Using Information (P1)

How a Business Uses Information:

Most modern businesses now use some form of technology to help form and use information to increase aspects such as profit margin and customer satisfaction. An example of a piece of this hardware would be a point of sale system, this system allows a business to calculate how much of an individual product has been sold with out keeping a physical record and without the need to pay a member of staff. this method also allows the information to be securely stored on a cloud sever meaning the information is safe and can be accessed easily at anytime. The fact that the information is digital also allows for it ti easily be manipulated and edited.

A business could use the information it collects using a systems that tracks when sales are made over the course of a year, the business could then analyse that data and make a report telling them when specific items are in high demand. with this information they could make a decision on whether it is appropriate to order and higher or lower quantity of a specific item in a particular month.

Another way the business could use this sales information is analyse the data and decide if it would be a good decision to make promotions for certain products that could be struggling to sell over the year. By making a promotion it would help prevent the business from losing profit from products that have reached and expiry data and must be thrown away