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BUS3002 Business School Industrial Experience Assignment Sample

Assessment Details

A new Australian Tablet Store recently opened to sell iPads and other tablet computing devices. It purchases its tablets directly from the manufacturers. To order tablets, Australian Tablet Store employee submits a purchase order to the manufacturer electronically. Each purchase order could stipulate several different models of tablets from one manufacturer. The manufacturers typically deliver the tablets to the store within two weeks after they receive the purchase order. The Australian Tablet Store pays for each shipment within 30 days after receipt. If there are multiple orders to the same manufacturer, the Tablet Store occasionally combines payments, issuing one check for multiple receipts. All the Australian Tablet Store cheques are drawn on one bank account.

On the sale side, Australian Tablet Store sells only iPads directly to the customer from its only outlet located in Melbourne CBD. Each sale needs approximately take 30 minutes and customers often buy more than one product. Each sale is identified with a unique invoice number. Majority customers pay on the counter; however, some customers also ask for credit sale, payable in full within 30 days. Customers sometimes combine payments for multiple sales.

You are required to prepare the assignment based on week-2 to week 8 lecture materials and class notes and demonstrate understanding towards the following questions.

1. How would the Australian Tablet store use business intelligence to monitor its business? What source of data needs to be gathered and how would they be analysed? (800 words)

Important Instructions:

- This is a group assignment and due at the end of week 9. Only one group member is required to upload the assignment files to avoid plagiarism issue.

- There will be maximum three members in one group. All group members’ names and IDs must be mentioned on the cover page.

- Students are also required to include proper introduction, conclusion and references in the assignment.

- Final submission must be in one single word document.

Solution

Monitoring business using BI and source of data

Business Intelligence (BI):

BI is a set of techniques, structures, and software which converts unstructured data into usable data. It combines services and analytics for transforming data into actionable insights and data. BI impacts a firm's operations, tactical and functional business decisions. Instead of depending on speculation and intuition, BI fosters fact-based judgement relying on previous data for best assignment help.

Use of Business Intelligence by the Australian Tablet Stores:

The use of business intelligence has been discussed below:

1. BI allows businesses to quickly extract actionable insights from current and historical data to make strategic decisions. This is made possible by corporate analytics systems, which analyse large amounts of data from various sources and present insights in aesthetically appealing, easy-to-understand formats (Zamba, et al., 2018).

2. Business intelligence can help Australian tablet stores make smarter choices by providing current and historical data within the context of their operation. Business intelligence can help Australian tablet stores deliver efficiency and comparative standards, enabling businesses to operate more properly and effectively. Analysts in Australian tablet stores will recognize market dynamics faster, allowing them to increase revenue and sales (Salur and Kattar, 2021). If utilized appropriately, the proper statistics can help with anything from regulation to hiring strategies. Following are some instances of how business intelligence could help
Australian tablet shops make better, data-driven choices:

- Determine ways to boost profits.
- Examine the behaviour of their customers.
- Compare information with that of competitors.
- Keep track of the progress.
- Streamline business processes.
- Determine the chances of success.
- Recognize market trends.
- Identify difficulties or problems.

The practice of utilizing information to make choices can encompass any aspect of a business. Applying BI principles to convert unstructured data into valuable information can help a group make better decisions (Lennerholt, van Laere and Söderström, 2018). It can assist businesses in reacting fast to shifts in the economy, client preference, and supply chain management.

Data Sources and Data Analysing:

The data that businesses use for business intelligence originates from various sources (Kalna and Belangour, 2019). Internal and external data streams have been the most prevalent kinds of data sources for BI, and they are as follows:

1. Internal Information: Businesses can harvest data from internal resources in several ways. Here are a few descriptions:

2. POS data and transaction information: A corporation's accounting and operational platforms are among the most important sources of information. Australian tablet stores can utilise this data to collect historical and current data regarding their internal commercial activities, and also data about their customers' purchasing patterns (Kalna and Belangour, 2019). These data can provide a business with useful information, such as cost-cutting and budgeting strategies, and crucial trends relevant to their customers' buying patterns and interests.

3. System for managing customer relationships: In addition to purchasing and browsing information, companies can harvest data inside their CRM software. Customer associations, locations, and other geographical or territorial factors may aid in determining the location of clients (Isazad Mashinchi, Ojo and Sullivan, 2019). Whenever these CRM data are combined with transactional data, they become far more powerful.

4. Internal reports: Internal records within a firm are growing increasingly more important than before, particularly in cloud technology. Internally digitised documents can be a vital supply of data, particularly related to the corporation's operations, standards, and processes (Quamar, et al., 2020). As per an infographic by Kapow Software, emails, XML, documents, Pdfs, and a range of many other corporate records can all be harvested for big data.

External Data:

Some of the external Data sources for the BI which Australian tablet stores can use are as follows:

1. Use of social media: Outside information sources such as Twitter and Facebook are among the highest dependable data. These sites have become immensely famous (Quamar, et al. 2020). Australian tablet stores can use social media accounts to better understand their current and prospective customers.

2. Data from the government: Although social media data is unquestionably useful, it is not the only outside data source that firms should consider (Isazad Mashinchi, Ojo and Sullivan, 2019). The national government also provides important data resources to help modern enterprises better comprehend the market.

3. Google and Google Trends: Google also has rendered a few key information sources accessible to the public. Among the most prominent search services on the globe, Google has a wealth of information regarding search terms, patterns, and other digital activities (Salur and Kattar, 2021). Google Trends is among the finest sites available. It offers statistical information on search terms for almost any keyword, and all these datasets stretch back to almost the beginning of the web.

Companies like Australian Tablet Stores can harvest information in many methods, both internally and externally. Transactional data & POS data are two very important sources of data discussed in the paper. Internal data have never been more valuable, especially in the age of cloud computing. Businesses can utilise this data to better understand their activities and purchase patterns. External data such as social media, the internet, and data provided by the government also play an important role that has been precisely explained in the discussion.

References:

 

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