DATA DRIVEN DECISIONS FOR BUSINESS

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Table of Contents

1.0 Data analytics........................................................................................................................1

I. Key changes and trends........................................................................................................2

II. Ways Analytics and Data can add value...............................................................................3

2.0 Summarize and justify the analytical approach....................................................................4

I. Types of data analytics.........................................................................................................4

II. Justification of the analytical approach................................................................................5

3.0 Data analysis.........................................................................................................................5

I. Data Cleaning and identify some specific errors in the database.........................................5

II. Analysis................................................................................................................................7

o Summary tables...............................................................................................................7

III. Data visualization..............................................................................................................9

4.0 Conclusions and Next steps................................................................................................12

I. The key insights of the report.............................................................................................13

II. Recommendations on how the analysis can be improved..................................................13

III. Data analytics concerns...................................................................................................13

IV. Advance techniques of data analytics.............................................................................14

o Advantages.........................................................................................................................14

o Disadvantages................................................................................................................15

5.0 Board Summary..................................................................................................................17

References......................................................................................................................................20
 1.0 Data analytics

Businesses and organizations of all kinds can benefit greatly from data analytics, which is

becoming increasingly useful. With the advancements outlined above, revenues and consumer

loyalty will rise, waste and inefficiency will decrease, and the competitors will wonder how they

were left behind in the lurch (Jha, et al., 2020).

I. Key changes and trends

o Natural Language Processing

Because it allows users to execute searches in normal human language, whether through written

or spoken input, natural language processing (NLP) is like the Google of data analytics. Because

of this technology, data analytics is becoming more accessible to a wider range of professions,

including front-office staff.

o Augmented Analytics

Users of augmented analytics can uncover the most essential information using AI and machine

learning. By automatically searching through a firm or organization's data, evaluating it, and

delivering actionable insights, it accomplishes this feat. When compared to manual analysis, this

approach saves a lot of time (Mikalef & Krogstie, 2020).

o Block chain

In addition to its function in crypto currencies, block chain technology may be utilized for a wide

range of activities across sectors. Since the block chain validates data veracity, it prevents

incorrect information from being included in studies.

o Continuous Intelligence
It's possible to name it continuous intelligence or real-time intelligence. As technologies such as

the cloud, broadcast software, deep learning, and (IoT) become more powerful and linked, this

sort of data inquiry becomes increasingly feasible.

o Data Fabric

In a dispersed network, a data fabric allows for smooth data exchange throughout the network.

Data integration orchestration, according to Gartner, is a “custom-made design that delivers

reusable data services and APIs using a mix of data integration techniques” (Behl, 2020).

II. Ways Analytics and Data can add value

But to access this value, Bangles need the analytics component as well as the data collection.

Businesses may enhance their performance by using analysis techniques. In addition to

improving your understanding of your consumers, it may help business enhance its advertising

efforts, budget, and more.

o Reduce time to business value

In addition, data analytics improves ROI by reducing the time to value for these projects.

Examples include net income market data, managing project, and timeline risk monitoring,

operation research, and competitive performance analysis.

o Improved Decision Making

With the use of data analytics, companies can make better-informed decisions. In designing

marketing campaigns, deciding what content to generate, producing products, and more, big data

removes much of the uncertainty (Upadhyay & Kumar, 2020).

o More Effective Marketing

The campaigns' performance may also be improved through data analytics, allowing businesses

to fine-tune their efforts for maximum results.

o Better Customer Service

Insights gained from data analytics help you to customize customer service to meet their

demands, give more customization and develop deeper relationships with your consumers as a

result of this.

o More Efficient Operations

Analytical data may help businesses optimize operations, save money, and increase their bottom

line. The less time business spends generating advertising and content that doesn't fit your

audience's interests, the more time they save (Balakrishnan, et al., 2020).

II.0Summarize and justify the analytical approach

As a result of big data analytics, businesses such as Bangles may better understand their

customers' needs and preferences so that they can attract new customers and keep their present

ones with tailored and relevant solutions (Zehir, et al., 2020).

 I. Types of data analytics

Descriptive Analytics: This type of analytics, seeking thoughts on how to approach the future.

In descriptive analytics, one of the major goals is to uncover the causes behind prior successes

and failures.

