The different reasons why different people would use data:
See how many people use the systems thet have in place. Immediate action, allowing you to make decisions there and then.
- Daily workings within the company
- For example: What are stock levels like? How much production they need to roll out
- These are daily functions
Businesses make decisions based on the data, using facts, metrics and data to guide strategic business decisions that align with their goals, objectives and innitiatives. Information allowing you to make judgements.
An example of this is if the business decides to make a product based on popularity.
They may decide to market a product much more because it's more popular
- Changing suppliers
Business use data to gain an advantage. Take advantage of things that happen inside or outside your company. Information inside or outside the organisation allowing you to gain advantage over competitors. (Samsung VS Apple)
Information about competitors to gain an advantage.
eg. One shop found out about a deal from another shop, the shop then beat that deal.
^ Gaining an advantage
Businesses can use data to create different levels of decision making.
Strategic decision making - Got the information and they're using it for strategic decision making for long term decisions. e.g. More premisies, open a new branch, employ more people. Typically done by Owners, CEO
Tactical decision making - More sales next month, someone is going off temporarily. Typically done by Managers
Operational decision making - Day to day information used to make decisions. Typically done by bottom staff.