifiable indicators. Furthermore, sales growth levels have been imitated in the subsequent months by the indicators.
Task 2: Data Quality Issues and Remedies
Overview of problems and solutions related to data quality
The scientific obedience of data analytics has been referred to as getting raw data and components to be administered productively. Clients are presented with data analysis tools and inferred appropriately with the support of significant facts composed as a part of the data analysis process (Corrales et. al. 2018).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample
Consequently, inappropriate acumen could be attained in a restricted manner. With correct data analysis equipment, it has also become possible to make accurate judgments based on inaccurate data. Both statistical and descriptive contributes for suitable analysis that generates charts using numerous elementary tools containing means.
For example, all three analysis viz; predictive, diagnostic and prescriptive analysis cascades underneath the classification of data analysis methods (Islam, 2020). http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment SampleThis suitable analysis and data investigation were assisted by graphical representations and charts. When working with WTFF, several issues encountered including:
- Lack of competency: Insufficient data analysis happened due to the staff of the company that lacks in relevant competencies. Limited and fixed budgets leads towards hiring of freshers and less experienced professionals. Due to inadequate experience, data-driven errors cannot be distinguished or scrubbed off effectively (Alharthi al. 2017). http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment SampleData conservation fiasco may unfavorably disturb complete data analysis process. To ensure the smooth completion of data analysis project, company acquired only two (2) unique elucidations. Smooth and concise talent acquisition process got accomplished by selecting the right personnel with the appropriate expertise and experience. Data subcontracting can also be achieved with the support of a improved contract management approach.
- Use of Regression analysis and t-tests for data analysis: For accurate result, regression analysis equipment comprising data assumptions was administered. Wrong findings can make it possible to make incorrect judgments resulting in making changes on needs that is lowered if the analysis equipment does not comply with the assumption (Ong and Puteh, 2017). http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment SampleAs a discrete and noteworthy subdivision of quality concerns, valuations are now suitable and significant. Equated to the data analysis software, each entity’s outcomes are more precise because they have compact outliers and opinions representing the prominence of bearing in mind outliers. Being a multifaceted procedure, data analysis encompasses voluminous encounters and concerns.
- Duplicate Information: Duplicacy of data has appeared to be a common problem for every business and many a times mucky progressions are responsible for this problem (Panse and Naumann, 2021). http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment SamplePutting of multiple copies of the same record lead in skewering of wastage of time and effort. Recipient tends to receive multiple identical information with similar wording which is time-consuming and infuriates the client.
- Multi-linguistic support systems and units – Diverse vernaculars, drafts, dimensional elements and structuring can all root glitches. For instance, NASA’s multimillion-dollar Mars satellite got collided because of coding performed in its navigation software in imperial units instead of metrics.
- Inadequate data quality: BIJ has critical data quality concern that resulted in implementation of advanced technologies and innovations such as ETL. The terminology, “ETL stands for extract, transform, and load”, which is the process of mining, altering, and stacking data.
BIJ cannot adopt technology that could reduce errors during the data cleaning process appears to be a specific reason for this restriction (Grover al. 2018).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample Embracing of IT systems may present significant challenges and issues for BIJ with regard to data quality. Bugs created by software developers or programmers can result in the entire system being converted incorrectly, thereby compromising data quality.
A virtuous instance of the kind of fault that can be traced in BIJ’s datasets is erroneously denoted country’s names and merchandise groupings. Intervention of robust IT systems and processes is vital for removing and cleaning the components of low-quality data cases.
Solving the problem: proposals
To address the issues data quality, various solutions are available in the field of data analysis. Monitoring of data quality is important for proper implementation data to avoid the data misuse (McGilvray, 2021).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample For zero error, information verification is critical during data cleansing process.
During analysis, data coordination is must with the most appropriate tools and expectations. Avoiding this from occurrence necessitates the consumption of data de-duplication tools. Algorithms are used to define whether a dataset comprises duplicate records in the case of datasets with numerous accounts.
