Digital Business and Technology: Importance, Development, and Impact

This report delves into the importance, development, and impact of digital business and technology. It discusses the technology used, its applications, and its effectiveness as a business tool. The report also explores the relationship between digital technology and business theories.

DIGITAL BUSSINES
AND TECHNOLOGY

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
a. Why you deem this topic to be of importance.........................................................................1
b. How this topic has developed.................................................................................................1
c. A detailed description of the technology used in this topic and what it is used for................2
d. What technological platforms and software are used in the topic..........................................2
e. What type of business and organisation uses the technology.................................................2
f. How is it used as business tool and is this effective................................................................3
PART 2: Impact of digital technologies..........................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
.........................................................................................................................................................7

INTRODUCTION
Digital business and technology is very crucial in modern working environment and it
will lead to have major impact on effective and efficient performance of business. It is essential
for organisation to consider new and advance technology in order to successfully and effective
performing business practices (Kardes, 2020). This report is based on Raksh Limited. This
organisation is dealing in retail sector and it is providing its products and services in UK market
area. This report will include importance of digital technology along with how it developed. In
this report uses of digital technology has been determine along with platforms and software. This
report will includes effectiveness of business tools. Apart form this, relationship between digital
technology along with both newly and old theories on business and management structures and
practices.
MAIN BODY
a. Why you deem this topic to be of importance
Digital technology can be describe as the technology that is used by through electronic
tool, systems, devices as well as other resources which are significant generating or processing
data. Digital technology is important topic as through this business is able to gain various
benefits and advantages that will lead to increase business performance (Elia, Margherita and
Passiante, 2020). There are different tools and technology that could be Raksh Limited company
through digital business. It is significant for successfully and effectively performing business
task and attaining set goals. Digital technology is consider as important as it will help in
improving and enhancing overall performance of organisation. This will assist in saving cost of
business and improving productivity.
b. How this topic has developed
Digital technology was developed with the growth and advancement of rapid changes in
technology. Revolution of digital technology was developed in late 1950's to 1970's. Digital
technology has been improved when digital computers and digital record are keeping norm.
Introduction and development of digital technology lead to have significant impact on human
communication as well as living standards. This has been improved by enhancing connectivity,
financial inclusion, access to trade in order to successfully carry out required practices. Digital
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technology lead to have significant impact on various sectors economic system, including
traditional sectors such as agriculture, automotive industry as well as retail sector.
c. A detailed description of the technology used in this topic and what it is used for.
There are various used of digital technology which is significant for creating and
developing values to business models. It is essential for Raksh limited company to consider
digital technology is most effective and efficient manner in order to successfully perform
business practices (Gelbrich, Hagel and Orsingher, 2020). Digital technology can be used by
respective company for carry out organisational task in more creative and innovative manner. In
Raksh limited organisation digital technology is used to perform different business activities in
effective manner. For example respective company can use social media digital technology in
order to carry out marketing practices. Social media technology will be used for promoting and
advertising products and services in market area. Different digital technology platform are used
by respective company is order to successfully perform and carry out business practices in
effective way. Through digital technology respective company will be able to store information
is correct or systematic way. So that data can be used whenever required. This company is using
digital technology is creating and developing high quality products in order to meet with the
demand of customers.
d. What technological platforms and software are used in the topic
Technological platforms and software can be describe as the way or medium that is
consider by to technology is significant manner (Kesharwani, 2020). Digital technological
enables digital core services to develop as well as enhance business practices with organisational
needs. There are different technological platforms and software that could be used by respective
company includes social media platform, E- learning platforms, data intelligence, cloud platform
and so on. These technological platform and software play crucial role in successfully and
effectively carry out business practices.
e. What type of business and organisation uses the technology
Digital technology is used by different types of business in order to increase its
performance and productivity. There are various kind of organisation which is classified into
different parts such as public, private as well as voluntary. All of these types of business are
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using new and innovative technology with the motive of increasing business practices and
performance. In business digital technology will assist in improving overall capabilities by
reducing time and cost of business along with improving potential to carry out task. Business
using different types of technology such as computers, software, networking, accounting system,
telephone communication as well as inventory control system (Anthony, 2020). Organisation
used digital technology in order to enhance its performance and provide its products and
services to customers. Through this respective company will be able to meet with the business
needs as well as enhancing organisation practices.
f. How is it used as business tool and is this effective.
