Business Models and Innovation Challenges
Added on 2020-06-04
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MANAGING SUCCESFULBUSINESS
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Aims and Objectives.............................................................................................................1P2 Project management plan.......................................................................................................3P3 Produce work break down structure and Gantt chart.............................................................4TASK 2............................................................................................................................................7P4 Research methodologies........................................................................................................7TASK 3..........................................................................................................................................10P5 Analysing the data gathered.................................................................................................10P6 Recommendations................................................................................................................16TASK 4..........................................................................................................................................17P7 Reflection on research..........................................................................................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19APPENDIX....................................................................................................................................21
INTRODUCTIONThis is an era of technological business as stated by different researchers all around theworld. Stating this it can be said that it has become essential for the organisations to take use ofthe technological advanced equipments for their operations. It makes the business processes to befaster as well as effective. This makes the work process faster. It is most important for thesmaller and medium sized organisation to take use of such devices as it increases their businessreach as well as reduces the overall cost of operations (Ackermann, 2012). Since they havelimited amount of resources hence it can be utilised for making business operation to expand intonew horizons. It supports one of the biggest aspect in the modern day business i.e. innovationwithout which the growth of any firm cannot be ensured. Unicorn Groceries is an SBE that isoperational in UK. This company follows the flat structure in their management. It is havingbusiness of Grocery, household and body care items with an annual turnover of around 7 millionpounds. This research highlights the influence of digital technology on the business of Smallenterprises as well as on the innovations with an effective project management plan.TASK 1P1. Aims and ObjectivesResearch Title:The impact of digital technology in supporting growth of small business and innovation.Firms that are utilising digital technology in their operations are having edge over theothers who are taking use of traditional methods of operations. It provides assistance in manyoperations as well as it reduces the overall operational cost. In order to ensure long term successin the business operations modern technological advancements have to be used. Innovation isalways fostered by the use of technological equipments since it helps in doing advanced researchbased on the available resources.AIMThis project aims to understand several kinds of problems which is faced by UnicornGroceries in various situations which helps to ensure long term growth in future.Its main objective is to increase the capacity of consumers so as to reduce the time takento complete the task by 10% as well as reducing the cost of operation by 5% which canbe easily achieved by the use of digital technology.1
One of the aim is to study the influence of digital technology on the operations of thesmall enterprises like in marketing, information safety, data management.It also aims to define the methods by which innovation is facilitated by the use of digitaltechnology.ObjectivesTo find the requirement of continuous up-dation in the use of digital technology.To evaluate the methods through which cost of operations is minimised by taking the useof technology especially in the field like marketing.To highlights the influence of digital technology in transformation of business activities.To analyse various areas of business where technological impact is highest. Research QuestionIn case of digital technology what kinds of up-dations are required by Unicorn Groceries.What is the digitally updated techniques of marketing.What sort of effect digital technology makes on the transformation and innovations inbusiness.What sort of tools of technology can assist in achieving these activities.All provided objectives are crucial part of the report. In current case “ Unicorn Groceries” is aSBE and has a potential of expanding business by taking use of modern day technology. It canutilise online sites for selling its Groceries products. Using digital marketing small firms canexpand their market reach and can promote their items among larger section of the population.Other issues which is generally faced by the small business enterprises is handling of datagenerated in their daily operations. Company wants to do new innovative business which will bedirectly benefited if they use modern digital technology. It minimises the overall operational costas well as making work process easier.Background of the project: There are several things that has to be addressed while making thebusiness operations effective. It can be done using the technology by implementing propercommunication methodologies and channels so that work can be carried smoothly. Every firmfaces different kinds of conflicting situations that can be result of improper mechanism forcommunication (Alshamaila, Papagiannidis and Li, 2013). When management has to delivermessage to the staff members they take use of messaging software which helps in deliveringinformation without any interruptions or data being missed.2
