Data analysis tools in the process phase Background & company description
A data analysis tool can be particularly helpful in designing the background and company description portion of the case study.
Data analysis tools allow you to analyse, present and interpret data. This allows you to present the case, structure and economic situation of the company in a detailed and clear manner. Interactive dashboards and detailed data analyses make it easier for learners to grasp the complex relationships between actors in the case, understand the complex situation better and engage deeply with the subject matter. They are therefore of great importance as they enable in-depth analyses and a clear presentation of the company's situation. Specifically, interactive dashboards and reports allow learners to explore the data themselves and analyse different scenarios. This encourages more active engagement with the content. The tools also make it possible to present different perspectives and analyses that address different questions and interests of the learners. Further, data analysis tools can be used to create forecasts and analyse scenarios to simulate possible future developments.
Personal reflection
How could you utilise a data anlysis tool when designing the current process phase if you have the following scenario as your case? A local family-owned snack bar specializing in street food has a loyal customer base, and its impact is getting larger: more and more new visitors are received since two months ago. The owners are now looking for market expansion opportunities. The owner calculated carefully their revenue, costs, and did some market research around the neighbourhood. He’s thinking maybe open another shop in a nearby neighbourhood or offer more diversified food in the current shop.
Input historical revenue and cost data to create detailed financial reports. Use charts and graphs to visualize trends in sales, profit margins, and cost structures. That could help to understand the financial health of the snack bar and identify profitable items or cost-saving opportunities.
Analyse customer data to identify demographics, purchase patterns, and peak times. Segment the customer base to understand loyal vs. new visitors. In this way you get and provide insights into customer behaviour and preferences, aiding in targeted marketing and product offerings.
Develop sales forecasts based on historical data and market trends. Create different scenarios for opening a new shop or diversifying the menu. This helps predict potential outcomes and assess the risks and benefits associated with each expansion strategy.