Data Strategy

In the current rapidly advancing digital technology environment, data is being continuously

generated in vast amounts, making it a crucial tool to sustain a competitive advantage. The

data strategy of Youtique involves creating an ecosystem that encourages data-driven

decision making to develop more effective and efficient marketing and operational

strategies. The ongoing collection of data will provide an ecosystem for the foundation for

Youtique’s customer relationship (CRM), information (IM) and supply chain management

(SCM) systems (Junaidi et al., 2018). The types of data Youtique include structured and

unstructured data from internal and external sources, governed by custody policies.

Internal Data

With the nature of the business being service-centric, most internal data will be customer

related to providing personalised service. Market-leading Amazon has near perfected the

utilisation of big data, with their personalised recommendation system contributing to 35%

of their sales (Galea-Pace 2020).

The majority of this data will be in a structured format, as customers will input their

personal details in required fields to purchase from Youtique. These personal details include

name, address, email, phone number, date of birth and payment methods. Additionally, the

online store will capture transactional and sales data from orders. The information derived

from personal data accompanied with sales data will enable Youtique to construct a profile

of the ideal customer and identify trends and popular products. The high-level competition

in the fashion industry has decreased customer loyalty, hence the importance of analysing

consumer behaviour to provide insight for marketing strategies (Wong & Wei 2018).

Likewise, Youtique will acquire unstructured data through customer feedback and reviews

from social media feed, emails, and service desk chat and call transcripts. Youtique can

harvest this information through analytical tools such as HubSpot Service Hub to gather

performance feedback and drive decisions on products and service, thus improving

customer satisfaction.

Inventory data will also optimise the supply chain and warehouse management via cloud-

based inventory management, enabling both supplier and Youtique to monitor and maintain

inventory levels with real-time data. Having an optimal supply chain will reduce inventory

costs as errors reduce and processes are automated.

Partial preview of the text

Download Data Strategy - Assignment and more Assignments Information Technology Management in PDF only on Docsity!

Data Strategy In the current rapidly advancing digital technology environment, data is being continuously generated in vast amounts, making it a crucial tool to sustain a competitive advantage. The data strategy of Youtique involves creating an ecosystem that encourages data-driven decision making to develop more effective and efficient marketing and operational strategies. The ongoing collection of data will provide an ecosystem for the foundation for Youtique’s customer relationship (CRM), information (IM) and supply chain management (SCM) systems (Junaidi et al., 2018). The types of data Youtique include structured and unstructured data from internal and external sources, governed by custody policies. Internal Data With the nature of the business being service-centric, most internal data will be customer related to providing personalised service. Market-leading Amazon has near perfected the utilisation of big data, with their personalised recommendation system contributing to 35% of their sales (Galea-Pace 2020). The majority of this data will be in a structured format, as customers will input their personal details in required fields to purchase from Youtique. These personal details include name, address, email, phone number, date of birth and payment methods. Additionally, the online store will capture transactional and sales data from orders. The information derived from personal data accompanied with sales data will enable Youtique to construct a profile of the ideal customer and identify trends and popular products. The high-level competition in the fashion industry has decreased customer loyalty, hence the importance of analysing consumer behaviour to provide insight for marketing strategies (Wong & Wei 2018). Likewise, Youtique will acquire unstructured data through customer feedback and reviews from social media feed, emails, and service desk chat and call transcripts. Youtique can harvest this information through analytical tools such as HubSpot Service Hub to gather performance feedback and drive decisions on products and service, thus improving customer satisfaction. Inventory data will also optimise the supply chain and warehouse management via cloud- based inventory management, enabling both supplier and Youtique to monitor and maintain inventory levels with real-time data. Having an optimal supply chain will reduce inventory costs as errors reduce and processes are automated.

