STATISTICS PAPER

BUSINESS DATA

Lecturer :

Dr. Ir. Syahrial Shaddiq, M.Eng., M.M.

Made by :

Virrel Alif Daffa (2210312310036)

Ahmad Solihin (2210312310039)

MANAGEMENT

INTERNATIONAL CLASS

ECONOMICS AND BUSINESS FACULTY

UNIVERSITAS LAMBUNG MANGKURAT

 PREFACE

Praise is given to the presence of Allah SWT for all His mercy so that this paper was
successfully compiled to completion. Do not forget to thank those who have contributed by
providing assistance, both in the form of money and material.

I really hope that this paper can increase students' knowledge and enjoyment. However, I
hope to learn more about it so that I can apply it in my daily life.

As a student, I realized many challenges in the learning process due to lack of knowledge
and experience. I really look forward to constructive criticism and input from readers for
the perfection of this paper.

Banjarmasin13 May 2024

Authors

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 TABLE OF CONTENT

PREFACE ...........................................................................................................................................ii

TABLE OF CONTENT .................................................................................................................... iii

CHAPTER I ...................................................................................................................................... 2

INTRODUCTION............................................................................................................................. 2

1.1 BACKGROUND ......................................................................................................................... 2

1.2 PROBLEM STATEMENT ......................................................................................................... 3

1.3 PURPOSE OF PAPER................................................................................................................ 3

CHAPTER II ..................................................................................................................................... 4

CONTENT ......................................................................................................................................... 4

2.1. DEFINING BUSINESS DATA.................................................................................................. 4

A. Common Data Sources for Business Analysis ..................................................................... 4

2.2 DEFINING DATA-DRIVEN ...................................................................................................... 5

CHAPTER III ................................................................................................................................... 7

CLOSING .......................................................................................................................................... 7

3.1 CONCLUSION............................................................................................................................ 7

3.2 SUGGESTION ............................................................................................................................ 8

REFERENCE .................................................................................................................................... 9

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 CHAPTER I
INTRODUCTION

1.1 BACKGROUND

Business data refers to the collective information related to a company and its operations. It
encompasses various formats, including customer surveys, financial reports, employee
performance reviews, marketing research, and data gathered from customers through loyalty
programs or customer service interaction. This data is crucial for businesses to make
informed decisions, optimize operations, and drive growth. It includes both structured and
unstructured data, which can be categorized into internal, external, and crowdsourced data.

Business data is used to track progress, compare different groups, understand customer
behavior, and identify areas of improvement. It is essential for companies to collect, analyze,
and store business data effectively to make data-driven decisions and stay competitive in their
respective markets

Data analytics empowers organizations to base their choices on concrete evidence and trends
derived from vast amounts of data, reducing the reliance on intuition and improving the
quality of decisions. Data analytics helps businesses gain deep insights into customer
behavior, preferences, and buying patterns, enabling them to tailor marketing efforts and
deliver personalized experiences that increase customer satisfaction and loyalty.

Data analytics can identify bottlenecks, inefficiencies, and areas that need optimization
within operations, leading to cost savings and increased productivity. Data analytics can help
businesses identify potential risks and develop effective risk management strategies, reducing
the likelihood of financial losses and improving overall resilience

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1.2 PROBLEM STATEMENT
Problem statement of this paper are:

1. What is Business Data?

2. What is Data-Driven?

3. What is the importance of Business Data?

4. What are the keys elements of Business Data?

1.3 PURPOSE OF PAPER

Purpose of this paper are:

1. Explain what is Business Data

2. Explain what is Data-Driven

3. Explain what is the importance of Business Data

4. Explain what are the elements of Business Data

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 CHAPTER II
CONTENT

2.1. DEFINING BUSINESS DATA

Business data refers to the collective information related to a company and its operations. It
encompasses various formats, including customer surveys, financial reports, employee
performance reviews, marketing research, and data gathered from customers through loyalty
programs or customer service interaction. This data is crucial for businesses to make
informed decisions, optimize operations, and drive growth. It includes both structured and
unstructured data, which can be categorized into internal, external, and crowdsourced data.

Business data is used to track progress, compare different groups, understand customer
behavior, and identify areas of improvement. It is essential for companies to collect, analyze,
and store business data effectively to make data-driven decisions and stay competitive in their
respective markets

Data analytics empowers organizations to base their choices on concrete evidence and trends
derived from vast amounts of data, reducing the reliance on intuition and improving the
quality of decisions. Data analytics helps businesses gain deep insights into customer
behavior, preferences, and buying patterns, enabling them to tailor marketing efforts and
deliver personalized experiences that increase customer satisfaction and loyalty.