Predictive Analytics: As forecasts are dependent on probability, the accuracy of predictions is

not 100 percent.

Prescriptive Analytics: This is the next stage in predictive analytics, and it allows you to

manipulate the future. Prescriptive analyses provide insight into probable outcomes as well as

actions that are likely to optimize important business KPIs. Simulation and optimization are used

to answer the question, "What should a firm do?" For this reason, many organizations do not yet

use prescriptive analytics in their day-to-day operations since they are tough to manage.

Diagnostic Analytics refers to the analysis of internal data to determine the "why" behind what

happened. As long as there is enough data available, organizations may utilize this type of
analytics to gain a deeper understanding of a particular situation. Anomalies can be detected

using diagnostic analytics, as can casual connections in data (Vitari & Raguseo, 2020).

II. Justification of the analytical approach

It is decided to use a predictive analytic technique for the research. Because Predictive analytics

improves the accuracy and reliability of gazing into the future compared to earlier techniques.

With predictive analytics, companies such as bangles may also create new consumer replies or

purchases, as well as cross-sell chances, by improving marketing campaigns. It is possible to

acquire, keep and nurture the most valuable consumers using predictive models. This sort of

strategy generally offers distilled content to describe current patterns in customer service and

product behavior, consumer satisfaction, the significance of competitors, etc (Nadikattu, 2020).

3.0 Data analysis

I. Data Cleaning and identify some specific errors in the database

Data cleaning is the process of finding and repairing mistakes, fixing missing data or dealing

with unnecessary data in the data sets. As a result of cleaning data, businesses can be confident

that any future analysis and conclusions will be accurate and complete (Yasmin, et al., 2020).

o Remove extra space

Extra Spaces Must Be Removed Leading and trailing spaces as well as the extra spaces between

words are removed by this program.

o Get removal of duplicate

 o Click Home > Conditional Formatting > Highlight Cells Rules > Duplicate

Values to choose the data.

o All duplicate values are indicated when you specify the formatting.

o Eliminate duplications in the data

o Select the data and click on Data –> Remove Duplicates to get rid of the duplicate

records.

o When using headers in your data, be sure you choose the checkbox at the top

right.

o By clicking OK, you will be able to delete duplicates from the selected column(s).

o Text Segmentation

There is a possibility that when the import data from a database or another file, all of the text will

be in a single column. Excel has a variety of tools and utilities that may assist to break the data

into columns.

o Check the spelling

There is nothing more damaging to the credibility of the work than spelling mistakes. When

trying to evaluate data, spelling mistakes might also cause issues.

II. Analysis

o Summary tables

by market Sum of Sales

subtype Sum of Sales Value Volume
USA 12253634.95 10913
Accessory 506894.6 275
Ankle bracelet 2500 10
Bracelet 5100377.95 5157
Hair band 2793324.07 2378
 Hairband 223355 228
Necklace 2674325.48 1945
Ring 952857.85 920
US 604067.44 478
Accessory 64407.33 31
Bracelet 214390.18 212
Hair band 112578.16 95
Necklace 203202.93 128
Ring 9488.84 12
United Kingdom 5986848.79 7133
Accessory 163317.66 113
Bracelet 3880093.78 4836
Hair band 399147.79 462
Necklace 1003450.93 929
Ring 540838.63 793
Japan 16256108.94 11035
Accessory 305179.89 155
Bracelet 901162.74 834
Hair band 12616479.58 8403
Necklace 1743502.63 1024
Ring 689784.1 619
Grand Total 35100660.12 29559

Table 1: sum of sales values and sales volume by year by market

by market Average of Sales

subtype Value Sum of Sales Volume
USA 73817.07801 10913
Accessory 18773.87407 275
Ankle bracelet 2500 10
Bracelet 145725.0843 5157
Hair band 96321.51966 2378
Hairband 44671 228
Necklace 78656.63176 1945
Ring 27224.51 920
US 75508.43 478
Accessory 32203.665 31
Bracelet 214390.18 212
Hair band 56289.08 95
Necklace 101601.465 128
Ring 9488.84 12
 United Kingdom 37417.80494 7133
Accessory 9073.203333 113
Bracelet 107780.3828 4836
Hair band 11739.64088 462
Necklace 27873.63694 929
Ring 15023.29528 793
Japan 99122.61549 11035
Accessory 15258.9945 155
Bracelet 25032.29833 834
Hair band 350457.7661 8403
Necklace 48430.62861 1024
Ring 19160.66944 619
Grand Total 70483.25325 29559

