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Unit 26 - Managing Business Information D1 recommend how a selected organisation could improve the quality of its business information to support decision making$4.56
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Unit 26 - Managing Business Information D1 recommend how a selected organisation could improve the quality of its business information to support decision making
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Unit 26 - Managing Business Information
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Recommendations to improve the quality of business
information
Introduction
There are many ways in which Tesco can improve the quality of its business information to
support decision making. Tesco can a variety of software’s, such as excel, word, PowerPoint,
sage and many others. There are many different types of information that can be recorded
using these software, and by doing this, it can support Tesco to make important decisions
that will help them to improve their performances, lower their expenses, gain more
customers and generate more sales.
One of ways they improve the quality of their information is tracking sales and how much
money they are making on each of their products. Tesco can use the software Microsoft
excel to record all the sales that they are making on each of their products, and also the
amount of money they are making. Excel would allow Tesco to list each of their products,
and their sales next to each item, as well create charts and graphs to use in reports. This
way the sales department can create a report at the end using the figures from excel. This
can help them improve the quality of its business information and help make decisions for
the purchasing department because it shows them what product is selling the most and
what is not making any sales, this can help them make decisions on what items to keep on
stocking and what items to not.
For example, if one of the Tesco’s products has not made any sales in one month, it has
made the least amount of sales compared to other products, using this information Tesco
can make the decision to reduce the amount of stock they purchase, this can help them
save money instead of buying products that will not make any sales. If the products are
Tesco’s own brand, then they can communicate to the production department to produce
less of the products or stop producing them altogether.
This can also help Tesco to stock more of the products that are best-selling, so that they do
not run out of stock and the customers can continue making purchases. Tesco can also
spend more money promoting the products that are not selling too well, so that the
products can be seen by more people leading to more sales. They can also reduce the price
of them, as they can be not selling well due to be too expensive. From tracking sales, Tesco
can also see patterns such as in which months a certain product is selling the most, this way
during those months, Tesco can increase the stock. Using excel to record this information
can also help the purchasing department to find all the information quickly as it is all in one
place, they do not have to look for it as that can be time consuming.
Overall tracking sales and revenue would help Tesco to make better decisions and improve
performance. “Sales tracking system can help optimize your performance and give you
better results. Sales tracking is important because it helps you prevent further losses and
encourages you into making smart gains.”
Another way Tesco can improve the quality of its business information to support decision
making is by monitoring staff absence and sickness using Microsoft excels. Staff absences
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