P2 Project management planThere is a necessity of project management plan in the company such as UnicornGroceries. A plan always reduces the extra efforts that will be needed without it. It bringssmoothness I the whole work process as it makes tasks structured. Planning diminishes thenegative influence of various limiting factors on the whole project completion (Blackburn, Hartand Wainwright, 2013). It assures that work will be completed of time that too taking use ofavailable resources in optimum way. Planning becomes essential in case of Unicorn Grocerieswhich is having limited amount of resources. This plan will cover essential requirements andseveral activities that is done in this project completion:Scope: In many ways this research has higher scope. It mainly highlights on the differenttypes of activities inside the firm like data management, customer relationship, datamanagement. Implementation and Up-dation of digital technology will help in fulfillingthe requirements of human resource. Advanced technology in communication will assistin checking that the flow of information within the firm is appropriate and hence reducesall the possible confusions within the firm. This project will help in giving support toexpansion and growth plan for business by taking use of innovation.Quality check: The prime focus that will be ensured will be on the quality of research thatwill be conducted. In order to get effective results for the firm authenticity of the primarydata has to ensured. It is fact that if researchers fails to record appropriate informationthan it becomes impossible for them to provide desired report. Project monitoring will beconducted in a continuous intervals of time that too on regular basis. It ensures thatmistakes can be eliminated at the point of generation only. Data analysis tool and Ganttchart will assist in understanding the accumulated content more appropriately. Risk management: Different kinds of threats are associated with the project such asimproper collection of data, figures which may result in some probable risk which can besometimes hidden. These risks has to be faced properly because any sort of negligencemay result in reduction of efficiency of the whole project. Other than this determining theauthenticity of the collected data can be a serious challenge. Internet always acts as asource of content whose authenticity is always under the question mark. Overexpenditure on the activities is one of the major risk as researchers cross the budget thatis allotted in the beginning of the project. Delay in the project completion can be another3
risk. If all these risk are not handled properly then their might be chance of project failurewhich will ultimately result in failure of Unicorn Groceries in terms of adopting digitaltechnology successfully which can have negative impact on the growth of the firm.Another bigger risk that is involved with this is that it may not complete on time andhence proper strategy in this regard has to be made.Cost Control: It is essential for any project to be cost effective. Companies such asUnicorn Groceries do not have deep pockets hence it becomes essential for the firm tolimit its financial expenses. A budget must be allocated for each activities in the processthat will help in making the overall cost control. Cost checking at every step of theproject completion results in reduction of overall budget which is necessary for the firm.Due to the Tax hikes and inflation there is always the hence that the monetary value thatis assigned for the project may not be enough. Making a plan can be easier but itsimplementation is always harder. In this project completion the estimated budget isaround 1200 pounds. The flexible margin that is set by the firm is 10%.Communication: In most cases any project fails because there is lack of propercommunication among the research team. At the time of plan formulation bettercommunication helps in taking views of managers of different departments on diverseissues (Brynjolfsson and McAfee, 2012). Time to time conversation of project managersand team members can ensure that there is smoothness in the implementation of plans.Time: It is essential for the researchers to decide that project is completed in prescribedtime frame. It ensures that firm gets maximum profit out of it. For such a timemanagement and scheduling Gantt chart can be beneficial. In the earlier estimationprojects will take approx 6 months time. Unicorn Groceries is aiming to improve theoperational performance for achieving targeted goals. P3 Produce work break down structure and Gantt chartAny project can get competed on time in a case if they break down their work inappropriate number of parts. It will assist in focusing on each crucial sub part of the project. Ithelps firms in gaining optimum results. This can also be understood in ways that most of theerrors done by the managers is due to the fact that they do not follow the idea of solving one stepat a time. An action plan provides details related to several activities which is done so as tocomplete assigned project. Some of the steps in this regard is as follows:4
Find the problem: A firm makes changes in themselves as per the need of theirs as wellas the environment that is forced by external factors. These alterations are always donewhen present system is incapable of providing desired results. In this action plan themajor issue is the impact of technology supporting the growth of small businessenterprise and innovations (Sundararajan, 2014). It is essential for the organisations tofind out influence which it makes on business of the enterprise. For achieving so heyhave to learn about many kinds of technological alterations which can help in achievingtheir business goals. Postponing the implementation of digital technology in the processmay lead to business failures. Primary research will assist firms in accumulatingauthenticated and reliable informations and on other hand secondary data helps insearching more related informations.Location of literature review: One of the crucial source of information in modern dayresearches is Internet. It helps in availing the data at cheaper cost which was previouslyinvestigated by other researchers. Along with it Questionnaire can be beneficial forunderstanding the mindset of the participants. Here are various authors that havementioned this topic in their blogs and content writing pages. Books and journals are alsohelpful in collecting authenticated data relevant to this topic.Meeting: There will also be the planning of timely meetings with different members willensure that there is no misconception or confusion that can occur at the time of projectexecution (Rayna and Striukova, 2014). At the time of collecting primary data a schedulewill be considered so that participants do not have to face any issue while the interview isbeing conducted.Location of data gathered data: This will be done at several places of Manchester that tooat the workplaces only. Team mates are crucial part of the research apart from the expertsfrom this topic.Process of analysing data: Many statical tool and analysis of questionnaire is completedwhich will enhance the effectiveness of the results.Review Project: In order to make required changes which is necessary for achievingbetter outcomes all the information that is gathered have to analysed by the managers.Project managers ensures that he or she is reviewing the process from time to time.5
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