Digital technology is significant business tool which is significant for successfully and
correctly carry out task. Digital technology is used as business tool for Raksh Limited company
as it helps organisation to increase its performance and productivity in market area. Through this
tool respective company is able t communicate and collaborate with other departments in
accurate manner. This is effective for organisation as it will help in improving conversation
between employees as well as keeping track in significant manner. It is important for growth and
development of business along with successfully integration of business task. Respective
company use digital technology as business tool as it helps in monitoring work performance.
Through this company will be able to identify and determine the information regarding actual
performance of employees. This will assist in comparing actual performance with the
expectation of company form employees. It is significant tool of business as it assist in building
and developing strong customer relationships.
PART 2: Impact of digital technologies
Digital technologies has positive impact over business and productivity. Digital
technologies refers to the electronic tools, resources, device and systems that create, store and
process data. There are different examples of digital technologies such as social media,
multimedia, mobile phones etc. These are biggest examples that will be essential for an
organization in improving of its business performance effectively (ChowdhryVerma and Mathur,
2020). Raksh Ltd is a chosen hypothetical retail organisation that wants to expand their business
operations. One of the biggest impact of digital technologies has on business operations. This
provides both intangible and tangible advantages to the company that helps in making of money
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as well as produces the best outputs for customers demand. Along with this, technological
infrastructure affects the efficiency, relationship and culture of the business. There are different
types of digital technologies such as website, buying and selling online, smartphones, digital
television, video streaming, artificial intelligence, internet etc. These are main types of digital
technologies that helps in making of digital business. Different business evolves from the use of
digital technologies include social media, Instagram, electronic cars etc. Therefore, it is
important for an organisation in developing of digital technologies for their business. Along with
this, there are also some useful and important digital technologies for making digital business.
These are cloud technology, 5G network, Quantum computing, intelligent automation, internet of
things. These are essential for company in making digital business that turn to helps them in
improvement of its growth and increasing operational efficiency (Noonpakdeeand et. al., 2020).
Digital business is how an organisation apply digital media and technology to enhance
the competitiveness of their business via optimising internal processes with traditional and online
channels to market and supply. There are various types of online presence including transactional
e‐commerce site, services‐oriented relationship‐building website, brand‐building site, portal or
media site, social network etc. These are effective for Raksh Ltd to provide their goods and
services to the customers on online. For example: Covid 19 is a pandemic situation and in this no
one are able to go market for purchasing products. In this situation, digital technologies plays an
important role as it helps business enterprise to provide online facility to their customers that turn
to helps in saving of life, increasing of customer base, improving brand image and increasing
sales. Evaluation of marketing theories are related with the production orientation, product
orientation, sales orientation, marketing orientation, societal marketing
(MenshikovaFedorovaand Gatti, 2020). These are effective for Raksh Ltd in improvement of its
operational efficiency and also in improving of business performance. There are different types
of marketing that will be described as below:
Inbound marketing: In this marketing, consumer is protective in passively seeking out
information regarding the needs, interactions and requirements with brands are attracted via
search, content and social media marketing.
Zero moment of truth: This is another type of marketing that will be essential for Raksh
Ltd in marketing of its products effectively and online. A summary of nowadays multichannel
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consumer decision-making for product buy where they search, give review ratings, styles, prices
and remark on social media earlier visiting a retailer (Manchaand Shankaranarayanan,2020).
Content marketing: In this, management of text, audio and video content, rich media
aimed at attractive clients and potential to meet business objectives, published via digital and
print media such as mobile platforms and web, which is repurposed as well as syndicated to
various types of web presence including publisher sites, social media, blogs and comparison
sites.