In current available solutions, even the smallest differences between entries for the same customer can be identified, distinct of with preceding clarifications where only slight alterations could be identified. To translate data for analysis purpose, the data must be documented in numerous vernaculars (Abedjan et. al. 2016).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample Special characters like cedilla and accents can also be affected by incompatible systems.
The BIJ needs to take these potential issues into account while working with international data sets during the process of programming algorithms. Also, analytical tools help in analysis of the recognizing the data in various languages when there exists an issue related to translation of data. Also, under certain circumstances issues can exist due to incompatible systems that affect the umlauts and accents. Thus, in order to deal with the possible risks and issues, BIJ should take the above stated solutions into consideration.
Task 3: Interpretation and Data Analysis
Sales Volume and Value and Data Trends
On the basis of data given below, it is evident that company has made a detailed effort to regulate complete UK sales data in its report. Furthermore, there has been a conspicuous deterioration in sales since the end of 2018 compared to the start of 2019 as per table no 1.
Furthermore, this rate will be augmented in the beginning of 2020. It is for the reason that of the UK’s low sales rate, that the UK’s global sales rate is meager in contrast with Japan and the United States.
Table 1: Sales Date of UK
(Source: Self-made)
Figure 1: Sales Value of the UK
(Source: Self-made)
The promotion drive of BIJ should also stem in elevated growth rate and capacity of sales in 2020.
The chart progress designates that the business is anticipated to have a gigantic sales upsurge in the prospect based on the evaluation between sales in 2018, 2019, and 2020. A confident result of promotional agendas has estimated a symptom that development will transpire between 2019 and 2020 as an outcome of the application of promotion plans.
Table 2: Sales Data of US
(Source: Self-made)
The sales of the US and the UK have turn out to be progressively analogous over the previous couple of years, as shown above in the table no. 2.
It is projected that sales in 2020 will escalate as compared to 2019; conversely, this rate will decline in 2019.
Figure 2: Sales Value of US
(Source: Self-made)
In the recent years, US companies have found more perplexing in handling stable sales rates and volumes (Mulcahy et. al. 2018). http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment SampleIt gives the impression that profits earnings have mended in the US, as specified by intensifying sales volumes. A very minor modification has been detected amongst sales in 2018 and 2020. BIJ, consequently, desires to discover novel techniques of growing its market share through inventive means.
Table 3: Sales Data of Japan
(Source: Self-made)
It is evident that BIJ has triggered Japan’s sales to decay ominously. As of 2019, the country’s sales were at their uppermost level in contrast to previous years, according to table no.3.
Figure 3: Sales Value of Japan
(Source: Self-made)
Subsequently, the company must observe its over-all sales rate in this market section inside this country in the approaching years as a consequence of this decline (Le and Phan, 2017). The BIJ must give suitable consideration to this subject as one of their topmost primacies in light of this.
Table 4: Categorical Business Performance in BIJ
(Source: Self-made)
The given table no.4 illustrates the importance of dealing with BIJ’s categorical performance, as well as offering more consideration to strategic goods with deteriorating progress and rates.
Equated to further accessories and hair bands industries, bracelet sales have matured very promptly, whereas, in the course of the same epoch, the sales of hair bands and accessories have developed very gradually.
Figure 4: BIJ Business Category Performance
(Source: Self-made)
Commercial performance for necklaces and rings is very decent, creating them one of the uppermost jewelry classifications (Singh and Kaewprapha, 2018).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample Augmenting sales must be the emphasis of the company’s significant processes and heightened sales must trailblazer to remarkable outcomes.
Task 4: Interpretation and Data Charting
Elucidation of Skills and Data Charting
Figure 7: Comparison of Sales Value
(Source: Ms-Excel, 2022)
According to above interpretations and analysis, high turnover rates are Japan’s greatest problem indicating a severe drop in the year 2020 due to the previous year performance Additionally, rational apprehensions ought to be talked nearby significant business procedures in countries where sales rates are not as great as in Japan, which fallouts in cost decline.
