Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vistabeans Coffee Shop 1. Introduction Data analytics refers to advanced forms of analysis that can be used to explore large volumes of data and communicate

image text in transcribedimage text in transcribedimage text in transcribed

Vistabeans Coffee Shop 1. Introduction Data analytics refers to advanced forms of analysis that can be used to explore large volumes of data and communicate insights. Data is extracted and categorized to identify and analyze behavioral data and patterns, and techniques vary according to organizational requirements. Data analytics is used in many industries to allow companies and organization to make better business decisions. Data analysis is very different from accounting or financial reporting. Whereas many believe that financial staff or even the CFO can instantly perform data analysis, the truth is that it takes a special kind of person to be able to sift through that data and pull out those nuggets of critical information that could have an immediate and substantial effect on the profitability of your business. The accounting profession is surrounded by information that exists quietly in disparate systems, often unused until it's pulled for an audit, engagement, or tax return. But if we turn large volumes of data into meaningful insights, organizations can use these findings to improve their businesses in many functions and accounting professionals would add even greater value. Indeed, accountants need to look beyond traditional business metrics and recognize the commercial potential of embracing a wider set of data. In addition to the essential financial and enterprise data they already work with, accountants will need to review other nontraditional sources of data in order to gain a more thorough understanding of business performance 2. Scenario Vistabeans was formed in 1991 when Eli Smith graduated from college and decided to use his passion for good coffee and his recent business degree to open a coffee shop in his home town. After a few years, Sarah Jones joined Vistabeans as a part-owner and marketing director. Sarah took Vistabeans to the next level by expanding Vistabeans into new markets. With Eli focusing on products and Sarah focusing on marketing. Vistabeans, grew to 150 stores throughout the Unites States. The mission of each store is to sell the best cup of coffee and other beverages in the area. Eli and Sarah were happy that their company was growing but they wondered if they were applying their resources in the most profitable manner. Accordingly, they asked their chief financial officer, Alma Nelson, to analyze the company's profitability and prepare a report with recommendations as to how the company can maximize profit. Alma used the company's accounting information system to create a two year profit analysis report (Exhibit 1). After reviewing the report, Alma concluded that she needed a deeper understanding of the company's profitability. Alma recalled a report she recently read touting the benefits of data analytics so Alma decided use data analytics to help her prepare a report with recommendations as to how the company can maximize profit. 3. Software and Data When embarking on a data analytics project, one of the initial steps will be to select the software that will be utilized. Fortunately, many software packages exist to help organizations explore large volumes of data and communicate insights. Software solutions range in functionality, ease of use and price. This case will utilize Tableau, a data visualization software package used in many organizations. Tableau was selected by Vistabeans for its ease of use for non-technical users. Your instructor will provide instructions regarding access to the software. In addition to the classroom instruction, some training videos are available on Lynda.uni.edu The chapters that your instructor finds most useful are listed on e-learning. Your instructor will provide a Microsoft Access coffee chain data source that you should use to complete the case requirements. The database is located on e-learning as well as the shared drive. There are instructions on e-learning on how to load the Access file into Tableau. 4. Requirements Assume you are Alma Nelson and use Tableau to analyze Vistabeans profitability. Your deliverables include: 1. With your group, prepare a report with recommendations as to how the company can maximize profit. Your report should include outputs from Tableau. Your report should fontain at least 3 visualizations to support your recommendations. The report should also contain a short description of data analytics and how it is used. (I would expect this to be about than a page). a. The visualizations can be attached to the end of the document or embedded within the text. The text for the project should be about 3 -4 pages double-spaced before the visualizations are added. b. Turn in a hardcopy of the report to class on the assigned due date. In addition, upload both the report and your final Tableau file to e-learning. (Only one person from the group should upload the files onto e-learning) For the report, focus on your findings. Remember your recommendations must be based on data that you found

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Law And Order Review 1993 An Audit Of Crime Policing And Criminal Justice Issues

Authors: John Benyon

1st Edition

1874493901, 978-1874493907

More Books

Students also viewed these Accounting questions

Question

Explain the need for and importance of co-ordination?

Answered: 1 week ago

Question

Explain the contribution of Peter F. Drucker to Management .

Answered: 1 week ago

Question

What is meant by organisational theory ?

Answered: 1 week ago

Question

What is meant by decentralisation of authority ?

Answered: 1 week ago