Data analytics can identify bottlenecks, inefficiencies, and areas that need optimization
within operations, leading to cost savings and increased productivity. Data analytics can help
businesses identify potential risks and develop effective risk management strategies, reducing
the likelihood of financial losses and improving overall resilience

A. Common Data Sources for Business Analysis

• Internal Data: This refers to the information that an organization collects and
generates from its own operations, activities, and interactions. This can include data
from sales, marketing, finance, human resources, customer service, and more.

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 • External Data: This includes information that comes from outside the organization,
such as from competitors, customers, suppliers, industry reports, market research,
and social media.
• Data Market: Data Market is a data supermarket offering over 45,000 datasets across
the globe, covering over 45 government data sources. It aims to search for all public
datasets and make them accessible and understandable to businesses
• Google Public Data: Google Public Data provides public data and forecasts from a
range of international organizations and academic institutions, including the World
Bank, OECD, Eurostat, and the University of Denver. Visitors can easily search and
download datasets for their own usage
• Quandl: Quandl is a public data set startup offering over five million financial,
economic, and social datasets across the globe for free. It is followed by over 200,000
people, including analysts from the world's top hedge funds, asset managers, and
investment banks

2.2 DEFINING DATA-DRIVEN

Data-driven refers to a business approach that focuses on using data and analysis as the
primary basis for decision-making. This approach involves collecting, analyzing, and
interpreting relevant data to support informed and objective decision-making, rather than
relying solely on intuition or personal experience. Data-driven decision-making involves
using data to identify trends, patterns, and correlations that can inform strategic and
operational decisions.

Data is used to identify opportunities, threats, and trends that can inform strategic decisions
and drive business growth. Data is used to optimize processes, improve efficiency, and reduce
costs by identifying areas of waste and inefficiency. Data is used to understand customer
behavior, preferences, and needs, and to develop targeted marketing campaigns and
personalized customer experiences.

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Data is used to track key performance indicators (KPIs) and measure the success of business
initiatives, allowing for continuous improvement and optimization.

Data-driven decision making is crucial for businesses to make informed, objective, and
effective decisions that drive growth, improvement, and success. By using real data to guide
strategic decisions, companies can continually grow, innovate, and reduce costs. Data-driven
decision making also promotes transparency and accountability, enhances customer
experiences, and improves strategic decision making. Additionally, it optimizes processes
and operations, identifies areas of waste and inefficiency, and helps businesses mitigate risks.
By relying on objective data and concrete evidence, data-driven decision making ensures that
business decisions are informed and effective, leading to increased efficiency, productivity,
and competitiveness in the market.

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 CHAPTER III
CLOSING

3.1 CONCLUSION
In conclusion, business data plays a vital role in the success of any organization. It provides
valuable insights that can inform strategic decisions, optimize operations, and drive growth.
By leveraging business data, companies can gain a competitive edge, improve customer
experiences, and make data-driven decisions that drive business outcomes.

Business data refers to the collective information related to a company and its operations. It
encompasses various formats, including customer surveys, financial reports, employee
performance reviews, marketing research, and data gathered from customers through loyalty
programs or customer service interaction. This data is crucial for businesses to make
informed decisions, optimize operations, and drive growth. It includes both structured and
unstructured data, which can be categorized into internal, external, and crowdsourced data.

Data-driven decision making is crucial for businesses to make informed, objective, and
effective decisions that drive growth, improvement, and success. By using real data to guide
strategic decisions, companies can continually grow, innovate, and reduce costs. Data-driven
decision making also promotes transparency and accountability, enhances customer
experiences, and improves strategic decision making. Additionally, it optimizes processes
and operations, identifies areas of waste and inefficiency, and helps businesses mitigate risks.
By relying on objective data and concrete evidence, data-driven decision making ensures that
business decisions are informed and effective, leading to increased efficiency, productivity,
and competitiveness in the market.

Data is used to identify opportunities, threats, and trends that can inform strategic decisions
and drive business growth. Data is used to optimize processes, improve efficiency, and reduce
costs by identifying areas of waste and inefficiency. Data is used to understand customer
behavior, preferences, and needs, and to develop targeted marketing campaigns and
personalized customer experiences.

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3.2 SUGGESTION
Companies must be able to determine the right business data for them in order to win in
competition in the market

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 REFERENCE

Pearce, J. A., Robbins, D. K., & Robinson Jr, R. B. (1987). The impact of grand strategy and
planning formality on financial performance. Strategic Management Journal, 8(2), 125–
134.

Shweder, R., Much, N. M., & Mahapatra, M. (n.d.). N., & Park, L.(1997). The" big three" of
morality (autonomy, community, and divinity), and the" big three" explanations of
suffering, as well. Morality and Health, 119–169.