The utilization of diverse promotional crusades transversely in numerous countries will permit BIJ to upsurge the market consciousness of the brand’s merchandises by sponsoring them in multiple countries (Ibrahim, 2022).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample Marketing drives have steered to a superior sales volume that would have been probable through standard business operations single-handedly because of heightened business tasks.
The company expects momentous revenue progress in the UK market scenario by 2020 due to sales progression by the determinations of several entities estimated to endure in the future. BIJ has been capable to cultivate its sales and ripen its business in the UK market due to active marketing tactics (Ozuem and Azemi, 2017).http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment Sample
Innovation and technology are at the forefront of advanced technology and innovative products in Japan are demanding a lot of attention. Incorporation of digital marketing as a part of market strategy to increase brand awareness is also put to use.
Task 5: Conclusion and Recommendations
Conclusion
All the three countries viz; Japan, the United Kingdom and the United States have all portrayed decisive protagonists in the data analysis procedure. In addition, sales performances of BIJ have appeared to be strong, as can be comprehended from the above.
It is also conceivable that a specific manufactured goods course was in charge for deprived sales domino effect, which ought to be taken into contemplation. Over and above emerging as an Assimilated In-Marketing Approach, which will be intended for all artifact classifications in the same way, it is also imperative to cultivate a Rock-hard In-Marketing Plan.
The marketing financial plan of BIJ must consequently be achievable with the intention of to proliferate the establishment’s profits. Furthermore, noticeable business specialists can also assist as the foundation for gauging global commercial performance on the source of customer sense of taste, estimation plans and user-friendly sales.
Recommendations
The BIJ has offered a few plausible suggestions on the basis of above represented data analysis and interpretation w.r.t. marketing strategies, technological intervention etc.
- Evolving of crucial marketing tactics along with digital marketing approaches is demonstrating to be an imperative part of the expansion of digital marketing stratagems (Ramanathan al. 2017). http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment SampleBulk marketing also acted a noteworthy protagonist in exalted ROIs and improved customer rendezvous, despite the fact influencer marketing subsidized most to the movement’s triumph.
- Adoption of progressive innovation and technology is recommended to cater Big Data mechanization and ETL know-how issues. This part encompasses a numerous segment, comprising data scrubbing, alteration, and uploading.
- Quite a few marketing schemes have also funded noticeably to ensure constructive business conclusions, besides employing business policies (Al-Henzab al. 2018). http://MSc Management DATA-DRIVEN DECISIONS FOR BUSINESS Assignment SampleAs an effect, it is indispensable to back this edge to acquire the advances and viable verge it proposes. A unified business deal can also arrange for a momentous enhancement to corporate performance.
- An extremely defensible feedback mechanism at BIJ is probable of generation as a consequence of this. Moreover, the eminence of facilities delivered to personnel and consumers has been prominently heightened. Consumers’ gratification creates companies additionally gainful and dynamic because it proliferates their productivity. The lucrativeness and efficiency of an establishment can be upgraded by refining customer fulfillment, so it is crucial that establishments recover consumer contentment.
References
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Alharthi, A., Krotov, V. and Bowman, M., (2017). Addressing barriers to big data. Business Horizons, 60(3), pp.285-292.
Al-Henzab, J., Tarhini, A. and Obeidat, B.Y., (2018). The associations among market orientation, technology orientation, entrepreneurial orientation and organizational performance. Benchmarking: An International Journal.
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Ibrahim, B., (2022). Social media marketing activities and brand loyalty: A meta-analysis examination. Journal of Promotion Management, 28(1), pp.60-90.
Islam, M., (2020). Data Analysis: Types, Process, Methods, Techniques and Tools. International Journal on Data Science and Technology, 6(10).
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Kylili, A., Fokaides, P.A. and Jimenez, P.A.L., (2016). Key Performance Indicators (KPIs) approach in buildings renovation for the sustainability of the built environment: A review. Renewable and Sustainable Energy Reviews, 56, pp.906-915.
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