Data-Driven Approaches in Business Decision Making
Data-driven approaches comprise mainly three phases which are data collection, analyzing the patterns and facts from the raw data, and making business decisions based on the extracted information. These are largely focused on making decisions associated with the business based on the data obtained which provides factual information in the context of related decision making. This study aims at developing a report that depicts the effectiveness of a market campaign in the United Kingdom launched by Bangles International Jewelry (BIJ). The WFTT is a data analysts consultancy working for numerous international organizations. BIJ is also a client of the WFTT. BIJ has currently launched a marketing campaign in the UK to enhance the sales volume of products (Isabelle, Westerlund, Mane, and Leminen, 2020). This report examines the effectiveness of the marketing campaign based on the data-driven analysis. The core aim of applying a data-driven approach is to know whether the marketing campaign has a positive impact on sales performance in the United Kingdom (Cheah, and Wang, 2017).
The sales data of the BIJ is analyzed using the data analytics methods. These data analytics methods have greatly facilitated understanding the financial performance parameters of the firm and seeing to it that the past trends can be analyzed well. The total sales volume and sales of the products throughout the year are analyzed and visualized by using the trend chart. The sales volume and sales value of the BIJ are compared with the other market. The sales volume of the products is compared year-wise (Sorescu, 2017). This assists to decide whether the aggregate sales volume of products has been increased or not after the launch of the marketing campaigns in the UK.
In this report the descriptive and visualization component of data analytics have been used. Excel data analysis tool Pak is used as an analytical environment to capture the charts and determining the descriptive tables (Purcell et al. 2017). Sales performance of the data is presented graphically and interpreted and overall sales dataset at each market segment is analyzed by using the descriptive statistics. This has contributed towards gaining an overall understanding of the ways in which the business performance may be improved.
The key performance indicators of the BIJ are the different market and variety of products. The sales KPIs of the organization are the sales volume and sales value.
2.1 Generic Data Issues and Resolution
Business decisions based on the data analytics inferences are highly profitable and effective. Many organizations are using the concept of data analytics to decide on business activities. The raw data retrieved by an analyst comprise many ambiguities. The poor quality of data results in huge financial losses and inappropriate target customers (Almius Cederstav, and Elmeljung, 2020). During the data analysis process, an analyst faces numerous issues. These issues are categorized as 1. generic issues and, 2. Specific Issues.
- Data Collection:The process is described as the methods employed for measuring data on attributes of interest. It is important to select an appropriate attribute related to the research for accurate analysis results. Trusted resources are used to collect the data to avoid any kind of error (Zaefarian et al. 2017).
- Cleaning and Preparation of Data:This is a crucial step before analyzing a dataset. Ambiguities present in the dataset are eliminated by using the cleansing and data preparation techniques. The overall quality of the dataset is greatly improved after implementing the data cleansing technique (Agabekova, 2019).
Missing Values: The BIJ sales information is in year-wise format. The sales information of some products in the dataset is missing. Also, the sales volume and sales value of the different market is not normally distributed (Mantelero, 2018). The missing values in the dataset are replaced by zero and further analysis has been done.
Analyzing Sales Data for Bangles International Jewelry in UK Market
(A.) Trends in sales values and volume by month, and year
The table shown below depicts the sales volume of the products in three major markets United Kingdom, the USA, and Japan. The sales volume of the products is highest in Japan for the whole analysis period (Hunke et al. 2017). However, the sales volume of the product in the UK market is highly increasing in the year 2020.
The trend line chart shown below represents the total sales volume of the products by month and by year in the United Kingdom. The trend line equation of the sales volume data is
y=0.474x+189.3
The slop of the line is positive which means the sale volume of the product is increasing each year in the United Kingdom market. It is also clearly readable from the below trend line chart that the aggregate sales volume of the product in the UK for 2020 is the highest (Sulis et al. 2021).
Figure 1: Sales Volume Chart for the UK
Figure 2: Sales volume of the Accessory and Bracelets
The above two graphs is showing the sales volume of the “Accessory”, and “Bracelet” by month, by year, and throughout the analysis period. The sales volume of the very less in 2018, and 2019 for “Accessory products”. However, after the launch of the marketing campaigns the overall sales volume of the products is greatly enhanced in 2020 (Todd, 2017). A similar trend is also identified for the product category “Bracelets”. The sales volume of the product category “accessory, and Bracelets” is significantly high in 2020 as compared to 2018, and 2019.
Figure 3: Sales Volume of Hairbands
The above trend chart is showing the sales volume of the product “Hair-Bands”. The sales volume of the product is declining throughout the analysis period. The highest sales volume is recorded for the year 2018. The aggregate sales volume of the “Hair-Bands” is lowest for the year 2020. The marketing campaigns harm the sales volume of “Hair-bands”.
