Data Insights for Business Decisions Case Study

Data and its importance to the organization

• Particularly, the data is the basic facts and statistics gathered during the functions of an enterprise. 

• They can be operate to estimate or record a broad range of enterprise actions- both interior and exterior.
• Company data is all the facts that have affiliated with a firm, such as deals data, consumer contact data, and exact website gridlock statistics. 

Data acuities are recreating an ever-enhancing role in enabling companies to comprehend their consumers and make better-"informed business decisions". It enables the company to measure the significance of the given approaches, and when the approaches are set, it has allowed overcoming a challenge. Gathered data helps the company to determine how the solution is performing well or requires changing the approaches that has been taken.

Types of data

• There are three types of data used in any organization to evaluate and analysis of the products and services' growth rate 
• Primary Data: Primary data is the first-hand research or the data collected through surveys or interviews, all can say this has based on original data collection. For example, "A life-cycle assessment studies using primary data”. Santos, et al (2021) It is of 3 types Qualitative, Quantitative and mixed methods.
• Secondary data: The researcher has accessed the previously gather data by someone else. For example, the second method has been used by Hoque, et al.(2020)" china’s tourism industry that is deeply impacted by COVID-19".
• Big data analytics : It represents the procedure of encountering tendencies, practices, and correlations in immense quantities of natural data to help drive data-informed conclusions. 

It includes standard statistical data and methods like clustering and deterioration and applies them to the new data set with advanced tools.

Volume, Variety and velocity are three determinations of properties or measurements in big data, where volume directs to the quantity of data, variety directs to the types of numeral data and velocity directs to the speed of the data collection processing.

Traditional market research and its importance to the business

• Traditional marketing is a state of marketing that uses offline mode methods to contact customers.
•  It has developed to furnish the active participation of an individual by the investigator and the matter.
•  The tools and approaches used encourage face-to-face relations between the two groups or parties.

 It is important to business as it aligns the sales and dealing together and it is also more sustainable and builds a long-term relationship in the market (Krizanova, et al.2019).These marketing approaches are highly personalized and influential in customers' attention and engagement.

Difference between traditional market research and big data analytics

• Traditional Data: It has being on the specified schema and static qualities
• and could operate with structured data, which serves effortlessly in the relational database.
• For example, images, texts etc. 

Traditional analytics always take place after the occurrence or period that has evaluated and examined.Big Data: It uses a vibrant schema that can contain unstructured as well as structured data and the database is from various sources (Rialti, et al.2019). For example, “searching, visualizing and analyzing”. Big data analytics occurs in real-time as the data has being collect and conclusions has given virtually instantaneously.

Different methods by which data has been captured

• There are different ways to capture the information and data in the organisation such as "surveys, Transactional tracking, interviews, conservation, online tracking, forms of social media marketing etc”. 
• Surveys stand physical or online questionnaires that collect both "qualitative and quantitative" data from topics (Zhu, et al.2021).
•  It helps the active participation of the employees and industries and represents the possibilities for disbursement at hierarchy.

 Transactional tracking can allow the company to make determinations about targeted transaction actions and understand the consumer base generously. With the help of interviews, the company can collect feedback from people in the target people about new outcome characteristics or attributes. It can develop valuable data regarding which product attributes to seek (Zhu, et al.2021). This data capture method allows the company to ask customers or clients about their opinions, encouragements, and emotions concerning the product or trademark.

An observation enables the company to look immediately at how users connect with the company's product or place. The company can purchase the qualitative and quantitative information obtained from this to make progress and plait down on issues of victory.

Management information systems and its uses in an organization

• "MIS" is utilized to follow the deals, inventory tools and company-related information (Berdik, et al. 2021).
• It supports functions, processes, intellect, and IT and the tools help to drive data and control information. 
• MIS assemble data-driven information that allows the companies to assemble the right findings at the correct time (Berdik, et al. 2021).

 It is used by many large groups of companies for the "e-commerce and marketing" of their products with the help of digital screening. 

Technological impact on the organization

• Implementation of Artificial intelligence and machine learning in the financial sector has been particularly widespread.
•  In the UK, a contemporary AI initiative has founded on approximately a weekly rationale since 2014. 
• Artificial intelligence can increase business security by examining and confining average data patterns and tendencies and warning enterprises of disparities or uncommon activity (Caputo, et al.2019).

 After the application of AI the GDP of the UK could be increased up to "10.3% higher in 2030". The use of AI can facilitate processing and enables acuities to be developed faster. 

Statistical and other modern computer software promote fast data collection

• Using online mode rather than paper forms has a consequential effect on the duration and cost savings as "printing, storing, and distributing" expenditures reduce or vanish. 
• Modern software mode can be furnished to thousands of forthcoming respondents through online media and social networking sites (Li, et al. 2021).
• It enhances preciseness and data efficiency, it reduces extreme manual mistakes and loopholes and all the work burden connected with the manual approach.

