impact of Digital Technology on Business Activity of SME’s
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Added on 2020-10-23
impact of Digital Technology on Business Activity of SME’s
Added on 2020-10-23
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Research Project
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3P1 Research Proposal ............................................................................................................3Aim.........................................................................................................................................3Objectives: .............................................................................................................................3Literature review....................................................................................................................4P2 Approaches to primary and secondary research considering cost, access and ethical issues8LO 2.................................................................................................................................................8P 3 Primary and secondary research that consider costs, access and ethical issues...............8Appropriate plan and procedure for agreed research specification.....................................11P 4 Appropriate analytical tools...........................................................................................12L O 3..............................................................................................................................................21P 5 Covered in PPT..............................................................................................................21L O 4..............................................................................................................................................21P 6 Reflection.......................................................................................................................21P 7 Alternative Research methodologies..............................................................................22REFERENCES..............................................................................................................................24APPENDIX....................................................................................................................................26
TITLE: “The impact of digital technology on business activity of SME’s”INTRODUCTIONDigital technology has opened avenues for Small businesses. Innovation is a process whichcan be extracted from knowledge through creating, diffusing and transforming of data in order toimprove products, processes, strategies and capabilities of firm. SME can make wide use ofdigital technology through smartphones, internet and social media. Nowadays, companies likeSoftwire are using Information Communication Technology (ICT) for attaining success incompetitiveness, innovation and growth. The complete research is based on importance, factorsand use of ICT by Softwire (Cavalaro and et.al., 2015). It has opened new markets by enablingfirm to enter in global digital supply chains. P1 Research Proposal Aim“To analyse the impact of Information communication technology (ICT) on SME- A case studyon Softwire”.Objectives: To assess the importance of Information Communication Technology.To analyse the factors that drive innovation in the business.To know the prominent use of ICT in bringing innovation by Softwire.To recommend effective measures by ICT that tends to bring innovation in functions ofSoftwire.Research QuestionsWhy Information Communication Technology is important in today's world?What factors are essential for managing innovation in business world?What is the use of ICT in bringing innovation by Softwire?Background/Overview of the studyDigitalization is an opportunity that helps the firm in improving customer experience,loyalty and also drives business outcomes like efficiency, revenue, growth and innovation. Inrecent years, digital technology has implemented various software applications for SMEs. In thisresearch, there is significance of ICT which play a vital role in providing competitive advantage
to SMEs like Softwire. It uses ICT for various purposes like it enables business processproductivity and efficiency. It facilitates worldwide connectivity of customers by generating anddelivering products and services on global scale (Finotello and Di Camillo, 2015). ICT helps in rapid advancement that is liberalisation, globalisation and greaterdependency on knowledge. It is can be considered as important source of economic growth ofSoftwire and other SMEs. Production and processes are related to digital innovation and incurrent scenario SME aim on more usage of increase in market differentiation and client value.Information Communication Technology is one of the most common technologies used by firmacross the globe. Use of ICT by companies can be seen inevitable. They must realise thatbusinesses and economy are moving towards a new configuration world of digital informationand knowledge based (Gehman and et.al., 2017). Therefore, ICT is considered as effective forfulfilling numerous business demands like operational, marketing and strategic. Combination ofthese demands led to the use of ICT.RationaleInformation Communication Technology is selected for the research project in order to findout the importance of ICT to SMEs. From professional point of view, it can be stated that there isa huge impact of digital technology on SMEs. It results in improving efficiency of workforcesand productivity by accelerating workflow that leads to profit margins. This research isconcerned about identifying the impact on how and to which extent ICT can improveperformance and competitiveness of evolving SMEs in various countries. Further, it seeks toanalyse the factors and measures which it can take for better innovation in Softwire. ICT helps inincreasing profitability, market value, market share no matter whatever the size and location offirm is. This report will also help in determining digital performance of Softwire. ICT createscustomer engagement and helps in creating various approaches in innovative ways. Thus, inprofessional context ICT carries different challenges and opportunities like cost savings,operational efficiency and is rapidly changing face of business performance in dynamic world(Graue, 2015). This research would place Softwire in broader global business framework inorder to contrast and compare their innovativeness, growth and competitiveness.Literature reviewTo assess the importance of Information Communication Technology
