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DATA-DRIVEN
DECISIONS FOR
BUSINESS
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Table of Contents
Introduction and Project Plan.....................................................................................................3
Data quality issues and remedies...............................................................................................3
Data analysis and commentary...................................................................................................4
Analysis..................................................................................................................................4
Framework.........................................................................................................................4
Clean up of data.................................................................................................................4
Commentary...........................................................................................................................4
Data charting and commentary..................................................................................................5
Data charting..........................................................................................................................5
Commentary.........................................................................................................................10
Conclusions and recommendations..........................................................................................11
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Introduction and Project Plan

In today's technological age, we are limited to a small handful of technologies that have
already been demonstrated to be successful across a range of business models. When it comes
to growing a company, business analytics is widely regarded as the best practice because it
benefits the company and its customers equally. Data-driven approaches, which make use of
statistics and numbers to apply analytic approaches, have been utilised in various business
processes to analyse businesses more effectively. By utilising such data-driven methods,
businesses can streamline incoming hurdles and conduct in-depth analyses of the market, the
company, and its operations. For example, an in-depth analysis of the business's processes
and operations, which will consciously describe the business's process and operation gaps and
raise awareness of the competition, has been developed using a number of data analytics
operations, which constitute the backbone of data-driven approaches. With the use of this
study, we were able to more easily close the business's operational deficit and boost revenue.
Incorporating automation dashboards is another key component of business analytics since it
helps businesses make more informed decisions in response to opportunities. Because there is
so much data involved in business analytics, the inspection process has been further refined
by being broken down into smaller, more manageable chunks. On top of that, data analytics
have been strategically implemented in the firm by producing long-term business outcomes
that have contributed to the firm's solid foundation and long-term viability. Another benefit
of collecting a lot of data is learning what kind of service a given client prefers, which can
then be used to improve future interactions with that client. (Krishen, 2020)

Data quality issues and remedies

According to Chiang et al. (2018), data analysis entails multiple steps involving the data itself,
including examining the data, cleaning the data, converting the data, and displaying the data for a
certain purpose or organisation. A skilled data analyst is required to perform the necessary data
processing utilising a variety of methods. WFTT is a data analyst company with professionals in
several fields of data analysis for business and marketing. To incorporate the study, datasets have
been obtained from several sources of data, including the internet, historical customer records, social
network data, and more WFTT's data analysts have recently implemented a strategic shift in their
approach to data analysis, and as a result, they are comparing current firm metrics to historical
benchmarks to determine whether or not an increase or decrease has occurred. The data generated
must be presented using multiple presentation strategies to highlight the differences between the
datasets, like pie charts, maps, bars, or comparative diagrams. Moreover, it will help the general
public understand the study by providing a clear perspective from which to view the data. (Elgendy,
2020)

WFTT is well-known as a leading data analysis firm, providing reliable and effective data analysis
services to a wide range of clients.
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The company has recently implemented significant changes to its business analytics process, elevating
its efficiency and standing in the industry (Mikalef et al., 2020). Given the volume of data they
process, they tailor their methods to meet the specific requirements of each individual client. Many
different methods of analysis, including inferential and descriptive statistics, have been discovered;
among these methods, WFTT employs the latter, as it is the one most frequently employed by experts
in the field. This method of statistics has several advantages over interferential statistics; hence it is
often used. Descriptive analysis offers a number of options for determining the mean and standard
deviation, two statistics that are crucial to the development of sound strategy and decision-making.
Tabulated data in a variety of spreadsheet programmes (MS Excel, Quattro Pro; Plan Maker; Lotus
SmartSuite) is required for use with descriptive statistics, as this makes it possible to create visual
representations of the data. The WFTT's internal analysts are compiling data from the past and
comparing it to the current data to see if there are any discrepancies in the processes or the
implementation. Incorporating a business analysis allows WFTT to gain insight into their strategies,
which in turn allows them to make strategic adjustments in order to create better prospects and
integrate decision-making for the company's long-term advantage. (Fergurson, 2020)

Data analysis and commentary

Analysis
Framework
The merits of such data analysis have been the subject of several studies. Ashrafi et al. (2019) argue
that incorporating data analysis into a company's process is beneficial since it enables a thorough
examination of the company's internal operations and external issues. According to our company's
research, an increase in the demand for bangles not only intrigues clients but also helps to increase
sales of this product. For successful data analysis, expertise is the overall success key, and there are
several methods and learning processes that may be used to acquire this competence. Since the
initiative was set in motion, it has become a symbol of the success of the whole effort. In addition,
this initiative expands the product's market potential through strategic business decisions and a
thorough study of the competition. Multiple studies have shown that there has been a substantial
increase in the use of big data and various analytics techniques, which has resulted in over $668
billion in annual revenue from different data analytics projects. Data analysis has also been adopted
by several businesses to achieve strategic advancement. (Song, 2021)

Conboy et al. (2020) explain how companies have used business analytics to gain a competitive
advantage through better decision-making and a deeper understanding of the marketplace. Any
company that wants long-term success and increased profits must make tough choices. To help their
clients strengthen and advance their businesses, analysts strive to provide effective and better data
analysis. Data analytics also allows for faster decision-making, providing more accuracy. Visual aids
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like charts and graphs help with internal comprehension and communication with upper management.
By contrasting the current data with the past, unexpected costs can be uncovered, as can the potential
for increased revenues.