Table 2: average of sales value and volume by year by market

III. Data visualization

Sum of sales value by year

8000000
7000000
6000000
5000000
4000000 USA
3000000 US
2000000 United Kingdom
1000000 Japan
0
Accessory

Accessory

Accessory
Hair band

Hair band

Hair band
Hairband
Ankle bracelet
Bracelet

Bracelet

Bracelet
Necklace

Necklace

Necklace
Ring
Ring

Ring

2018 2019 2020

Fig.1 Column chart shows the sum of sales value by year by market

As seen in the figure, the total amount of sales has been shown. There was a small decline in

sales in 2019 for the hairband, according to this data. In 2020, the bracelet market dominated the
industry. When compared to the worth of accessories on the market. The marketing effort had a

beneficial influence on accessory sales.

Average of sales value by Market

400000
350000
300000
250000
200000
150000
100000 Total
50000
0
Accessory

Accessory

Accessory

Accessory
Hair band

Hair band

Hair band

Hair band
Hairband
Ankle bracelet
Bracelet

Bracelet

Bracelet

Bracelet
Necklace

Necklace

Necklace

Necklace
Ring
Ring

Ring

Ring
Japan United US USA
Kingdom

Fig.2 line chart shows the average of sales value by year by market subtype

Figure 2 shows the average Sales value. In 2020, Japan's market will have the lowest selling

value, but this market's average value was high in 2018. Sales were £16,098 a month before the

campaign and £11,262 a month after the ad. Thus the marketing effort had a detrimental effect

on ring sales.
 Maximum sales value by market subtype
1400000

1200000

1000000

800000
USA
600000 US
United Kingdom
400000
Japan
200000

0
Accessory

Accessory

Accessory
Hair band

Hair band

Hair band
Hairband
Ankle bracelet
Bracelet

Bracelet

Bracelet
Necklace

Necklace

Necklace
Ring
Ring

Ring
2018 2019 2020

Fig.3 column chart illustrates the maximum sales value by market subtype

Figure 3 shows the market by year on the x-axis and the sales value on the y-axis. Japan had the

highest sale value in 2009, as can be seen from the chart. In the United Kingdom, it was the

lowest in 2018.

Sum of sales volume by year

6000
5000
4000
USA
3000
US
2000 United Kingdom
1000 Japan
0
Accessory

Accessory

Accessory
Hair band

Hair band

Hair band
Hairband
Ankle bracelet
Bracelet

Bracelet

Bracelet
Necklace

Necklace

Necklace
Ring
Ring

Ring

2018 2019 2020

Fig.4 column chart shows the sum of sales volume by year by submarket
Hairbands are quite popular in Japan, as seen in figure 6, but they are virtually nonexistent in the

United Kingdom. In the United States, bracelets have a solid market. In Japan, the United States,

and the United Kingdom, accessory sales are at zero.

Average of sales volume by year

Ring
Necklace
Hairband
2020

Hair band
Bracelet
Accessory Japan
Ring United Kingdom
Necklace
US
2019

Hair band
Bracelet USA
Accessory
Ring
Necklace
Hair band
2018

Bracelet
Ankle bracelet
Accessory
0 100 200 300 400 500 600 700

Fig.5 Bar chart illustrates the average of sales volume by year by market subtype

Japan has the highest average sale volume in 2018 and the lowest average sale volume in 2020.

For 2018, 2019, and 2020, the average sales volume will remain the same. After the campaign,

that number jumped to 189 bracelets per month.

 Maximum sales volume by market

USA; 299

Japan; 610

United
Kingdom;
316

Fig.6 pie chart shows maximum sales volume by market

This pie chart illustrates the maximum sales volume in an easy-to-understand manner. According

to the pie chart, the company's greatest sales volume occurred in 2019 and its smallest sales

volume occurred in 2020.

