Luxury Lexicon 20 terms
Data terms
How analysts define, look after and use business data in luxury roles.
A
- A/B testing
- Comparing two versions of something with separate groups to measure which better achieves a defined outcome.
- Average transaction value
- Sales value divided by the number of transactions during a period.
B
- Business intelligence
- Turning business data into reports and analysis that support decisions.
C
- Conversion rate
- Conversion rate is the share of a defined group that completes a specified action, such as making a purchase.
- Customer segmentation
- Grouping people by relevant characteristics or behaviour to make communication and service more appropriate.
D
- Data governance
- The responsibilities and rules for managing data quality, access and use.
- Demand planning
- Estimating future customer demand to guide purchasing, production and stock decisions.
F
- FP&A
- Financial planning and analysis: budgeting, forecasting and analysing financial results to support decisions.
G
- GDPR
- GDPR stands for General Data Protection Regulation, a set of rules governing the handling of personal data.
K
- KPI
- Key performance indicator: a measure used to assess progress toward a specific business goal.
M
- Master data
- Core records shared across activities, such as product, customer and supplier details.
N
- Net Promoter Score
- A customer feedback measure based on how likely people are to recommend an organisation.
P
- Pivot table
- A spreadsheet tool that groups and summarises data so it can be compared by category.
- Power BI
- Microsoft software for connecting data, analysing it and presenting reports and dashboards.
R
- ROI
- Return on investment: a measure comparing the return from an investment with its cost.
S
- Sell-through
- Sell-through is the proportion of available stock sold over a stated period.
- SQL
- A language used to retrieve and work with data in relational databases.
U
- Units per transaction
- The average number of items sold in each transaction.
V
- Variance analysis
- Examining the difference between actual results and a budget, forecast or other comparison, and explaining its causes.
- VLOOKUP
- An Excel function that finds a value in the first column of a range and returns a value from another column in the same row.