Data-Driven Decisions for Business Assignment Sample
a. Context: Summarising the key changes and trends of WFTT and analysing the importance of data analysis within this company
Changes help an organisation to improve business structure and quality in performance that can help in incorporating growth opportunities properly. In the case of WFTT, the line supervisor can identify specific requirements to develop their sales management processes.
For this reason, the HR team has decided to select or recruit new employees who can manage business operations effectively according to specifications.
Key changes
Improved decision-making activities
Improved decision-making activities can guide WFTT to analyse current situations and execute idea generations effectively to analyse effectiveness of Bangles’ campaign.
Through effective decision-making processes, new employees can gain knowledge and confidence to showcase their skills and abilities in gathering specific results in handling data of Bangle’s campaign (Cvjetkovic et al., 2021).http://Data Driven Decisions for Business Assignment Sample
Increasing awareness about marketing aspects
Increasing awareness can guide new employees to identify the required essentials for executing marketing activities and effective data requirements for Bangle’s marketing.
It can guide new employees to execute specific ways of improving sales management processes of Bangle’s marketing according to expectations (Österle et al., 2018).http://Data Driven Decisions for Business Assignment Sample
Managing experiences of broad management
Managing experiences can help in executing the procedure of idea generation and knowledge creation processes for new and existing employees. It would guide them to operate their tasks in a sustainable manner that can lead to success for WFTT by managing Bangle’s campaign.
Incorporating effective approaches
Incorporating effective approaches include predictive and descriptive-analytical approaches to help in managing added value contribution processes of Bangle’s campaign. These approaches can help the line supervisor to make proper decisions in handling specific results of Bangles.
Adapting new recruitment processes
Adapting new recruitment processes can guide the HR team to select skilled new employees who can understand their roles and perform accordingly without any issues within WFTT.
It would bring stability in performance management after analysing conditions of Bangle’s marketing campaign and help in achieving all goals of this business without any issues (Klepić, 2019).http://Data Driven Decisions for Business Assignment Sample
Ways of handling data analytics in terms of adding values in WFTT business
The line supervisor of WFTT can follow five ways that can help in managing value-added services within this business and performance structure can be developed by arranging dataset of Bangle’s marketing campaign.
Ways to handle data analytics include improved decision making, effective marketing, efficient operations, better consumer services and structured performance can help in managing performance of Bangle’s campaign.
Through these ways, new employees and the supervisor can easily incorporate creativity within their business association without any challenges according to Bangle’s marketing campaign.
b: Plan: Summarising and justifying the analytical approach
Bottom-up Approach
Bottom-up approach helps in integrating all the systems together in a complex form for making parent system and other subsystems work together in a combined unit. It adds additional features to original system thereby making the process more active and productive in terms of incoming data from environment.
This approach helps companies to form perceptions based on the information that are secured from the external sources helping in effective decision making process (Holmemo et al. 2018). http://Data Driven Decisions for Business Assignment SampleBottom-up approach further helps organisations to change their ideas with better creativity and following up market trends effectively in order to meet customer satisfaction.
Supervision and monitoring the process of overall activities get easier using the bottom-up approach where collaborative efforts of employees are highlighted and closely observed. This approach further allows employees to gain confidence and understand company values in terms of effective teamwork and better communication and dissemination of information.
Data Utility Life Cycle Model
Figure 1: Data Utility Life Cycle Model
(Source: Influenced by Mosconi et al. 2019)
Data Utility Life Cycle Model is a six dimensional model that allows the researcher to use data with an effective approach of analysing it effectively. This model very effectively introduce the six stages through which data is identified, collected and interpreted through a transparent analytical actions thereby helping researcher to reach conclusion.
This model shows how organisation uses data and analyse the current scenario, preserve it and further re-use it when needed. The first stage planning effectively identifies the sources that are used for collecting information (Mosconi et al. 2019). http://Data Driven Decisions for Business Assignment SampleInformation are collected with different selective approaches and is further processed. In process stage, data is analysed based on different market criteria that help organisations in understanding the market and data set effectively.
The analysed information is published and shared with respective departments in an organisation for better implementation in present day scenario. After a detailed analysis, the data is preserved safely in order to find analytical roots of market strategies and seek help for further market strategy formulation.
c. i) Data cleaning
It is important for supervisors to have a constant check of whether the data is repeated twice or more than that in order to save time and space (Crochemore et al. 2020).http://Data Driven Decisions for Business Assignment Sample Storage gets well utilised when data in the process of addition does not get repeated and create space for addition of new information.
The major errors that has been identified in this dataset include transcription errors as most of the data had chances to be different from the actual market value.
