Data Driven Decisions for Business 2023
Week 1:
It can be seen that the business environment is changing continuously in such a situation. Technology is the only factor that can assist the firms in adopting as per prevailing changes. Technology is essential for the success and long-term survival of the business because it manages the operations and information of the business (Kozyrkov, 2019).
Along with this, technology plays a vital role in strengthening the capability and skills of personals. Technology increases the significance of data analysis.
Data analysis is essential in every business firm as it helps in the collection of important information, which is inevitable in the long-term survival of a firm in a ruthlessly competitive world.
The data analyst performs the task of collection and security of data. He must analyze the data in such a way that he can get hidden information from data and the risk linked with it.
Also, the backup of data and information should be maintained, and such data should be quickly assessable by the organization when needed.
Along with a collection of data, it is also essential to maintain the confidentiality of data because the data of firms is very sensitive. Thereby outflow of data may cause serious problems for the organization (Heeringa et. al. 2017).
It is believed that the reliability of data depends upon the proper analysis. Thus the data analyst should be capable of proper analysis of data. It would assist the management in making sound decisions.
Week 2
| Financial data | |
| Sales of the products | Generally, every business has a profit motive, and the profit earning of the business is directly linked with its customers. Therefore, the more satisfied customer tends to purchase more products, which eventually led to a hike in the organization’s profit. Thus the data analyst maintains the information about customers of the company.
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| Environment/ Market factors | Today’s era is full of cutthroat competition. To sustain in such a competitive environment, the organizations are required to be adaptable. The business environment includes several factors like political, social, cultural, and economic factors that can impact the business’s operations. Here, the data analyst is to keep an eye on the corporate social contributions made by the company.
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| Revenue and profit of the firm | The profit earning capacity of the firms shows its soundness to survive in the business environment for the long term (Mazumdar, 2021). Here the data analyst provides information to the investors and helps to make suitable decisions.
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| Non-Financial data | |
| Investors | The investors use the data collected and analyzed to know the project’s success ratio in which they intend to make a huge investment.
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| Cooperation and Coordination among the member of the organization | Coordination and cooperation help in the collection of accurate and correct information (Castañer and Oliveira, 2020).
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| Productivity of employees | The data helps investors to get information regarding the productivity of the employees working on a particular project (Lamet. al. 2015).
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Week 3:
After analyzing the data of the company’s sales volume, it can be seen that the sales of bracelets are unstable month as it is seen that in the year 2018, the first month sales of the bracelet was 131 in the market United States of America. Then, in the next month, the sales began to fall, and it became 127.
Finally, in the third month, the situation was worst because there was not any sale of the bracelet. Thus it can be said that the sales of bracelets are declining continuously.
There may be many reasons behind this, like the customers may be dissatisfied with the product quality, design, or maybe the bracelet’s marketing was not done properly (Kanagal, 2020). However, this problem can be solved by hiring an efficient designer of bracelets who can provide innovative, unique, and attractive designs to its customers.
The statistics of the company are as follows:
- A) Total Volume and Sales volume by month
- B) Average prices per month by category and total
- C) Total volume and sales by category and total by year and by a quarter
- D) Year on year sales volume, sales value, and average price by category and total of the same.
| Year | Sales volume | Sales value |
| 2018 | 3854 | 4419407 |
| 2019 | 3703 | 3992791 |
| 2020 | 3834 | 4445505 |
Week 4
The chart of sales volume and sales value is as follows:
The above chart is formulated with a view to providing clear information and understandable information of both sales volume as well as sales value of the Bangles products. It presents the data from 2018 to 2020.
It can be seen from the chart that the Bangles is earning remarkable profits from its various products like bracelets, hairbands, necklaces, and rings. Still, eventually, the sales of these products started declining in the year 2019 and decreased up to 3703 from 3854.
It is concluded that the reason behind such decrease may be customer’s dissatisfaction with the product (Chambers et. al. 2018). There are several factors that affect an organization’s sales, like the productivity of employees, marketing strategy of the company, quality of the product, innovation, and many more. It is seen that in the year 2019, the sales volume and sales value of bracelets are unstable.
It may be due to poor design and the ineffective market of bracelets by the company. The success of products depends upon their effective and attractive design. The design should be capable of attracting customers and fulfill their specific needs.
The sales of bracelets marked a hike in 2020. It was more than sales in 2019 but less than the sales in 2018. The reason behind this rise was the newly appointed marketing manager in the company (Varadarajan, 2015). The marketing manager can formulate new and effective marketing strategies that will help attract several customers to the company’s products.
Along with sales of bracelets, the sales for rings were also seen decreasing every month. Such a decrease in sales of every product is not a good sign for the success and survival of the company in the competitive market environment. Therefore, the company should take measures to overcome these issues.
It can be done by concentrating upon the design of its products. The company is needed to improve the design of products to attract many customers. Thus it should appoint a new designer capable of making unique, innovative, and attractive designs that can attract customers towards the purchase of the product.
References
Books and Journal
Castañer, X. and Oliveira, N., (2020). Collaboration, Coordination, and cooperation among organizations: establishing the distinctive meanings of these terms through a systematic literature review. Journal of Management, 46(6), pp.965-1001.
Chambers, J.M., Cleveland, W.S., Kleiner, B. and Tukey, P.A., (2018). Graphical methods for data analysis. Chapman and Hall/CRC.
Heeringa, S.G., West, B.T. and Berglund, P.A., (2017). Applied survey data analysis. Chapman and hall/CRC.
Kanagal, N.B., (2015). Innovation and product innovation in marketing strategy.Sage.
Kozyrkov, C., (2019). What great data analysts do—and why every organization needs them. Strategic Analytics: The insights you need from.
Lam, M., O’Donnell, M. and Robertson, D., (2015). Achieving employee commitment for continuous improvement initiatives. International Journal of Operations & Production Management.
Mazumdar, T., (2021). Price, Revenue, and Profits: The Basics. World Scientific Book Chapters, pp.13-26.
Varadarajan, R., (2015). Strategic marketing, marketing strategy, and market strategy. AMS Review, 5(3), pp.78-90.
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