Business Process Support

LE THI HUYEN TRANG

BC00149
Discuss how data and information support business processes, including
the value they bring to the organization. (p1)
1. Forecast and manage demand

Forecasting product and service demand: Historical sales data, data from marketing campaigns, and feedback
from customers help organizations predict future demand. This allows the organization to adjust production and
inventory planning more effectively. The result is to minimize excess inventory and optimize resource utilization,
thereby reducing costs and increasing customer satisfaction.

Supply chain management: Data from suppliers and customers can be integrated to improve supply chain
management. By analyzing data on transit times, supplier performance and other metrics, organizations can
optimize supply chain processes, reduce risk and increase responsiveness to customer needs. row.
2. Optimize processes and productivity

Performance analysis: Data from manufacturing processes and other internal operations helps the organization
evaluate the effectiveness of each process. By analyzing this data, organizations can find areas for
improvement, optimize production processes, and reduce waste.

Cost Optimization: Data also helps organizations spot unnecessary costs and wasted resources. By analyzing
and evaluating this data, organizations can make strategic decisions to save costs and optimize business
operations.
3. Improve product and service quality

Evaluate customer feedback: Data from customer feedback and reviews helps organizations better understand the
quality of their products and services. This allows organizations to quickly detect and resolve issues that arise,
thereby improving customer satisfaction and trust.

Improving product and service quality based on customer feedback is an important part of maintaining and
enhancing customer satisfaction. Here are some ways to do this:

Collect response data:

Surveys and questionnaires: Send surveys after making a purchase or using a service to gather customers' opinions
about their experience.

Online reviews: Monitor reviews on platforms like Google Reviews, Yelp, and the company website.
Social networks: Listen and respond to opinions and reviews on social networking platforms such as Facebook,
Twitter, Instagram.
Analyze response data:

Sentiment analysis and classification: Use text and sentiment analysis tools to classify feedback into positive,
negative, and neutral groups.

Identify patterns: Look for patterns in feedback to identify common problems or strengths that need to be worked
on.

Act on feedback:

Problem solving: Identify and prioritize issues to be resolved based on impact and frequency of occurrence in
customer feedback.

Product/service improvement: Use feedback to adjust and improve the product or service, ensuring that changes
meet customer needs and expectations.

Measuring effectiveness:

Track key metrics: Use metrics like Net Promoter Score (NPS), Customer Satisfaction (CSAT), and Customer
Effort Score (CES) to measure changes in customer satisfaction after make improvements.

Continuously monitor and adjust: Evaluate the effectiveness of improvement measures continuously and make
adjustments as necessary to maintain high quality of products and services.
4. Make strategic decisions

Market analysis and trend forecasting is an important aspect of business management and development. Here are
the benefits and reasons why market analysis and trend forecasting are essential for organizations:
Benefits of market analysis and trend forecasting

1. Understand consumer needs and behavior:

- Market analysis helps organizations understand customer needs and desires.
- This helps orient products and services to suit market requirements, increasing the ability to respond and satisfy
customers.

2. Optimize marketing strategy:

- Market data provides information about consumer trends and effective marketing channels.
- Helps organizations optimize marketing strategies, reach the right customers, and improve cost efficiency.

3. Predict market trends and opportunities:

- Trend forecasting helps organizations early identify future opportunities and challenges.
- From there, timely strategies can be devised to take advantage of opportunities and minimize risks.

4. Support for strategic decision making:

- Data analysis helps leaders have a comprehensive and objective view of the market.
- Provide scientific basis and accurate information to make strategic decisions, including expanding markets,
developing new products, or adjusting business strategies.
5. Competition and sustainable development:
- Through market analysis, organizations can clearly understand their position compared to competitors.
- Helps build effective competitive strategies, maintain and develop sustainably in a competitive business
environment.

Why is market analysis and trend forecasting important?

1. Adapt to change:
- The market is always changing and fluctuating. Trend analysis and forecasting help organizations adapt
quickly to these changes.
- Helps organizations not fall behind and maintain competition.

2. Risk management:
- Trend forecasting helps identify potential risks before they become big problems.
- Helps organizations prepare effective risk prevention and management measures.

3. Enhance operational efficiency:

- Information from market analysis helps optimize business activities, from production, marketing to
distribution.
- Helps reduce waste and improve organizational efficiency.

4. Long-term development orientation:

- Analyze and forecast trends to provide information to build long-term development strategies.
- Helps the organization determine clear goals and development roadmaps.
5. Strengthen management and transparency

Data-driven management: Data provides organizations with the tools to manage more effectively. From tracking
performance metrics to managing customer relationships, data helps organizations make decisions quickly and based
on accurate data.

Transparency and public feedback: Using data to improve transparency and public feedback increases customer and
community trust in the organization.
Discuss how data is generated and the tools used to manipulate it to form
meaningful data to support business operations.(p2)
1. Collect data

IoT sensors and devices: IoT sensors and devices are used to collect live data from manufacturing processes,
equipment operations, environments, and more.

Enterprise information system (ERP): ERP collects data from daily business activities such as order management,
warehouse management, financial management. Data from ERP provides a comprehensive view of an
organization's internal operations.

Customer relationship management system (CRM): CRM collects and manages information related to customers
and customer interactions, providing data on purchase history, feedback, support requests , etc.

Data from social networks and websites: Data from social networks, websites, and other online platforms
provides information about user feedback, market trends, consumer behavior, and more.
2. Process and analyze data

Data Integration: Integrate data from various sources such as ERP, CRM, sensor data and social networks to create
a more comprehensive picture of the organization's business operations. This requires using tools and techniques to
digest data from different sources and ensure data consistency and completeness.

Data Cleansing: Cleans data to remove unusual values, erroneous or inaccurate data. Automated tools such as data
mining algorithms and statistical techniques are used to detect and correct errors in data.

Data Transformation: Transform data from its original form to a suitable form so it can be analyzed and used more
effectively. ETL (Extract, Transform, Load) tools are used to automate this process.

Data Analysis: Analyze data to find patterns and trends, make predictions, and make business decisions. Data
analysis tools such as statistical software, data mining tools, and machine learning algorithms are used to mine data
and find valuable information from large data sets.
3. Turn data into information and knowledge

Data Visualization: Chart data to visually show patterns and trends. Tools such as Tableau, Power BI, and Python
libraries (matplotlib, seaborn) are used to create charts, maps, and graphs that help users understand and easily
interact with data.

Reporting and Dashboards: Build reports and dashboards to provide a detailed overview of business performance,
key metrics, and goals being tracked. Tools such as Excel, Google Data Studio, and BI (Business Intelligence)
systems are used to create these reports and dashboards.

Knowledge Discovery: Use results from data analysis to mine knowledge and gain deeper understanding of
patterns and trends in data. This helps organizations find opportunities and come up with appropriate business
strategies.

Discover knowledge:
Data analysis: Use results from data analysis to discover new knowledge. Techniques such as quantitative analysis,
qualitative analysis, and data mining are applied to find patterns, trends, and hidden information in data. data.

Application in business strategy:

Organizations use information from reports and data analytics to make smarter strategic business decisions. The
discovered knowledge helps find new opportunities, optimize operations, and predict future trends.