 It also gives organisations the flexibility to alter the survey feedback, based on real-time (Li, et al. 2021). Modern software helps the organisation to collect primary6 and secondary data analysis and their sales production and growth rate in the market. 

Legal and operational risks 

• Legal risk is the threat of financial loss that can result from a shortage of attention or misinterpretation of, opaqueness in, or careless impassivity to, the way rules and regulations involve PWC Company, its connections, strategies, outcomes and benefits (Zuiderveen et al. 2022).
• At PWC enterprise, the risk of failure resulting from useless or failed interior procedures, individuals, approaches, or exterior events can disrupt the discharge of company procedures (Zuiderveen et al. 2022). The lawful threats can also be split into "regulation, litigation, and contract risks".

Transactional and processes 

• The PWC company employ an excellent to reduce transaction cost in business is to have exemplary connections with PWC suppliers. 
• These endure time to design. The PWC will require becoming an esteemed client. 
• This is somebody who delivers invoices on period and is consistently polite when getting the supplier with queries or apprehensions (Woods, et al. 2020). 

The best method used by PWC to reduce the cost of transactions is to "forego conventional brick-and-mortar stores altogether and simply go to an online model". 

Challenges and problems faced by the PWC

• A new report by PwC has an optimistic note discovered that in some circumstances, companies can in reality come out of the situation in finer condition.
• The accounting and advisory company survey is set against the background of the continued Covid-19 problem, as companies shuffle to trigger their trouble response agencies.
• About 70% of the respondents were from PWC organizations, with the prevalent collection of respondents transiting 25 sectors. 

The raw data naturally contains mistakes, inconsistencies and other problems, ideally, data-grouping standards have planned to avoid or undervalue such concerns. Not being able to find appropriate data with a broad scope of techniques to guide, and collect data to examine can be a difficult task for data scientists and other people in an enterprise. 

Improvements 

• Detailed management around collecting, researching, organizing, and containing data of the organization
• Make clear objectives, determination, and Try to implement new inventions and creativity in organizations by applying multimedia systems.
• Encourage active participation in customer interactions with the products. 

Diverse metrics of PWC business use now, as these will allow PWC Company to determine the applicable and accurate data the company need to gather.

References

Berdik, D., Otoum, S., Schmidt, N., Porter, D. and Jararweh, Y., 2021. A survey on blockchain for information systems management and security. Information Processing & Management, 58(1), p.102397.

Caputo, F., Garcia-Perez, A., Cillo, V. and Giacosa, E., 2019. A knowledge-based view of people and technology: directions for a value co-creation-based learning organisation. Journal of Knowledge Management, 23(7), pp.1314-1334.

Hoque, A., Shikha, F.A., Hasanat, M.W., Arif, I. and Hamid, A.B.A., 2020. The effect of Coronavirus (COVID-19) in the tourism industry in China. Asian Journal of Multidisciplinary Studies, 3(1), pp.52-58.

Krizanova, A., Lăzăroiu, G., Gajanova, L., Kliestikova, J., Nadanyiova, M. and Moravcikova, D., 2019. The effectiveness of marketing communication and importance of its evaluation in an online environment. Sustainability, 11(24), p.7016.

Li, F., Lu, H., Hou, M., Cui, K. and Darbandi, M., 2021. Customer satisfaction with bank services: The role of cloud services, security, e-learning and service quality. Technology in Society, 64, p.101487.

Rialti, R., Zollo, L., Ferraris, A. and Alon, I., 2019. Big data analytics capabilities and performance: Evidence from a moderated multi-mediation model. Technological Forecasting and Social Change, 149, p.119781.

Santos, J., Pham, A., Stasinopoulos, P. and Giustozzi, F., 2021. Recycling waste plastics in roads: A life-cycle assessment study using primary data. Science of the total environment, 751, p.141842.

Woods, S.A., Wille, B., Wu, C.H., Lievens, F. and De Fruyt, F., 2019. The influence of work on personality trait development: The demands-affordances TrAnsactional (DATA) model, an integrative review, and research agenda. Journal of Vocational Behavior, 110, pp.258-271.

Zhu, X., Lyu, S., Wang, X. and Zhao, Q., 2021. TPH-YOLOv5: Improved YOLOv5 based on transformer prediction head for object detection on drone-captured scenarios. In Proceedings of the IEEE/CVF international conference on computer vision (pp. 2778-2788).

Zuiderveen Borgesius, F.J., 2020. Strengthening legal protection against discrimination by algorithms and artificial intelligence. The International Journal of Human Rights, 24(10), pp.1572-1593.