Assignment Sample on MBB7003M Data analytics and the Blockchain
Introduction
Starbuck, a renowned Coffee House chain company, depended on systematic data analysis and blockchain for maintaining the security of information. In this discussion, the important factors of data analysis and blockchain management will be filled up for making a better understanding of these topics. Starbucks is one of the renowned coffee industries of the world so that the pressure of creating proper expansion with quality service became a very prestigious activity. Blockchain is a systematic data secure process that eliminates the high chance of fraud, hacking or unauthorized transfer and on the other hand data analysis helps to settle all information into a row that, in need, data can be found easily. In this discussion, the effective characteristics of these two things will be analyzed properly.
Analysis of data support and usage
- Data analysis is all about analyzing the data from different perspectives and for different purposes. Different types of data are:
- Descriptive analysis is a very fast process of analysis that helps to summaries the data and also helps to describe the data that has been used for the descriptive statistics. By this type of analysis, it is easy to represent the data simply.
- The exploratory analysis attempts to examine the data and find out the connection between the unknown variables. On the other hand, this kind of analysis process is used to prepare hypotheses.
- According to Levykin and Сhala, (2018) the inferential analysis is helpful as it uses a small amount of data and provides and generalizes a large group.
- Predictive analysis is used to analyze the historical data for the current status for the purpose of finding out the patterns that make predictions. It can be said that this type of analysis process is mostly used to analyze the data in the future.
- All the processes of the data analysis can be used in Starbucks as the predictive analysis process can help the business to identify if the industry will get more customers in the future and also help the business to find out the relationships between the variables which are unknown for the business at present time.
Organizational feature of Starbucks
The activities of Starbucks indicated several exceptional features that must be appreciated by the competitors for better social Reform. Continuous development in revenue helps this organization become a more powerful and influential center that can make some ideal steps for its future.
- Servant leadership
Starbuck is totally dependent on servant leadership as It helped to become more friendly with employees. Employees become more enthusiastic and passionate in such an environment where leaders become friendly over dominant.
- Openness
The mentality of the management group promotes the employees according to individual capacity. According to Faludi, (2020), any kind of business is not acceptable over quality. An impactful development doesn’t promote any materialistic thought over abstract quality which spreads the positive impact over an organization.
- Diversity approach
Not only analyzing the academic qualification of an employee, but Starbuck also monitored extracurricular activities like analytical power, diverse mentality, and so on.
- Communication
The most important feature of Starbuck is smooth communication among employees and leaders (Dalevska et al.2019). Better decisions believe in better communication that improves business thinking as well.
Supportive techniques of development
There are some techniques that can be helpful for development such as:
- The 80/20 rule is helpful to develop the team that is working on a particular project. As per this rule, 20% of all signed deals will account for the 80% growth of the business.
- Focusing on the relationship over transaction can be a great technique to develop the business (Jeong and Oh, 2017). A new deal, the chance to make a bond of a relationship over a transaction. In that case, providing value to the partner is a great strategy.
- Repeating customers and sales is a strategic step for organizational betterment. If the administration department of a business shares a new idea with the existing partner, finding a new partner can be a great step. Increases the faith in each other and strengthens the relationship.
- Signing and keeping in touch are a must to develop the business. Most organizations forget that once a deal is signed it is very important to keep in touch and maintain the relationship with the client.
All these strategies are the best steps techniques for the organizational betterment of Starbucks.
Required competitive advantages
The competitive advantages that are highly required for any industry can be divided into two Categories from the scope perspective like narrow scope and broad scope. depending on the basis of the source of competitive advantage, there are also two different categories like cost and differentiation. Differentiation of product exorcism is one of the most important competitive advantages because this will help to make a different exclusive image of the product. Abraham et al. (2021) mentioned that customers are more attracted to the Exclusive features of that product and commence to purchase it. Starbucks has a lot of competitors in the market so this industry can include product exorcism strategies to differentiate. High-quality low-cost products are the most exotic things that every customer intends to purchase and it can become a changing strategy for a business also. To compete with the rivalries industry can state the price as low as possible of the product in comparison with the others. McLaughlan, (2018) said that human capital can convert into the asset of a business at any crucial time. For that reason, every business should concentrate on the quality of human capital instead of materialistic thinking, then only the business can overcome any crucial situation easily.
Supporting features of data analysis
Data analysis is a step-by-step process done for organizing information in a systematic manner. Data acquisition, data security, data governance, insight analysis, storage of data, visualization, and lastly optimization are the steps that are included in the data analysis process. In the initial period, the organization will concentrate on differentiating all the data and organizing it according to its importance. After that data analysis process will store the data following the chart and make sure that all things should be done perfectly. Discourse analysis and content analysis are the two main categories of the qualitative data analysis process. Starbucks also followed these two analyses processes and makes sure that information can get easily whenever management groups need it from employees.
These features are so supportive because Starbuck is a worldwide established industry and there are many segments that need to be secured. And the analytical, storability, governable characteristics are the main reasons for work.
Conclusion
This whole presentation is based on the blockchain and data analysis of Starbucks. In this presentation, the types of the data analysis process are covered which gives a clear picture of the working process of the business. Simultaneously the usage of the data analysis procedure is also mentioned in detail. Also, the organizational feature is analyzed step-by-step. The important steps are covered first. The techniques that help to develop the business are mentioned. As strategy has a great influence on business development that’s why technical strategy is a must for the blockchain and data analysis of Starbucks. The first four techniques are very important for business development. The required comparative advantages are also a covered part of this study. Also, the supporting features of data analysis are an important part of this presentation.
Reference list
Faludi, J., 2020. Innovation Openness and Business Models of Shared Machine Shops in Budapest. Strategic Design Research Journal, 13(1), pp.42-56.
Dalevska, N., Kravchenko, S. and Kwilinski, A., 2019. Formation of the entrepreneurship model of e-business in the context of the introduction of information and communication technologies.
Abraham, G.T., Osaisai, E.F., Wariowei, D.S., Abalaba, I. and Obapou, T.T., 2021. Usability Issues with E-Commerce Websites in Nigeria. Asian Journal of Computer Science and Technology, 10(1), pp.5-12.
McLaughlan, R., 2018. Towards an ethic of reciprocity: The messy business of co-creating research with voices from the archive. Cultural Studies Review, 24(2), pp.39-55.
Jeong, M. and Oh, H., 2017. Business-to-business social exchange relationship beyond trust and commitment. International Journal of Hospitality Management, 65(115-124).