Clean up of data
Incorrect standards, damaged data, duplicate data, incomplete data, and improperly structured data are
all examples of the kinds of problems that can be fixed by data cleansing. For a more accurate
analysis, it is important to clean up any duplicate or missing information that may have cropped up in
the course of gathering data from various sources. To accomplish this, you can use software like Open
Refine, Data Wrangler, or the "R" package. (Li, 2021)

However, if the data has not been cleaned up first, the analysis results could be very different from
what was intended.

Commentary
Bracelets, rings, necklaces, as well as hairband accessories have seen fluctuating pricing between
2018 and 2020, requiring some kind of interpretation and visualisation. To display the fluctuations in
prices, a diagram depicting the data as a line graph is needed. This visual aid will also help determine
whether or not price changes are in line with market movements. The market research shows that
bangles have a commanding market share and are widely seen as the industry standard of excellence.
The United States will host this marketing event in May of 2020. It is essential to do a thorough
evaluation of this advertising campaign to conclude the program's effectiveness. Bracelet sales have
increased significantly, and the quantity of orders has risen steadily every year since 2018
(Ramanathan et al., 2017). Bracelets don't generate much money until late 2020, when their rising
value has boosted sales significantly. Rings' sales strategy has also improved, with an increase in both
values and sales expected between now and the following September 2020. More and more people are
buying rings, which has led to a surge in the industry. The statistics show that between 2018 and
2020, there is a planned growth in product sales, which in turn causes a rise in product valuations and,
ultimately, product prices.

Advertisements have the potential to influence consumers' purchasing decisions and, in turn, increase
sales. Public shoppers, according to Delgado et al. (2018), may decide to buy a new necklace because
of the ad's potential negative impact on them. There has been a huge uptick in sales of several
accessories, and the accompanying rise in their pricing, in recent years. In addition, the product
promotion strategy behind the campaign was largely successful, so the pricing strategy has had no
impact on sales. Several products, including hairbands, saw increased sales in 2018, but those
numbers have dropped dramatically so far in 2019. The 2020 success of the bracelets is supported by
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the graph, which shows that their worth has increased that year. Our research shows that the demand
for these products is what really drives sales, not advertising campaigns.

Efforts have been made to increase product value and boost sales through advertising, but the results
have been inconsistent. A greater grasp of the ebb and flow of sales and product volume, as well as
the impact of the promotion on those metrics, may be attained through the use of statistics, as will be
demonstrated by this illustration.

Data charting and commentary

Data charting
Descriptive statistical analysis has been employed as a foundational technique for this data analysis;
they will reveal an examination of products like bracelets, illuminating whether or not the promotional
programme has an impact on UK sales. In addition, bracelet sales went from 119 pieces in May 2020
to 189 units after the strategic campaign; this is a significant increase. As a result of this meteoric rise
in popularity, revenue has increased from £90,982 to £166,574. This precipitous growth demonstrates
that the bracelet's market has expanded by 50%, which is a sizable rise. In a recent study (Krishen,
2020)
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(Krishen, 2020)

With rings, the promotion's strategic obstruction has been reduced from £17,098 to £16,098. It has
been established that a detrimental effect has occurred, lowering ring sales. The offer has effectively
cut the average monthly sales of the rings from 30 pieces to 12. The conclusion is that the value of
rings is decreasing as a result of this shift in consumer tastes.
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(Song, 2021)

(Song, 2021)
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As we've already established, the campaign has brought about a tactical shift in the marketing and
sales of the items; in some situations, this has been to the product's advantage, while in others, it has
had the opposite effect. Strategically increasing from 5 to 8 suppliers is a direct result of the
campaign's inclusion. And sales have increased, too, from £7,442 to £11,113. As a result, it's clear
that product circulation is boosted significantly after the campaign ends. The fact that the number of
hairbands has dropped from Sixteen to Two demonstrates that this subset has zero impact. While sales
of bracelets grew by £79,263, total sales dropped to £34,967.

(YonghengZhang, 2020)
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(YonghengZhang, 2020)

Several groups, as stated, have built efficient methods and processes that will aid in determining the
effectiveness of various programmes.

