Question 1

Companies generate and store immense amounts of data independentof specific research goals. Various business functions involvegenerating data and keeping records of their day-to-day operations.Data, therefore, accumulates over time. For example, the financedepartment will keep a record of the salaries being paid eachmonth, and managers might keep a record of employee performance ona quarterly basis.

The following table lists some of the major business functionsat Sonic Selection. Complete the table by providing one type ofdata that might be generated and recorded for each of the businessfunctions. Provide a brief explanation of each type of data, andhow the data could be used in a meaningful way to gain insight intobusiness functions or to inform decision-making. (Max. 50-100 wordsper business function, excluding the “Data generated” column.)

Note: You should consult the Business CanvasModel to help you answer this question. The first row of the tablehas been completed as an example.

You may make assumptions about the type of data generated ineach function, and rationalise it in the “Utilisation of data”column.

Business function	Data generated	Utilisation of data
Finance	Sales invoices	This data can be used to track which albums, songs, orartists are selling the most and least. This information can beused to access which types of music are profitable, and the salesrevenue can be compared to the licensing fees to track theprofitability of specific artists.
Finance
Marketing
Sales
Customer service
Human resources