Describe about the Management Information System for New Forned Business.
Carrie’s Custom Clothing is a newly formed business that trades in T-shirts. The solution to the main challenges faced by the company is given in this report. The report also gives an idea about the use of business intelligence in Carrie’s Clothing business. The use of BI system has greatly improved the business. The competitive advantage of using BI system has also been discussed in this report.
The ways of using social media and e-commerce and the advantages that would be derived from it has also been discussed in this report. The competitive advantages of using social media and e commerce in the business has also been discussed in this report.
The term business intelligence refers to the various strategies, processes, applications that are used to support the data analytics skills. In real life BI tools has been employed in “Met life” to predict changes in weather. The companies like “Just Eat” have implemented BI strategy to involve online ordering of foods. The companies like ANZ use BI for developing reports.
The companies use BI tools to keep record of their data. There are numerous software’s used nowadays for keeping data and previous records by any company. The use of business information’s can help in improving the business solutions. The data collected can be stored in computer softwares for future uses. The main objective of business intelligence is to keep records of the data and use those datasets for future use. The data needs to be analysed using various statistical tools and techniques. The use of statistical tools helps to understand the nature of data and make decisions in the business. The future predictions about sales and expenses can also be made with the help of Business Intelligence.
Carrie’s Clothing can use BI system in different ways:
To keep record of their customers: Carrie could keep the record of customer with the help of business intelligence systems. The Excel spreadsheet has been used by Carrie to keep record of the quantity ordered by the customers, the time required for delivery, the number of sales and others. With the help of these information’s, Carrie could know about the details of the customer.
The information about the customer who is using the products again and again and the records of the customers can also be obtained with the help of Excel spreadsheet. Carrie has used the excel sheet to get an idea about average number of shirts sold, average profit earned per month with the help of these spreadsheet.
The information about the number of customer and the customers who has visited more than once in her shop is also available with the help of Excel spreadsheet. The number of days required by Carrie to clear each order can also be calculated with the help of the spreadsheet.
The spreadsheet also helps to obtain the figures about the late deliveries in the orders. The average number of shirts sold is also obtainable from the Excel spreadsheet.
To forecast future sales based on these records: The future sales could be predicted from the records of the customers. The number of future customers and productivity of her business can also be forecasted by using all these datasets.
To make business plan using these datasets: The modeling of the data will help to understand the relationship between sales and figures for the business. The proper business plan will help in the growth of the business.
The social media and e commerce is a very popular for any kind of business. There are almost every people who use the social media for business. The use of social media and e commerce has greatly benefited the business. Almost all kinds of business use social media to advertise for their business. There are also many features like online ordering for any kind of business. The people can get an idea about the business from the online sites of the business. This helps both the customers as well as the owner of the business.
The Carrie’s Custom Clothing can use social media in the following ways:
Carrie’s Custom Clothing can open a social media site where the advertisement of new products can be made. These would attract more customers for her service. Her business can gain a wide reputation y the use of social media.
Carrie’s Custom Clothing can open website where online orders can be made. This will help her to get more customers. Many companies have made profit in their business with the help of business intelligence.
With the help of the data collected about the number of followers in the social media sites and their comments in those places, Carrie would be able to understand the taste and preferences of her customer. This will help her to know about the demands of her customers.