4.0 Conclusions and Next steps

A firm's use of business analytics may help them gain a better understanding of how they can

become more efficient, which will allow them to optimize and automate their operations. No one

is surprised by the fact that data-driven companies tend to beat their competitors in business

analytics. A company that wants to make proactive decisions might also benefit from business

analytics. In addition, organizations may automate their whole decision-making process with the

use of business analytics, so they can give real-time replies as needed. Business intelligence is

widely used in a variety of industries, as the research reveals. There is indication that data-driven

effects may increase corporate performance and also decision accuracy utilizing analytical

techniques for data technology and big data strategies, according to the research.
 I. The key insights of the report

A market campaign was created based on data analysis of business Bangles' sales performance.

For example, according to figure 5, 2019 had the highest sales volume. Afterward, in 2020, it has

decreased. During the first half of the year, there was a decline in sales, but in the second half,

sales have risen. Graphically, it appears that the marketing effort performed in May 2020 had

very little influence on bangle sales volume and value. The campaign was designed to boost the

sales volume and value of bangles, however, the results were not sufficient. Given that graphical

representations aren't the most accurate indicators of the impact of a marketing campaign, we'd

rather utilize a more comprehensive study with the assistance of numerous statistical techniques.

II. Recommendations on how the analysis can be improved

Platforms that can enable a wide range of analytics applications should be developed

According to the research, because low-maturity businesses tend to have rudimentary IT

infrastructures, their BI platforms tend to be more conventional and reporting-centric and are

either incorporated in ERP systems or independent, restricted reporting tools.

BI maturity may be improved by integrating analytics platforms that expand their present

infrastructure to include new analytics technologies (Mariani & Wamba, 2020).

III. Data analytics concerns

o Maintenance of data quality

Data quality management for large data needs a substantial amount of time, effort, and money to

effectively maintain.

o Data protection.
As a result of their complexity, big data systems provide a unique set of security issues. It might

be difficult to properly handle security problems within a complex big data environment.

o Choosing the appropriate tools.

Choosing the correct tools is essential. Big data analytics tools and platforms are available in a

wide variety, so businesses must know how to choose the best solution that fits their goals and

infrastructure (Maroufkhani, et al., 2020).

IV. Advance techniques of data analytics

Forecasting trends, events, and behaviors may be done with advanced analytics. These complex

statistical models, such as "what-if" computations, provide businesses the opportunity to future-

proof different parts of their business. It is an automated approach for extracting useful

information from huge amounts of raw data (Brintrup, et al., 2020).

o Advantages

o Increased revenue

Increased earnings are a natural outcome of smarter marketing techniques and improved

customer service. As a result of BD, time to market is improved, resulting in faster growth

and more revenue.

o Expense reduction

A business intelligence solution may appear pricey at first, but the resultant cost savings

may be applied to other areas of the organization as well. As an example, eBay's utilization

of the SAP HANA platform.

o Increased productivity
For example, using a big data solution to speed up the month-end closure process may cut

the time from days to hours. The application of BD concepts in machine intelligence and

deep computing by IT departments allows them to anticipate problems and give solutions in

advance (Zhang & Xiao, 2020).

o Better customer experience

Using this data, organizations may better understand their consumers' demands as well as

foresee potential faults and problems in the future. Consumers' tastes may be catered to if

firms develop detailed profiles of their customers.

o Competitive advantage

Constant real-time information implies becoming increasingly nimble and adaptable to the

market's demands. To get an advantage in the market, a firm must be able to acquire a clear

image of its competitors and gain insights that they do not. As well as evaluating test

findings, the technology may be used to simulate probable outcomes during the creation of

new goods or lowering/increasing pricing, or concentrating on new target groups.

o Disadvantages

If a company wants to adopt BD, it has to rethink its strategies or perhaps its whole culture.

As a result of the real-time input of BD, a whole new strategy and methodology are

required.

It might take a long time to develop BD capabilities, and recruiting skilled personnel will

increase expenses. Most CEOs surveyed by New Vantage say human issues are the biggest

obstacle to being data-driven.

More information may also lead to more misleading and ineffective information, so

beware. Due to the requirement to guarantee correct and relevant information is analyzed,

the process is slowed. Furthermore, data and data sets are not objective. At both the

collection and analysis stages, there are hidden biases to be aware of.

Hackers are attracted to a firm that stores large volumes of private information. When data

is duplicated across several places to improve query processing, it might be difficult to find

and secure all objects and critical information (Holmlund, et al., 2020).

5.0 Board Summary

References
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