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Business data is something that contains everything about any company or Industry. This organisational data or business data includes information that is related to any specific company. These business data or information can be the sales data, consumer information list, product data, specifications of every product, website statistics and many more like these related to a particular business. This data or information helps the data analyst to manage the chief data in some specific categories. These can help in assuming the customer behaviour, predicting and following the market trends and improving the decision-making process. The proper use of these business data inaccurate places will help the company or industry to determine the Return of Investment of that particular company's marketing efforts (Kremer, 2018). Therefore any business can review the business status by maintaining proper business data regularly. This data saving process helps in checking the business profit and loss rate, sales rate and their scopes and opportunities by their reports and statistical analysis. The basic principle this business data-keeping follows is that how clearer the company observes their consumer, the much easier it will become to reach their customers.
There are two types of Business data sources is internal data sources and External data sources. Internal data collection happens when the information of any company has been taken from the internal sources of the company. Here in this context, the internal sources mean the managers, resources, officers and the other employees. When the information has been collected by these internal sources about the profit, loss, loans, wages and some other aspect of any company, that is called the internal data sources. When the information has been collected from the outside of the company about their company then it can be called external data and the sources from which the information has been collected are called external data sources (Ulrich and Grochowski, 2018). These are two chief types of business data sources. Other than these there are some other types of data sources and they are Satellites Data Sources and the source of Government. Governmental sources mean when by any governmental report or anything some information about any company has been published. In order to answer this question, this paper needs to analyse three types of business data sources and for this internal data sources, external data sources and government sources have been chosen.
Internal data is always retrieved from the internal sources of the company in order to make appropriate decisions for the company to achieve overall growth. There are four major areas or sources that can be used while gathering internal data and they are human resources, marketing, sales and finance. Human resource is an important area to cover while talking about the internal data sources of any company. This area can discuss the key factors of any company. In order to analyse the turnover, revenue, investment, loss, debts, profit rates, HR metrics has a significant role in improving the company status along with employee qualities and annual turnover. HR Metrics is a measurement that helps to review the effectiveness and values of the human resources and their initiatives (Fernandez and Gallardo-Gallardo, 2020). HR Metrics is so effective to examine the profit or loss rate, turnover that the company has gained within a specific period, human capital, return and investment of the company, costs or expenses per employee.
Marketing also has an important role in gathering internal data. Marketing is the area that helps to provide information regarding the marketing policies, rates of products, raw materials and other information about the industry. The area of Sales also played an important role in gathering the internal data. Among the areas of sales, information about sales rate, price rate and sales reports and the amount of product that has been sold by the company have been covered. The finance area has been concerned about every financial report of the industry that discusses every aspect of the economic condition. All this information is helpful in the decision-making process of any company. They help the company to assume the market demand and by judging they meet the expectation of the customers. This will lead the company to get a higher rate of success. Internal data are also useful to promote the brand or the company or advertise the value of the company.
As the external data includes the information that has been collected from the sources that belong from the outside of the company. These sources can be printed material or the broadcast report along with the online dissimilation. Among the printed material there are several books, reports, microfilms, microfiche along with the newsletters (Mayo, 2018). These printed reports help in collecting information for those fields that need to mention some evidence. Online sources include every data or information about that particular company that has been provided in the online mode. This can be an article or any statistical report based on any survey. Now in the 21st Century, online sources can provide appropriate information that includes demographics and market, economics and business, finance and banking, foreign statistics, international trade, economic trends and many more. These online data are much more accessible than offline data. There are some aspects like foreign level of information, some confidential information from the scientific field and some governmental decisions. Broadcast reports that have been telecasted on the television or the OTT platforms can also be concluded among the external data. This third-party data has been used to pick up some better and more impressive strategies from the outside of their companies. This will lead the company to get a higher rate of success with these new implementations. This information has a crucial part in supporting strategic planning.
Government data sources include sources like trade publications, governmental surveys, scientific journals and some governmental sectors that provide information about every organisation. This type of information is more reliable and appropriate than the other types of data (Akhmetova and Nevskaya, 2020). This type of data has been provided by the government so this will be no doubt exact in many ways. So in those fields that require proper and reliable data, they can collect their required data from governmental sources either offline or online. This collected data also helps in the planning process and better decision-making.
This question has been mainly designed to show the implementation of the gathered information of strategic plan in the work practices. This answer mainly deals with the knowledge and skills that have been gained or collected during the assignment that was conducted. This paper mainly described the strategies or working processes of any organisation that helps in improving the business process. By conducting this assignment I have gained knowledge about the strategies, plans and policies that played a significant role in improving business performances. This paper also provides knowledge about HR's role in supporting the maintenance of the performance through change management and business planning. Basically, from this, I have learned about business planning and change management. This also enlightened me with the skills to handle change management and business planning in any company. While doing the paper I have gained knowledge about three types of data sources and their roles. This paper also provides me with the knowledge of the application of these three types of data in an elaborate way.
Kremer, K., 2018. HR analytics and its moderating factors. Vezetéstudomány-Budapest Management Review, 49(11), pp.62-68.
Ulrich, D. and Grochowski, J., 2018. Building a world class HR department. Strategic HR Review.
Fernandez, V. and Gallardo-Gallardo, E., 2020. Tackling the HR digitalization challenge: key factors and barriers to HR analytics adoption. Competitiveness Review: An International Business Journal.
Mayo, A., 2018. Applying HR analytics to talent management. Strategic HR Review.
Akhmetova, S.G. and Nevskaya, L.V., 2020, March. HR Analytics: Challenges and Opportunities in Russian Companies. In “New Silk Road: Business Cooperation and Prospective of Economic Development”(NSRBCPED 2019) (pp. 58-63). Atlantis Press.
Guenole, N. and Feinzig, S., 2018. The business case for AI in HR. With Insights and Tips on Getting Started. Armonk: IBM Smarter Workforce Institute, IBM Corporation.
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