Several methods have been implemented by agencies to help boost the efficiency of the organisations.
Expertise and experience are needed to acquire and process the data in these raw databases
effectively. The field of business analytics has recently come together to offer a streamlined, cost-
effective option for businesses looking to enhance their processes generally. (Kosasih, 2019)
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(Song, 2021)

(Elgendy, 2020)

With a total of $1 49436.39 earned in January 2018, the ring industry is booming. In addition,
Hairband's sales in the UK have skyrocketed, reaching about £4 92.216 each year. In 2020, the
average value of the necklace was $68284.76, which was a very large quantity. To wit: (Vidgen,
Hindle, & Randolph, 2020).
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(Fergurson, 2020)

The preliminary numbers show that in January of 2018, bracelets sold for a total worth $132,155.76 in
the United States. That was a lot of money to spend on a necklace. The grand total of bracelets sold
now stands at $ 406,276,751. A total of 22,210 units were sold in the UK, bringing in a total of
$18,50,459, as shown in the tally statistics.

Commentary
The merits of such data analysis have been the subject of several studies. Ashrafi et al. (2019) argue
that incorporating data analysis into a company's process is beneficial since it enables a thorough
examination of the company's internal operations and external issues. According to our company's
research, an increase in the demand for bangles not only fascinates customers but also helps to
increase sales of this product. For successful data analysis, expertise is the ultimate victory key, and
there are several methods and learning processes that may be used to acquire this competence. Since
the initiative was set in motion, it has become a symbol of the success of the whole effort. In addition,
this initiative expands the product's market potential through strategic business decisions and a
thorough study of the competition. Multiple studies have shown that there has been a substantial
increase in the use of big data and various analytics techniques, which has resulted in over $668
billion in annual revenue from different data analytics projects. Data analysis has also been adopted
by some businesses in order to achieve strategic advancement. (YonghengZhang, 2020)

Conboy et al. (2020) explain how companies have used business analytics to gain a competitive
advantage through better decision-making and a deeper understanding of the marketplace. Any
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company that wants long-term success and increased profits must make tough choices. In order to
help their clients, strengthen and advance their businesses, analysts strive to provide effective and
improved data analysis. Data analytics also allows for faster incorporation of decision-making, which
in turn provides greater accuracy. Using visual aids like charts and graphs helps with internal
comprehension as well as communicating with upper management. By contrasting the current data
with that from the past, unexpected costs can be uncovered, as can the potential for increased
revenues.

Conclusions and recommendations

According to this survey, bangles are the most popular since they have been pushed as the most
efficient and successful programme. The price of bangles has increased in part due to rising demand
and shifting consumer tastes. There must be a lesser value of promotional value to be conducted if
there is a lesser price of the outlays relative to the rising price of the product, and therefore a higher
profit. In addition, these datasets would need to be archived in a sizable repository (i.e., a cloud
database) during future usage, therefore it would be useful for the enterprises to include in the costs.
These data sets require security measures to be taken to ensure that no information is lost during
processing or storage.
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References
Elgendy, N., 2020. DECAS: a modern data-driven decision theory for big data and analytics.
[Online]
Available at: https://www.tandfonline.com/doi/full/10.1080/12460125.2021.1894674?
cookieSet=1
[Accessed 12 August 2022].
Fergurson, J. R., 2020. Data-driven decision making via sales analytics: introduction to the
special issue. [Online]
Available at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7382705/
[Accessed 14 August 2022].
Kosasih, W., 2019. DATA-DRIVEN ANALYTICS IN THE DECISION-MAKING PROCESS:
DO WE STILL NEED INTUITION?. [Online]
Available at: https://jsju.org/index.php/journal/article/view/935
[Accessed 12 August 2022].
Krishen, A. S., 2020. Data-driven decision making: implementing analytics to transform
academic culture. [Online]
Available at: https://link.springer.com/article/10.1057/s41270-019-00056-5
[Accessed 11 August 2022].
Li, A. N. T. S., 2021. Data-Driven Decision-Making in Digital Entrepreneurship. [Online]
Available at: https://www.researchgate.net/publication/360261169_Data-Driven_Decision-
Making_in_Digital_Entrepreneurship
[Accessed 11 August 2022].
Song, J., 2021. The Conceptualization of Data-driven Decision Making Capability The
Conceptualization of Data-driven Decision Making Capability. [Online]
Available at:
https://www.researchgate.net/publication/280051851_The_Conceptualization_of_Data-
driven_Decision_Making_Capability_The_Conceptualization_of_Data-
driven_Decision_Making_Capability
[Accessed 15 August 2022].
YonghengZhang, 2020. Big data driven decision-making for batch-based production
systems. [Online]
Available at: https://www.sciencedirect.com/science/article/pii/S2212827119310169
[Accessed 12 August 2022].
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