There are different types of old and new emerging theories on business and management
structures and practices. These will be explained as below:
Old theories of marketing: This type of theories are related with the marketing of
products not on online. In this business are not able to market their products online that consume
more time and cost of the business organisation.
New theories of marketing: There are different types of digital technologies such as
digital marketing technology, digital production, digital human resources etc.
Digital marketing technology: This is a type of technology that helps business organisation in
marketing of its products or service digitally. There are different platforms of digital marketing
including Facebook, Instagram, YouTube etc. All these are useful platforms for Raksh Ltd in
promoting and marketing of its brand.
Digital human resource: This is another digital marketing theories that helps Raksh Ltd
in recruiting and hiring of best candidates through internet or online (Magomadov, 2020). This
theory helps business organisation in recruiting of talented and experienced employees without
consuming maximum time and also saving from the Covid 19.
Digital production theory: This theory helps company in its production process that turn
to helps in improvement of supply chain efficiency and accomplishment of competitive
advantages easily. This theory will helps in identifying of best suppliers and producer of the
products digitally.
Therefore, as compare to the old marketing theories, digital marketing theories are
essential and beneficial for an organisation in enhancement of its business functions and
operations systematically (HuertasEgnerand and Dury, 2020).
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CONCLUSION
From the above mentioned information, it has been concluded that digital technologies
are important and significant part of the business success and growth. It has been determined that
emergence of e-commerce, social media etc. are best theories of digital marketing that helps
business organisation in enhancement of its business operations and attraction of large number of
customers within less period of time. This turn to helps company in increasing its sales and
profitability. There are different platforms of social media such as Facebook, Instagram,
YouTube etc. All these are useful for company in developing of its business performance and
increasing of sales.
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REFERENCES
Books and Journals
Anthony Jnr, B., 2020, June. Applying Enterprise Architecture for Digital Transformation of
Electro Mobility towards Sustainable Transportation. In Proceedings of the 2020 on
Computers and People Research Conference (pp. 38-46).
Chowdhry, D.G., Verma, R. and Mathur, M. eds., 2020. The Evolution of Business in the Cyber
Age: Digital Transformation, Threats, and Security. CRC Press.
Elia, G., Margherita, A. and Passiante, G., 2020. Digital entrepreneurship ecosystem: How
digital technologies and collective intelligence are reshaping the entrepreneurial
process. Technological Forecasting and Social Change, 150, p.119791.
Gelbrich, K., Hagel, J. and Orsingher, C., 2020. Emotional support from a digital assistant in
technology-mediated services: Effects on customer satisfaction and behavioral
persistence. International Journal of Research in Marketing.
Huertas, L., Egner, H. and Dury, M., 2020. The Shift from Stable Jobs to Dynamic Careers in
Digital Manufacturing. In Redesigning Organizations (pp. 373-384). Springer, Cham.
Kardes, I., 2020. Increasing Classroom Engagement in International Business Courses via
Digital Technology. Journal of Teaching in International Business, 31(1), pp.51-74.
Kesharwani, A., 2020. Do (how) digital natives adopt a new technology differently than digital
immigrants? A longitudinal study. Information & Management, 57(2), p.103170.
Magomadov, V.S., 2020, May. The digital twin technology and its role in manufacturing. In IOP
Conference Series: Materials Science and Engineering (Vol. 862, No. 3, p. 032080).
IOP Publishing.
Mancha, R. and Shankaranarayanan, G., 2020. Making a digital innovator: antecedents of
innovativeness with digital technologies. Information Technology & People.
Menshikova, M., Fedorova, A. and Gatti, M., 2020. Introducing Smart-Working in the
Conditions of Digital Business Transformation: Analysis of an Employee’s Experience.
In Digital Transformation and New Challenges (pp. 59-71). Springer, Cham.
Noonpakdee, W. and et.al., 2020, April. CIO Competency in Digital Era: A Comparative Study
between Government Organizations and Private Enterprises. In 2020 IEEE 7th
International Conference on Industrial Engineering and Applications (ICIEA) (pp. 948-
952). IEEE.
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