Question

Question 1

Companies generate and store immense amounts of data independent of specific research goals. Various business functions involve generating data and keeping records of their day-to-day operations. Data, therefore, accumulates over time. For example, the finance department will keep a record of the salaries being paid each month, and managers might keep a record of employee performance on a quarterly basis.

The following table lists some of the major business functions at Sonic Selection. Complete the table by providing one type of data that might be generated and recorded for each of the business functions. Provide a brief explanation of each type of data, and how the data could be used in a meaningful way to gain insight into business functions or to inform decision-making. (Max. 50-100 words per business function, excluding the “Data generated” column.)

Note: You should consult the Business Canvas Model to help you answer this question. The first row of the table has been completed as an example.

You may make assumptions about the type of data generated in each function, and rationalise it in the “Utilisation of data” column.

Business function	Data generated	Utilisation of data
Finance	Sales invoices	This data can be used to track which albums, songs, or artists are selling the most and least. This information can be used to access which types of music are profitable, and the sales revenue can be compared to the licensing fees to track the profitability of specific artists.
Finance
Marketing
Sales
Customer service
Human resources

Answer 1

Answer-

Business Function	Data generated	Utillisation of data
Finance	Accounts receivable	The amount which the company owes from the customer for selling its goods or for providing the services is called the accounts receivable. It is used for categorizing all the amounts owed by all your customers, including the length of time the amounts have been outstanding and unpaid.
Marketing	Quantitative Data	It includes any information which describes activity completed between the customer and business: a-Transactional Information (Online and Offline) – Number of products purchased, actual products purchased, Order/Subscription Value, Order/Renewal dates, product abandonments (abandoned baskets), Product Returns, etc. b-Communication Information (inbound and outbound) – Communication date, communication channel, Opens, Click throughs, etc) c-Online Activity – Website visits, product views, online registrations, etc. d-Social Network Activity – Facebook likes, Twitter interactions, etc. Quantitative data is used to to better understand the target audience. Quantitative data is useful to find accomplished answers to the following questions: a-What are people looking for?(their exact need) (keywords/labels, file type) b-Where are people visiting to get their desired product or service? (location, Web search, site search) c-When are people looking for their desired product /service? (date, time) d-Who is using the commercial Web search engines? (target audience) e-How are people searching? (desktop/tablet/mobile, query/browse/ask) f-Goals, intention, motivation for the product/service
Sales	Identity Data	Identity data includes all the information which enables an individual to be uniquely identified and includes: Name Information – Title, First Name (Forename), Last Name (Surname), Designatory letters, etc. Postal Address Information – Building Number, Building Name, Address Lines, Town, County, Postal/Zip Code, Country, etc. Person Information – Date of Birth, Gender, etc. Email Address Information – Personal Email Address, Work Email Address, etc. Telephone Information – Home Telephone No., Work Telephone No., Mobile No., etc. Social Network Information – Facebook Identifier, Twitter Address, LinkedIn identifier, etc. Account Information – Details of your customer’s account ids or user ids. Job Information – Company Name, Department Name, Job Title, etc. The Company utilizes personal information to follow the process of verification of the identity of the person, examination of personal data, and communication with the person or his/her representative. This is one of the important data useful for pitching sales and getting leads
Customer service	Number of requests received per day	The “number of requests received” report shows how many customer requests the company has received within the last day(s). It helps in identifying customer service trends and gives an insight for how to plan and schedule the support team.
Human Resource	Performance Management Data	It helps the HR department to keep a record of the following for each employee: · Probationary periods · Annual performance reviews · Performance improvement plans · Involuntary terminations It provides HR’s with a framework that helps them manage and support employees. It provides a reference for HR department on how employee performance is managed in the company. Also it sets expectations for the accountability of HR department to follow the approach and processes it outlines.