3CO02 Principles of analytics Assignment Sample

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Introduction - 3CO02 Principles of analytics Assignment Sample

The 3CO02 Principles of Analytics Assignment Sample explores the importance of evidence-based practice within organizations to enhance decision-making and drive continuous improvement. This assignment emphasizes the role of accurate data collection, including both quantitative and qualitative measurements, in understanding business issues and shaping effective policies. It highlights how people professionals utilize analytics to build value for individuals, the company, and stakeholders while fostering customer-focused and standards-driven organizational cultures. This comprehensive analysis serves as valuable assignment help for students seeking to understand the practical application of analytics principles in real-world business environments.

Section One

The 3CO02 Principles of Analytics Assignment Sample emphasizes the critical role of evidence-based practice within organizations. This approach involves making informed decisions by conscientiously using the best available data and research from multiple sources. In practice, organizations like Sainsbury utilize evidence-based methods to drive data-driven decision-making, improving product ranges and operational strategies by collecting customer surveys, competitor analyses, and stakeholder feedback. These practices also support continuous improvement by enabling companies to adapt based on reliable information, leading to better business outcomes and competitive advantages in the market.

Evidence-based practice and its application within an organization

The evidence based practice means making decision via the conscientious as well as judicious use of the best available information from the variety of sources to enhance the likelihood of a favourable result. It is a procedure where research findings, data are combined across different sources to ascertain the course of action within an organization (Law and MacDermid, 2024). The evidence-based practice effectively applied in numerous ways within the organization.

• To make data-driven decisions: The company can use evidence-based practice to make better data driven decision within the organization. For example, with the help of evidence-based practice Sainsbury make decision regarding introducing new products within the product range. To make data-driven decision, company make decision by collecting the data from customer survey, competitor analysis and so more (Bousdekis et al, 2021). Thus, application of evidence-based practice aids in makes better decision that is successful for the business.
• Evaluation and continuous improvements: Through the help of evidence-based practice company can make necessary changes and continuous improvements within the organization. The company can collect the data regarding making improvements within the organization with the help of conducting interviews, survey, taking feedback from the different stakeholders. The outcome of the data collection used as a base for making improvements within an organization. For example, if Sainsbury gather data that shows that company should add eco-friendly product range correspondingly company make changes accordingly.

Thus, evidence-based practice is important for make better data-driven decision as well as continuous improvements.

Significance of using data in company and its necessity in determining problems and issues

Data is essential for several reasons as it aids in make better informed decisions as well as manage the daily operations. The data helps in recognize trends, patterns as well as correlations that can furnish valuable insight into customer behaviour, market trends and business performances (Mach-Król and Hadasik, 2021). Also, data leads to provides internal information too which is crucial for better decision-making. For instance, the main importance of using data within the Sainsbury is help in developing better policies within the organization. The data related to employee turnover, absenteeism aids in making policies regarding to employee motivation such as reward, leave policy aids in address employee turnover problem by enhancing employee performance. The available data also aids Sainsbury in gain competitive advantage in the market as with the available data company can serve according to the needs of the customer which help the company to remain advantageous and leading in the market.

It is crucial for the Sainsbury to ensure that available data is accurate and reliable while determining the issues and problems. If available data is not accurate than there is chances of making incorrect decisions which leads to impact overall operation and profitability of the company. For instance, wrong data related to employee turnover leads to enable the company to make incorrect decision such as recruiting more employees. This leads to impact the overall productivity of company and increase financial burden too which is not good for company performance.

Different kind of data measurement used by people professionals

People professionals are the individual who take data-driven decision with the help of different kinds of measurement tool. The two data measurement tool is quantitative and qualitative measurement. The quantitative data refers to a data that can be effectively measured in numerical values on the other hand the qualitative data refers to data that is not expressed in the numerical manner. With the use of quantitative data, the HR professional use retention rate, performance evaluation, absenteeism percentage, salary, hours of overtime work and so more with the help of the percentage, ratio. For example, the people professional use percentage, graphs to evaluate the demand of the workforce within the organization and accordingly recruit the experts according to the set criteria within the organization (Sürücü and Maslakci, 2020).