The data, to a great extent are in incorrect sequence along with overlapping of information. In the accessory section, the data seems to be manipulative as zero sales is not possible in the market. There has to be at least one or a minimum sales record for further analysis which made this data erroneous.
ii) Analysis: Summarise in appropriate tables and charts with management commentary
| Category | Sales Volume | Sales Value |
| Bracelet | 131 | 132155.76 |
| Ring | 42 | 40361.01 |
| Necklace | 111 | 149436.39 |
| Accessory | -1 | -2129.38 |
| Hair band | 88 | 104620.38 |
Table 1: Sales of Bangles in USA in 2018 1st quarter
Figure 1: Sales of Bangles in USA in 2018 1st quarter
Figure 2: Sales of Bangles in Japan in 2018
(Source: created by author)
Figure 3: Sales of Bangles in UK in 2018
(Source: created by author)
In Bangles, data analytics is mainly used for transforming raw information to valuable data imports that are installed in the business system for smooth running (Vengatesan et al. 2020).http://Data Driven Decisions for Business Assignment Sample
Data analytics further helps businesses to integrate with the operating systems thereby helping operational and marketing analysts to gain technological advancement in their business domain and develop insights on performance enhancement.
Controlling, leading, organising and planning other four major operating areas of Bangles management process which are greatly supported by data analytics and is therefore used to identify and mitigate risks in terms of employee and customer management (Alsghaier et al. 2017). http://Data Driven Decisions for Business Assignment SampleFrom the above table, it has been evident that this company has made a sales volume of 131 in bracelets, 42 in rings, 111 in necklaces, 88 in hairbands and -1 in accessory.
This was the report of first quarter in 2018 in US market which highlights the popularity of bracelets, necklaces and hairbands and a comparatively low popularity of rings and accessory. The sales value of bracelet was 132155.76 which was in high competition to that of necklace and hairband which were 149436.39 and 104620.38 respectively.
In contrast to USA and Japan, it has been evident in UK data that in 2018, around 90 bracelets, 45 necklaces, 17 hairbands, 22 rings and one accessory was sold in the first month. However a significant increase has been identified in the second month of 2018 in UK data which highlight a better interpretation of market strategies.
Bangles have successfully aim to increase the demand of their items and accessories in the second month which helps them to maintain a consistency in UK market. In comparison to Japan and USA, UK has less number of sales of hairbands which made it important for them to emphasise on its development. However, the sale of accessories were same in all the three countries.
In UK data, it has been evident that Bangles experienced a heavy sales in bracelets as compared to the other two countries which made it advantages for the company in UK.
In comparison to Japan, other than hairbands, UK market has been ahead in all the three major products like necklace, rings and bracelets. Improvements were very much required in ring and accessory departments and therefore the management are expected to put more focus on these aspects.
The capability of managers in Bangles is in their personality, intention and effective skills they possess for planning, designing and executing the strategies. These four operating areas are interlinked with each other and therefore managers preferred to integrate it in such a way that technology as well as human resource works in proper coordination.
d. i) Conclusions
From this study, it has been analysed that data-driven decisions play an effective role in engaging new ideas and creativity within business operations to improve performance agility and sustainability.
Through effective decision-making processes, employees of an organisation can analyse specific requirements and control business values according to requirements to meet all expectations. It would guide them to provide quality services and products according to the situations and improve satisfaction rate that can lead to managing success without any issues.
Through the assistance of effective decision-making processes, the supervisor can easily recognise the required changes and execute their tasks according to requirements to achieve goals and objectives without any issues. It can lead to managing success and allow businesses to grow their channels according to requirements without any issues. In this way, quality and environmental benefits can be executed properly which can decline complications in performance management.
The line supervisor of WFTT has taken accountability in incorporating changes within their service operations to develop their performance capacity and manage dataset of Bangle’s marketing campaign.
Changes include developing decision making, increasing awareness about marketing tasks, and managing experiences of broad management, incorporating effective approaches and adapting new recruitment strategies. These changes can guide service providers of WFTT to provide quality support to new employees so that they can understand the requirements and perform accordingly.
It would bring effectiveness and improve relationship management processes that can control the development processes for Bangle’s marketing campaign. Through these changes, new employees can make their choices and develop their existing performance structure according to expectations in this current environment.
It can lead to managing success and also develop the possibility of introducing quality information about Bangles from the external market. It can develop knowledge creation processes for new employees through which they can easily incorporate adequate informative and summative information according to expectations.
Handling data analysis is one of the key aspects for a business that can allow in controlling data collection processes and help businesses to make proper decisions accordingly.
It can assist employees to recognise all specifications that can lead to manage business performance and avoid complexities in operational activities. Through improved decision making, effective marketing, efficient operations, better consumer services and structured performance, the line supervisor of WFTT can understand marketing situations and provide details to new employees.
It can guide them to improve their knowledge abilities and incorporate adequate information to manage data analytical activities without any issues. It can help new employees to gain more knowledge about marketing aspects and control all value-added services to maintain the balance in value-added services and customer base.
Through this strategic decision, new employees can easily execute their tasks and control all variables of Bangle’s marketing campaign according to expectations.
Data cleaning plays an effective role in removing redundancy, duplicate and corrupted data through which a business can easily avoid that data and incorporate new ideas.
