Task $1$

$(20$ marks$)$

The information value chain is a framework that describes the process of creating value from data $($F$$vero anc

Belfiore, $2019).$ It encompasses the entire data life cycle, from data collection to decision$-$making. An important stage

in this information value chain is data preparation, which includes cleaning, formatting and transforming the data into

a usable format.

Case Study: TechTrendsetters

TechTrendsetters achieved remarkable results in the $2023$ financial year, marking a record$-$breaking performance. They

effectively addressed customer demand, optimised their stock management and executed highly successful marketing

campaigns. Consequently, these efforts resulted in an overall enhancement of their business performance, leading to

increased sales, heightened customer satisfaction and improved profitability

TechTrendsetters operates a network of retail stores and an e$-$commerce platform. They have access to vast amounts of data, encompassing sales, inventory and customer information from various sources such as sales transactions, customer

profiles, website traffic, social media interactions and provider details. This data is primarily sourced from point$-$of$-$sale

systems, website analytics tools and customer satisfaction surveys. While TechTrendsetters had been storing this data for

some time, it was only at the onset of the $2023$ financial year that they earnestly began harnessing the data to enhance

their business operations

Following the data collection, TechTrendsetters deployed a team of analysts to scrutinise the data and identify best$-$selling

products, the most effective marketing strategies and top$-$performing sales representatives. In addition, they utilised data

mining techniques to uncover concealed trends and correlations within the data

Since the start of $2023,$ TechTrendsetters' management team gained access to pertinent information derived from data

analysis through a user$-$friendly dashboard. This tool facilitated decision$-$making, enabling them to make informed choices,

such as discontinuing slow$-$moving products or adjusting pricing strategies for specific product categories. These

management decisions were successfully implemented by TechTrendsetters in the course of $2023.$

Using the case study TechTrendsetters, explain the information value chain in detail. Use Figure

Figure $1\mathrm{.}1$ Information value chain$1\mathrm{.}1$

in your study guide as a starting point.