Figure 4: Sales Volume of Necklaces and Rings
- The above trend chart is showing the sales volume of the product “Ring, and Necklaces”. The sales volume of the product “Ring” is declining throughout the analysis period. The highest sales volume is recorded for the year 2018. The aggregate sales volume of the “Rings” is the lowest for the year 2020. The marketing campaigns harm the sales volume of “Ring”.
- The sales volume of the product is increasing throughout the analysis period. The highest sales volume is recorded for the year 2020. The aggregate sales volume of the “Necklace” is the lowest for the year 2018. The marketing campaigns have a positive impact on the sales volume of “Necklaces” (Mukasa, Christospher, Ivan, and Kizito, 2021).
The descriptive sales information of the product in three market regions are shown in the above chart. The mean, range, maximum, and minimum sales volume of the products are represented in the above table.
Year-wise sales volume and sales value of each product in the UK market are shown in the above table.
Conclusion
This study was aimed at developing a report that depicts the effectiveness of a market campaign in the United Kingdom launched by Bangles International Jewelry (BIJ). The sales information dataset was analyzed by using descriptive statistics, and a trend chart. The marketing campaigns launched by the BIJ have a positive impact on increasing the sales volume of “Accessory”, “Bracelets”, and “Necklaces”.
As WFFT stands for a group of data analysts consultancy who work for several international enterprises, it seeks to apply the most accurate tools which would assist in ensuring the best results. Hence, the different tools which were applied by the firm to assess the condition of the company could be identified as the sales information pertaining to the sales volume and sales value analysis. It was identified that when the United Kingdom Jewelry market has been assessed and compared to that of the United States and Japan, it can be critically reflected that the United Kingdom made the highest aggregate sales volume as of 2020. Pertaining to this, it may be underlined significant to note that the BIJ set to perform in a conducive environment with several features in the favor of the firm. This was then followed by the analysis of the sales volume analysis for each category. The accessory and bracelet when examined reflected that the marketing campaigns greatly helped in boosting the sales of the enterprise in 2020 and this was also the case for the bracelets. When the hairband as a product category was critically examined, it could be observed that the sales volume was highest in the year 2018 which has diminished considerately. This reflects that the initiatives taken by BIJ in the field of marketing have harmed the sales of the Headbands. Moreover, the headbands are currently out of style which can be identified to be another reason with respect to which the sales went down.
Descriptive Statistics and Visualization in Data Analytics
When the trends analysis of the Ring had been adopted, it was evident to understand that during the entire period of analysis, the sales of ring declined considerately. The marketing campaign appears to have acted against the sales of the rings and deviated the focus of the customers towards the other products which ended up giving away lower sales volume to the brand for the product in 2020 as compared to the year 2018. The necklace could be identified as another product category which BIJ was engaged in selling. Here it is evident to understand that the necklace as a product category recorded high sales in the year 2020 as compared to the previous years which could be stated to be due to the marketing initiatives as undertaken by the organization to elevate its sales. From these findings it becomes evident that the accessory and jewelry market can be identified to be rather fluctuating in nature whereby there are certain years where a certain jewelry performs well as compared to the others and the marketing campaigns alongside the advertising initiatives critically influence the overall performance of the sales volume and sales value.
The KPI method has measured the values and given certain results, which indicate that for better performance in the future, the BIJ would be required to see to it that it invests systematically in the marketing of all products. After reviewing the current results which have been analyzed in the section above, it is evident to understand that Hairband and ring as the product categories have failed to bring about effective results irrespective of the investments made in the design and the favorable nature of the market. On the other hand, items such as necklace and bracelets have reflected higher level of growth as compared to the previous years. To assess the current market condition, the use of values such as mean, median, standard deviation, mode, skewness, kurtosis and other such indicators had been made to verify whether the data set opted for the study is valid and contributes to accurate findings. It was identified that the range of the United Kingdom market was the lowest at 277 but the data was distributed normally. Moreover, the market had been performing well. Benchmarks of previous years have been used for the comparison to ensure parity in performance analysis and has contributed to arriving at a suitable conclusion. To represent the data well, the tools of charts as available in the excel data sheet have been made which has helped in assessing the data of the past few years in a systematic manner and has ensured better facilitations of result comparison.
The key focus of the report was to engage in an analysis of the overall performance of the enterprise in terms of the sales being made in the United Kingdom jewelry market and therefore, to summarize the key findings of the report, it can be asserted that the jewelry market is at an all time high and the BIJ needs to improve sales in some categories as identified earlier.
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