Learners will understand the role of business data and how it is collected, evaluated and organised. They will also develop skills and use tools such as dashboards, aggregators and web analytics to analyse, evaluate and report data for different business contexts and purposes.
Understand the requirement to organise and evaluate business data
- Purpose: measure if business objectives have been achieved, supports decision making, keeps staff updated, offers efficiency, drives marketing and sales campaigns
- Primary research: gathering of fresh data.
- Secondary research: involves the use of data, already collected through primary research.
- Quantitative data: quantities, numbers.
- Qualitative data: descriptive, can be observed but not measured, such as language.
- Market research data used to identify: market size, structure and trends, competitors and their activities, market segment, gaps in the market, consumer/buyer behaviour, customer satisfaction.
- Primary digital sources: web analytics, keyword research, social media, digital surveys/questionnaires/polls, interviews, focus groups, blog comments.
- Secondary digital sources: data companies, newspapers reports/e-journals, official statistics, professional bodies industry, sector and market reports government data/reports, online reviews.
Explain the purpose of organising and evaluating business data.
Compare primary and secondary research methods.
Compare quantitative and qualitative research methods.
Explain the role of market research and the different digital methods for collecting market research data.
Understand how to analyse and report business data.
- Types of data analysis: descriptive analysis, diagnostic analysis, predictive analysis, prescriptive analysis.
- Tools: e.g. dashboards, aggregators, web analytics.
Explain types of data analysis used in business.
Compare tools for data collection and analysis.
Be able to analyse and report business data for different business contexts and purposes.
- Relevant, valid and reliable data, for example:
- Website metrics: hit rate/visits, unique visitors, time of day, daily active users, etc.
- Emails: read rate, bounce backs, unsubscribers.
Select relevant, valid and reliable business data to analyse.
Use analysis and evaluation tools and techniques to analyse business data.
Review business data to produce accurate, unbiased results and conclusions.
Present business data in an appropriate format and to an agreed timescale.