In the context of qualitative measurement tool, the people professionals use survey, interviews to collect the data as well as to make informed decisions. For instance, to collect the data regarding the customer behaviour and preference the people professional conduct survey and according to this make decision (Busetto, Wick and Gumbinger, 2020). For instance, with the outcome of the collected data company make changes in their product range and services accordingly. In addition, as a qualitative data collection method, people professional use focus group and with the help of this effectively make strategy and policies. Thus, the qualitative measurement aids the company in take better decision to remain competitive in the industry.

Application of policies and procedure for informed decision

Policy and procedure is a rules and principle that furnish guidance for the processes within the organization. Policies aids in guiding behaviour as well as decision-making within an organization. The application of policies and procedure aids in decision-making process which is based on the informed decision. The policies of the Sainsbury aids in furnish systematic solutions for the challenges as well as foster better work relationship. With the help of set policies and procedures the people professional able to make decision with confidence which are helpful in successful achievement of company`s objectives.

The use of policies by the people professional aids in making decision in correct manner as a result each employees of the company satisfied with the decision. The application of policy also helps in understand employee regarding what is expected from by the company. For instance, the policy of Sainsbury regarding the performance management of the employees helps the people professional in taking appropriate decision (Litvaj et al, 2022.). If the employees performance is not appreciable, than the HR professional while remain within the boundaries of the performance management policies take decision of providing training to employees so that individual able to work in the effective and better manner.

Thus, the application of policies and procedure is important for informed decision-making by the company. The use of policy enables the people professional to make logical and wise decision that help in successful accomplishment of goals of the organization.

People professional build value for individual, company and stakeholders

People professional is the integral part of company as it is quite responsible for success of business as well as management of organization activities and employees. They contribute the goal and objective of the Sainsbury via effective employee operations. The people professional build value for the employees by furnish them timely training for personal growth and career development to enhance their skill, knowledge and expertise (Blanchard and Thacker, 2023). They emphasis on creating a culture where employees feels safe, valued and respected as well as giving them freedom of voice.

In addition, the human resource creates value for Sainsbury by effectively plan and supervises a strategic workforce, it timely recruit the expert people as well as implement different kind of policies such as compensation, reward, legal compliance and so more. It aids in effectively attain the goals of the organization. Further, HR professional build value by focus on team building activities to increase the trust between employees and managers. For this, HR professional organize informal meetings, events, award ceremonies and so more to effectively engage employees within the organization. This leads to help in enhance employee productivity and performance as a result aid in effectively create value to the organization.

Along with this, HR of Sainsbury also creates value for the stakeholders by continuously ensuring organization profitability and growth by encouraging and retaining top talent, establishing HR policy by integrating it with the culture of organization and capabilities (Stahl et al, 2020). This leads to help in increase profitability of company as a result customer get better product and services, employees get increase salary as well as shareholder get high return.

Ways in which able to become customer-focused and standard driven

Customer-focus refers to prioritizing the requirements of customer first. This leads to assist in improving customer satisfaction as well as building better relation with customers. In the current competitive environment where various business offers homogenous products, it is important to become customer-focus so that able to effectively attract wide range of customers (Madhani, 2020). To become customer-focused, I firstly make emphasis on the needs and requirements of the customer by taking customer feedback as well as conducting research of market. This leads to enable to become more customer-focused as well as providing products according to customer needs, leads to improve customer experience.

In addition, in current time, the customer become health conscious as well as environmental conscious as a result the Sainsbury to become customer focused add healthy food item as well as sustainable product in their product range. The business also focuses on sustainable practices such as minimizing food wastage, avoiding use of plastic and so more. Further, to become customer-focused, I build an organizational culture where the queries of customers as well as complaints are listen in the quick and rapid manner. It is done by providing the effective training to the employees regarding quick responses to customer grievances. It leads to assist in furnishing excellent services to customers as a result motivate them to make repeat purchases.

Section Two

In the context of the 3CO02 Principles of Analytics Assignment Sample, data evaluation plays a crucial role in understanding organizational issues such as employee turnover. Analyzing turnover rates across departments from 2020 to 2023 reveals trends and highlights challenges in employee retention. The data-driven insights show variability in turnover percentages and emphasize the importance of developing effective HR policies. By leveraging analytics for decision-making, people professionals can implement reward systems, improve company culture, and introduce flexible working arrangements to reduce turnover, thereby enhancing overall organizational performance and employee satisfaction.

