Role of New Technology in Developing Business Models

Entrepreneurship
Introduction
Entrepreneurship indicates to the process of creating a new firm and accepting
any of its risks, with the view of making the profit. The individual that set up or
establish a new venture and holds every challenge for its development and
operation is acknowledged as an entrepreneur. It can be an activity of designing,
launching and operating a new business by executing and implementing new and
innovative ideas. For the completion of this document, Sainsbury’s is the firm
which is considered. This establishment was incorporated in 1869 and is
headquartered in London, England, UK. This document will consider information
about new technologies and the resulting opportunities in improving new
business models.
New technology
New technology- In current era, every business of entire world faces and suffers
crisis and issue of COVID 19 pandemic and cause of this, the business models
and strategies affect in negative manner. So by implementing effective
technologies, the sustainability and survival of them can be managed. In
respective firm to maintain and manage the business development, the
administration can consider robots technology in term of manage its supply chain
management and inventory management. With the use of robot technology, the
firm can deal and overcome the current or risk of business which is faced by
organisation due to pandemic.
There are diverse kinds of technologies take place day by day which also play an
effective role in developing new business models. In current era, business
enterprise adopts and executes innovative technology in term of making
development in the business activities and operations. The emerging technologies
like artificial intelligence, robot, drones, virtual reality, augmented reality, block
chain and 3D printing etc. play an effective role in developing and improving
business models of enterprise.
The use of
Robot technology has been fostering business model creation crosswise business
industry considering technology, consumer products and many more. In current
time, the business of each business sector affect due to corona virus crisis, so by
using Robot technology, the management of Sainsbury can use of robots in the
logistic and supply chain that helps retailers to accomplish sizeable saving from
stock out shortage and losses as well as shrinking cause of administrative errors.
It also provides retailers the suppleness to move their sales personnel to functions
that will drive higher sales. In Sainsbury, the administration can space
management, real time tracking of product movement, stock levels and product
placement, speedy and automatic scanning of huge store areas and imaging
commodities on all shelves and aisles. Along with this, this technology can also
use in context of accurate and effective stocking, tagging and pricing of
commodities as well as early correction of errors to reduce costs, predictive
planning based on previous execution.
•Robotics can also be used in picking out merchandise which consumer select by
touch screens in the store. They can assist the respective retailer in save on store
space through shelving product vertically.
•Along with this, the management of Sainsbury can use this technology to ingest
consumer intelligence in to store and out of store endorsement actions to
optimise product selections.
•The venture can use it term of order and pay app which is an effective example
of robotic self service system which assist in developing consumer experience
with pre-orders and payments.
How many organization use
These kinds of technologies adopt and execute by the establishment in the
situation of making change and making growth in the organisation. Sainsbury’s is
a supermarket and operate its business globally. The administration of respective
venture can also execute and implement new and innovative technology, in term
of making development in its business model. The respective venture can use this
particular technology in marketing context as utilise robots is in their marketing
to target audiences. Robots are part of interactive displays at trade shows where
they compete with more traditional marketing tools for attendees’ attention. The
firm also needs some forms of telecommunication infrastructure to communicate
with suppliers and consumers. Robots can simply business call centre and
manage incoming phone or internet traffic to manage the tools of communication
open and operating smoothly.
Automated calling robots place pre-recorded calls, considering appointment
reminders and consumer satisfaction examination and surveys. This all will assist
in making development in the business model of the business enterprise.
Business model basically refers an activity system or a set of interdependent
actions spanning company limitations and business model innovation is
explained as an important change in the establishment’s operations and value
creation, basically resulting in a development in enterprise performance.
LOGO LOGO
Competitive
The adoption of this technology will be crucial for Sainsbury’s as it will assist in
developing revenue and profitability as well as assist in gaining competitive edge
and creative rivalry for other establishments. Along with this, it also assist in
decreasing manufacturing cost and improving production of firm. With the help
of and utilisation of this technology the cost of machinery is minimises. These
robots work faster and execute with more accuracy than human resource,
maximising efficiency levels and in turn, assisting organisations maximise their
bottom lines.
This will help in developing business model in term of making effective
connections with end customers leading to excellent experience, proactive
recognition and correction of consumer issues.
In term of offering effective consumer service, the firm can also consider
this particular technology as the novel corona virus has accelerated the
business industry’s transformation in reaction to competitive pressures, the
requirement of make best utilisation of human workers, and the demand for
new and developed consumer experience. In term of business model
development, the respective emergence technology of Robot also minimise
the threat and risk of workplace accidents and make sure the higher control
over product quality. They also are able to work in atmosphere that is too
tremendous or unhealthy for humans. Along with this, the use of robot
technology in Sainsbury’s in term of operating and running its business
activities will assist in making development in business in form of sales and
profitability.
From the above defined information, it has been concluded that the
entrepreneurship is an effective process of emerging new and innovative
ideas and converting them in a business firm. In term of making development
in business and business model, the management of establishment can adopt
and use innovative technology which assists in running the activities and
operations of venture in amended form. Along with this, the use robot
technology assist the enterprise in term of managing supply chain, inventory
and offering effective customer services to the target audiences of firm.
REFERENCES
Books & Journals
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University Press.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship
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Emerald Publishing Limited.
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new business models for the twenty-first century. International Journal of
Entrepreneurial Behavior & Research.
Fayolle, A., 2018. Personal views on the future of entrepreneurship
education. In A research agenda for entrepreneurship education. Edward
Elgar Publishing.
Malecki, E.J., 2018. Entrepreneurship and entrepreneurial
ecosystems. Geography Compass, 12(3), p.e12359.
Chowdhury, F., Audretsch, D.B. and Belitski, M., 2019. Institutions and
entrepreneurship quality. Entrepreneurship Theory and Practice, 43(1),
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Liang, J., Wang, H. and Lazear, E.P., 2018. Demographics and
entrepreneurship. Journal of Political Economy, 126(S1), pp.S140-S196.
Drobyazko, S. and et. al., 2019. Entrepreneurship innovation model for
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Online
Robots in Retail: Driving Innovation One Aisle at a Time. 2020. [Online].
Available Through:
<https://www.wns.com/insights/articles/articledetail/515/robots-in-retail-
driving-innovation-one-aisle-at-a-time>.