As per the point of Brynjolfsson and Kahin, (2014), digital technology increase significantadvantages with different apps and available technology. In this regard, use of new agetechnologies develop successfully over traditional business processes. As a result, it buildsscalable process of innovation, optimization and growth. There are several activities consideredin digital technology implementation offer productive support which integrate to make sureappropriate support system. On the other hand, Cavalaro and et.al., (2015) stated that digitaltechnology build value to communicate openly with employees that consider organisationalbenefits in new process and motivated for the change. It assists to build trust to collect andaddress feedback in appropriate manner. Hence, direct value highlighted with advancetechnology. According to Martinez-Conesa and et.al., (2017) Information Communication Technologyhas shaped the lives and brought rapid evolution in business world. It can be considered as newscience of collecting, storing, processing and transmitting information in which technology andinformation and telecommunications are converging. ICT covers areas like point-of scalesystems, simple telephone, internet and other credit card facilities. It focuses on technologicalperspectives, management and organisation. However, Helbig, Gil-García and Ferro, (2018) stated that softwire adopted it fortechnological point of view. SMEs plays a crucial role in sustaining regional and economicgrowth that alleviates various challenges in developing countries. Softwire participate in theeconomy of UK to compete and thrive for future. Adoption of ICT influences business decisionsand directions of companies. ICT plays a crucial role in the current knowledge economyHenwood, (2014). Small companies must take complete advantage in order to improve theircompetitive edge in the market. It is coordinated with production of goods, services andfunctionality of the business. As per the view of McCusker and Gunaydin, (2015, it can be stated thatSoftwire use ICT tocommunicate with the outside world and express the usage of among various companies. On theother hand, there is emphasis on the strategic approach to ICT by SMEs and structures andcapabilities of them. ICT is both technological and socio-economic. It helps in maintaining rightbudget and helps in attaining goals of Softwire.To analyse the factors that drive innovation in the business.
Berzin, Singer and Chan, (2015) explored their views that finance is one of the majorperspective which contains appropriate financial information to make decisions. As compared tothis, return on investment from innovation efforts are forecast in accurate manner. Strategy alsoundertaken which prepare path to make success and it mapped based on formal expertise. Besidethis, Glaser, (2017) generated their views that management leaders usually experienced andknowledgable which related with problems and issues that can be arise to dealt in systematicmanner. In innovation, challenges also occurs so that products and services must be develop tolead with unique proposition with emotional stakes for daily fluctuations. According to Muñoz and Keane, (2018), there are various factors due to which adoption ofICT has become common in SMEs. ICT helps in global connectivity due to which there isintegration of business process such as outsourcing and value chain to drive income growth. Itenables business process effectiveness and productivity which leads to reduction in operationalcost by minimizing costs of material, transaction costs and procurement. This moreover leads todecrease in prices for finished goods. Value of output is improved with the help of betterinformation. On the other hand Borowitz, (2018) explored that it provides opportunities for businesstransformation to conducts them anywhere in the world. It helps in providing potential benefitsto SMEs in order to make itt more effective, efficient and competitive. ICT increases reach andin terms of collaboration, communication and organising transactions internally with endcustomers, distributors and suppliers in order to participate in the digital economy. According toOun and Bach, (2014), ICT helps to grow and become more innovative. It has significant impacton SMEs because it is essential for the growth and survival of economies of the world. It musthave ability to become more imperative for businesses to become stable in international marketsand dynamically respond to the changing world.To know the prominent use of ICT in bringing innovation by Softwire.As per the views of Arts, van der Wa and Adams, (2015), innovation is ambiguous in whichdesired level of results will be accomplish to pursue right idea at right time. It means thatinnovations requires greater perspective within ongoing business activities. Hence, resilience andenergy persist in the work to develop results. High profile innovations efforts made in theorganisation that are highly visible to watch closely.
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