Data evaluation

From the above tabulation presentation and data evaluation, it is analyzed that in the year 2020, there is high employee turnover in dispatch department with 58% while in marketing department no employee leave the company. In the context of year 2021, in marketing, people team, research and design as well as finance department, no employee leave the organization but in dispatch and finance department there is 40% employee turnover. Contrary to this, in year 2022, in people team and dispatch department, there is turnover with 50% and within finance, sale and design department there is no employee leave during whole year. At last during 2023 in people team department 40% turnover while finance and marketing department no turnover seen.

3CO02 Principles of analytics Assignment Sample

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In addition, the overall total leaving rate for the entire company in the year 2020 was 34% which was decrease in 2021 and the percentage was 18%. During year 2022 leaving rate was 22% that decline to 14% in 2023.

Issue and Potential solutions

Total % Turnover in organization from 2020 to 2023

% Turnover within a company in each year

From the above evaluated data, it is identified that there is frequent changes in the percentage of turnover within a company. The main issue of high turnover include lack of data-driven decision by the people professional. For instance, in year 2020 high percentage turnover shows that employees of each department are not satisfied with the company policies regarding to compensation benefit, reward and recognition policy, management style, company culture , opportunities for growth as a result they leaving company (Basnyat and Clarence Lao, 2020). Thus, to solve the problem high turnover by the people professional it is important to develop better policies as well as making data-driven decision to effectively satisfied the need of the employees within the organization. The best solution for decline employee turnover includes furnishing reward and recognition to employees according to their performance in financial and non-financial terms. It is important to build effective company culture where all employees have freedom of voice, the involvement of employees within the decision making process aids them in feel valued as a result help in decline turnover (Strategies to Reduce Employee Turnover, 2024). In addition, the company should provide flexible working hour to decline workload and stress as well as timely training as a solution of high employee turnover.

References

Books and Journals

• Basnyat, S. and Clarence Lao, C.S., 2020. Employees’ perceptions on the relationship between human resource management practices and employee turnover: A qualitative study. Employee Relations: The International Journal, 42(2), pp.453-470.
• Blanchard, P.N. and Thacker, J.W., 2023. Effective training: Systems, strategies, and practices. SAGE Publications.
• Bousdekis, A., Lepenioti, K., Apostolou, D. and Mentzas, G., 2021. A review of data-driven decision-making methods for industry 4.0 maintenance applications. Electronics, 10(7), p.828.
• Busetto, L., Wick, W. and Gumbinger, C., 2020. How to use and assess qualitative research methods. Neurological Research and practice, 2(1), p.14.
• Law, M. and MacDermid, J., 2024. Evidence-based rehabilitation: A guide to practice. Taylor & Francis.
• Litvaj, I., Ponisciakova, O., Stancekova, D., Svobodova, J. and Mrazik, J., 2022. Decision-making procedures and their relation to knowledge management and quality management. Sustainability, 14(1), p.572.
• Mach-Król, M. and Hadasik, B., 2021. On a certain research gap in big data mining for customer insights. Applied Sciences, 11(15), p.6993.
• Madhani, P.M., 2020. Building a customer focused strategy: developing conceptual frameworks and research propositions. SCMS Journal of Indian Management, 17(3), pp.5-25.
• Stahl, G.K., Brewster, C.J., Collings, D.G. and Hajro, A., 2020. Enhancing the role of human resource management in corporate sustainability and social responsibility: A multi-stakeholder, multidimensional approach to HRM. Human resource management review, 30(3), p.100708.
• Sürücü, L. and Maslakci, A., 2020. Validity and reliability in quantitative research. Business & Management Studies: An International Journal, 8(3), pp.2694-2726.

Online

• Strategies to Reduce Employee Turnover. 2024. Online. Available through: < https://www.waldenu.edu/online-masters-programs/ms-in-human-resource-management/resource/six-strategies-to-reduce-employee-turnover#:~:text=Create%20Learning%20and%20Development%20Programs,pursue%20areas%20that%20interest%20them.>