External Data External data enables Youtique to generate a complete view of the company and the fashion industry. The external data most important to Youtique includes social media and market data. Popular social media platforms such as Tiktok, Facebook and Instagram provide a flow of data such as key metrics. This information gives the best decision to make the most optimal design for Youtique’s target customer, increasing sales and profitability. These metrics assist in identifying the strengths and weaknesses of the online store. The crucial ones include; Metric Explanation Impressions The number of times Youtique’s advertisement is presented to someone. Reach Total number of followers who will see Youtique’s content Engagement How many of your followers are engaging with your content. Sales Conversion Rate The percentage of visitors who make a purchase. Indicates the effectiveness of the marketing team and online store. Email Opt-Ins Amount of people subscribing to Youtique’s email service. An important indication of sustaining repeating customers. Market data will help Youtique acknowledge trends on an industry scale past the organisational walls to see the main competitors inner workings and strategies. In the online shopping industry, the estimation of shipping costs becomes a significant factor as higher shipping fees result in reduced customer traffic (Lewis, 2006). Extensive market data on delivery costs can improve the precision of this estimation and, in doing so, maintaining consistency for ,he experience customers (Moreno, 2018). Youtique will also relay external shipping data provided by the outbound transportation companies to customers enabling them to track their orders, increasing customer satisfaction (PlugInHive, 2019). Data Delivery For other departments, a dump of data is complex and challenging to understand; Youtique’s data delivery will focus on transferring data out of the cloud system into clear, understandable, and practical reports, graphs, dashboards and metrics. A survey conducted by Congentik (2019) outlines this glaring disconnect across organisational silos, with a mere 10% of employees having access to data and insights (T_HQ, 2019). Firstly, all data will be stored and backed up in a cloud database, enabling all departments and authorised partners/suppliers access. Youtique will outsource this to a specialised company such as IBM to ensure high availability, security and scalable performance (IBM 2020). For ease of consumption, data will be transformed into graphs and infographics for all departments,

Wong, Eugene & Wei, Yan. (2018). Customer online shopping experience data analytics: Integrated customer segmentation and customised services prediction model. International Journal of Retail & Distribution Management , 14(10). Galea-Pace, S. 2020, How Amazon uses Big Data to transform operations , Supply Chain Digital, viewed 31st^ August 2020. https://www.supplychaindigital.com/technology/how-amazon-uses-big-data- transform-operations>. PlugInHive. (2019). How WooCommerce Shipment Tracking Increases Customer Satisfaction. https://www.pluginhive.com/how-woocommerce-shipment-tracking-increases- customer-satisfaction/ IBM. (2020). Capture the true value of cloud and AI for your business. https://www.ibm.com/au-en/cloud IBM. (2021). Cloud security solutions. https://www.ibm.com/cloud/architecture/architectures/data-security-arch - The Ame Group. (n.d). Data Security Breach: 5 Consequences for Your Business https://www.theamegroup.com/security-breach/

Data Strategy - Assignment, Assignments of Information Technology Management

Related documents

Partial preview of the text

Download Data Strategy - Assignment and more Assignments Information Technology Management in PDF only on Docsity!

Data Strategy

- The data strategy of Youtique involves creating an

ecosystem that encourages data-driven decision. to

develop more effective and efficient marketing

strategies.

- Data will be sourced from external and

internal environments, both in structured and

unstructured form, these will be harnessed to

achieve Youtique’s goals.

- Data will be stored on IBM’s cloud database to removing

the chance of data silos

Internal

- Internal data will focus mostly on detailed

customer records that can be tracked to

ensure customers are given quality products

and services that are personalised too their

profile

- Structured forms include; personal details, payment

details, sales data and inventory data

- Unstructured forms include; customer feedback and

reviews, social media feed, emails and service desk call

transcripts

External

- Suppliers, partners and low-level staff will not have

access unless given special privileges upon. Additionally

users cannot distribute without approval from middle

management.

- As data collection is automated, data quality and

integrity is maintained as it is accurate and consistent

across all types of data.

Data governance

- Youtique’s data is not only subject to company policies

but must adhere to Australia’s Privacy Act and

International data privacy laws.

- IBM cloud database simplifies this concern with native

security built-in, featuring data encryption, data access

control, key management, and certificate management