🤳 Using data

There are different readons why you'd use data...

Operational support

See how many people use the systems they 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

Decision making

Businesses make decisions based on the data, using facts, metrics and data to guide strategic business decisions that align with their goals, objectives and initiatives. 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

Gaining an advantage

Businesses 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

Different levels of decision making

Businesses can use data to create different levels of decision making, top – strategic decision making, got the information and there using it for strategic decision making for long term decisions. Eg. More premises. Managers – Tactical decision making (more sales next month) (someone going off temporarily) Bottom (Staff) - operational decision making, day to day information used to make decisions there and then.

In detail:
Strategic - Long term. eg. Open a new branch, employ more people. (Owners, CEO)
Tactical - A few month down the line. eg. What product are we going to sell next season. (Managers, Management)
Operational - Here and now. eg. We've got all this work. (Staff)