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Factory

Unit 5 - Operations management

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Chart Increasing

Unit 1 - Introduction To Business Management

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Briefcase

Unit 2 - Human Resource Management

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Money Bag

Unit 3 - Finance & accounts

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Direct Hit

Unit 4 - Marketing

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Bar-Chart

Unit 6 - Assessment

What is it? 
&bull;&nbsp;&nbsp; &nbsp;Tools that help business managers make informed decisions. 
&nbsp;Uses? 
&bull;&nbsp;&nbsp; &nbsp;📝 Market research: Collect data from potential customers. 
&bull;&nbsp;&nbsp; &nbsp;🎯 Promotion: Target certain groups using specific criteria. 
&bull;&nbsp;&nbsp; &nbsp;💳 Credit risk management: Identify customers who might not be creditworthy

<ul>
	<li>Supermarket Loyalty Programs
	<ul>
		<li>Offers loyalty cards for special discounts.</li>
		<li>Tracks what customers buy, when, where, and at what price.</li>
		<li>Uses data to send targeted offers or decide when to put items on sale.</li>
	</ul>
	</li>
	<li>Pros for Customers
	<ul>
		<li>Discounts and special offers!</li>
	</ul>
	</li>
	<li>Cons for Customers
	<ul>
		<li>Personal data collection might feel creepy. 😬 (e.g., knowing your food preferences).</li>
	</ul>
	</li>
</ul>

<ul>
	<li>Taylor&rsquo;s Scientific Management (Recap from Chapter 2.4)
	<ul>
		<li>&nbsp; Aim: Increase productivity using scientific methods.</li>
		<li>Taylorism Principle: Managers should monitor workers&#39; performance</li>
	</ul>
	</li>
</ul>

&bull;&nbsp;&nbsp; &nbsp;Early 20th Century: Managers observed workers directly. 
&bull;&nbsp;&nbsp; &nbsp;21st Century: Welcome to &quot;Digital Taylorism&quot;! Monitoring through IT systems.

Remote Work Monitoring

<ul>
	<li>Managers can see when staff logs in and track their activities.</li>
	<li>Identify those who might need training or aren&#39;t being productive.</li>
	<li>Also, employers can monitor communications, like reading company emails.</li>
</ul>

Monitoring has led to court cases.

Main Issue: Privacy concerns about reading work emails.

Takeaway: Always know your company&#39;s privacy policy!

<ul>
	<li>Data analytics &amp; mining aren&rsquo;t just buzzwords &ndash; they have real business applications.</li>
	<li>While they bring benefits to businesses, they might raise concerns for customers and employees.</li>
	<li>The balance between data usage and privacy is delicate and varies from one context to another. Always be aware of the implications!</li>
</ul>

🚀 Study Tip: Think about your own experiences! Have you received a discount coupon shortly after buying something? That&#39;s data analytics in action! Remembering real-world scenarios can help these concepts stick.

Unit 5 - Operations management

Unlocking Business Success: Data Analytics & Data Mining Explained

Table of content

Data Analytics & Data Mining 📊

Real-World Example

Data in Employee Management 🖥️

Then vs Now

Unlock the Full Content!

Unit 5 - Operations management

Unlocking Business Success: Data Analytics & Data Mining Explained

Table of content

Data Analytics & Data Mining 📊

Real-World Example

Data in Employee Management 🖥️

Then vs Now

Unlock the Full Content!