It would bring advantages and include reliable datasets that can help businesses to manage growth opportunities. Using data cleaning, employees of WFTT can easily analyse gathered data sets and remove all incorrect data to increase the quality and structure of sales processes of Bangle’s marketing campaign. It can also develop a way of handling all types of irrelevant data and maintain the validation processes without any issues.
Summative information helps in presenting or visualising all gathered data through tables and charts that can develop the quality of data supervisorial processes.
Through this informative operation, the line supervisor can easily make suitable decisions and improve the quality of their data collection processes. After analysing the information, the line supervisor can easily incorporate effective choices and develop the structure of data collection processes without any issues.
It would also bring structured stability and maintain the validation and reliability factors for data management operations in terms of requirements. Through this informative decision, new employees can easily manage all types of innovation by engaging in new events and strategic options without any issues.
ii) Next steps
Usage of econometric analytics
Advantages
Econometric analytics help employees to analyse economic values of sales activities of Bangle’s marketing campaign and guide the line supervisor to perform data pre-processing activities. It can help this business to manage value-added services by systematically setting all economic activities.
Disadvantages
Econometric analytic is very complex to execute in data pre-processing activities that can hinder the structured management processes according to requirements. Sometimes, this analytics would not give accurate results related to up and down processes for economic performance.
Development in data-driven decision making
Advantages
Data-driven decision making helps WFTT to introduce creative ideas and knowledge to perform all kinds of operations regarding data management processes of Bangle’s marketing campaign.
Through this step, new employees can execute their ideas that can lead to managing success for this business according to expectations. This step can develop the process of incorporating strategic decisions for this campaign to improve existing business performance and meet all requirements without any issues.
Disadvantages
Incorrect information can decline the structure of data-driven decision-making processes and violate the development processes in handling sales data of this marketing campaign. It can also decrease the effectiveness of data managerial processes and hinder the security management processes while performing data collection activities.
Implementation of block chain in supply chain
Advantages
Block chain technology improves the supply chain for WFTT and employees can execute decision-making processes and data collection activities from external marketing sources of Bangle’s marketing campaign.
This technology can improve the efficiency and speed of data transmission and control the structure of performance management within this business.
Disadvantages
The scalability of block chain technology in WFTT cannot be organised properly which can hinder the processing nature of data management that can negatively impact the development processes for this business.
Inefficient transformation of block chain technology cannot be controlled effectively that can decline the procedure of improving performance management of Bangle’s marketing campaign.
Training and knowledge development process
Advantages
Training and knowledge development processes help new employees of WFTT to develop their knowledge creation and idea generation processes.
Through this knowledge, new employees can identify all requirements and strategic processes to improve business performance according to requirements. It can lead to managing success rates and executing any kind of task for Bangle’s marketing campaign without any complications.
Disadvantages
Sometimes. The HR manager and the line supervisor of WFTT would fail to analyse specific requirements of their new employees and fail to deliver quality training and knowledge.
It can hinder the knowledge improvement processes for new employees due to which they would not give their effective performance to manage development processes.
Reference List
Alsghaier, H., Akour, M., Shehabat, I. and Aldiabat, S., (2017). The importance of Big Data Analytics in business: A Case study. American Journal of Software Engineering and Applications, 6(4), pp.111-115.
Crochemore, L., Isberg, K., Pimentel, R., Pineda, L., Hasan, A. and Arheimer, B., (2020). Lessons learnt from checking the quality of openly accessible river flow data worldwide. Hydrological Sciences Journal, 65(5), pp.699-711.
Mosconi, G. & Li, Q. & Randall, D. & Karasti, H. & Tolmie, P. & Barutzky, J. & Korn, M. & Pipek, V. (2019). Three Gaps in Opening Science. Computer Supported Cooperative Work (CSCW). 28. 10.1007/s10606-019-09354-z.
Cvjetkovic, M., Cvjetkovic, M., Jovanovic, Z. and Kalinic, M., (2021). Activities and Characteristics of a Manager in the Function of Improving the Strategic Activity of a Company. Editor, p.7.
Holmemo, M.D.Q., Rolfsen, M. and Ingvaldsen, J.A., (2018). Lean thinking: Outside-in, bottom-up? The paradox of contemporary soft lean and consultant-driven lean implementation. Total Quality Management & Business Excellence, 29(1-2), pp.148-160.
Klepić, I., (2019). Correlation of recruitment and selection of human resources and the performance of small and medium enterprises. Our economy, 65(4), pp.14-26.
Österle, B., Kuhn, M.M. and Henseler, J., (2018). Brand worlds: Introducing experiential marketing to B2B branding. Industrial Marketing Management, 72, pp.71-98.
Vengatesan, K., Visuvanathan, E., Kumar, A., Yuvaraj, S. and Tanesh, P., (2020). An approach of sales prediction system of customers using data analytics techniques. Advances in Mathematics: Scientific Journal, 9(7), pp.5049-5056.
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