IMPACT OF DIGITAL TECHNOLOGY ON SMALL BUSINESS
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Added on 2020-06-05
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MANAGING A SUCCESSFUL BUSINESS (IMPACT OF DIGITAL TECHNOLOGY ON SMALL BUSINESS) INTRODUCTION 1 Task 11 P1 Aims and objectives of small firm Pearson 1 P2 Management plan 2 P3 Work breakdown chart. Digital technology is becoming a strength of a company as they are helping small business organisation in developing themselves plus sending and receiving information digitally in proper way and thus it make company to use such digital technology in making decision for whole business as one.
IMPACT OF DIGITAL TECHNOLOGY ON SMALL BUSINESS
Added on 2020-06-05
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MANAGING ASUCCESSFUL BUSINESS (IMPACT OF DIGITALTECHNOLOGY ON SMALLBUSINESS)
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1P1 Aims and objectives of small firm Pearson...........................................................................1P2 Management plan...................................................................................................................2P3 Work breakdown chart...........................................................................................................4TASK 2............................................................................................................................................5P4 Small scale research...............................................................................................................5Task 3...............................................................................................................................................8P5 Data analysis..........................................................................................................................8P6 Recommendation.................................................................................................................13Task 4.............................................................................................................................................14P7 Reflection of project............................................................................................................14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15Logbook.........................................................................................................................................17Template for the performance review.......................................................................................18
INTRODUCTIONDigital technology is becoming a strength of a company as they are helping smallbusiness organisation in developing themselves plus sending and receiving information digitallyin proper way and thus it make company to use such digital technology in making decision forwhole business as one. In this modern world, small industries are using innovative ideas withdigitalisation which is helping them in manufacturing and communication. Moreover, the digitaltechnology used by small business organisation is helping them to grow in a rapid way andmaking firm to earn maximum profits plus benefits (Trkman, 2010). The report will talk aboutPEARSON, a small business enterprise who is using the technology in an effective manner.Thus, it will be highlighting that impact of technology on small business enterprises and in whichmanner technology is helping in developing their firm. It will also discuss the plan that companywill make in developing themselves in very efficient manner. Data analysis is going to be madeusing various tools and methods in an effective manner. Although suggestion part is alsoincluded in the given report which will help in reducing barriers and will bring success andmaximum profits for entity. Task 1P1 Aims and objectives of small firm PearsonThe small enterprise is going with digital technology so that company can produce newand innovative products and services for making the customers satisfied with company.Therefore, the aim of the study is to analyse the impact of digital technology on small businessenterprises like PEARSON. Although firm has effectively introduced their products in market sothat society can uplift their standard of living by using their products and services (Wheelen andHunger, 2011). Even development of small business and society will lead in growing theeconomy as well. The objectives of firm which has to be analysed are as follows: To know the requirement of tools and techniques along with new innovativeideas in PEARSON company.It is needed to understand the use of technology in the firm PEARSON withwhole industry to enhance the knowledge of society. Analysing the technology which is bringing efficiency and it show innovation inassociation. 1
Although analysing the objective and aims of company, it is required to understand theresearch question as well so that more information and data can be gathered for useful decisionmaking (Kerzner, 2013). The data which has to be collected and their research would be of type: Did modern technology and technique will help the company, Pearson?To Analyse how the innovation will be useful for firm PEARSON ?Do any need of cutting down the digital technology use in Pearson ?Therefore, getting information and data from research as well as aims and objectives willhelp the company to bring out an effective decision which directly affects higher entity growthand economy of country as well (Storey, 2016). Somewhere technology is providing many usefultechniques to industry but it is on company that how they use such modern digital transformationfor their organisation. P2 Management planThe different companies are required to make a management plan whether organisation isworking at small or higher level. The management plan has to be effectively just because wholefirm works according to the plan made by them only. Normally, plan is being made fordevelopment of entity as one and in efficient manner and making of management plan has to bemade in correct form because this planning helps in going with right direction by members toaccomplish the maximum benefits and organisations aims and objectives (Stokes, Wilson andWilson, 2010). Although the entire strategy made is affected with factors like (external andinternal) which are risky for firm because each function and work is dependent on each other andthus cause for making plan is to know which factors are affecting the organisation and riskychallenges which has to be faced by firm. Some of those factors which affects in developing theplan is as follows: Cost: The finance is the base of every activity as if any function is done in organisation, itis required to have money in their hand and then it is possible for effective working. The cost forproduction of products and services has to be kept lower so that prices can be set reasonably andcustomers can easily buy them (David, 2011). Therefore, budget has to be made by firms so thatthey can utilise the funds available in correct manner. Scope: It is needed for every small firm to know their aims and objectives in order tobring new plan according to that only. Thus, scope in management plan will encourage to usemodern technology which will help entities to attract the maximum customers effectively and2
this will help in earning profits (Onetti, et. al., 2012). With this, company will try to create theinnovation in their plan and products which make the entity to develop themselves with raisingeconomy.Time: Pearson is growing at a rapid speed by creating and innovating the new ideas intheir products and services which is bringing satisfaction in customers. Also, it has tailoredservices according to demand of consumers and people liking innovative ideas with products too.The plan by management should include the task completion time period so that the staff of firmcan work effectively and work or task can be completed on time scheduled by upper level intheir policy. Quality: The quality product has to be produced by company so that they can satisfycustomers with their innovative ideas in products with help of modern technology. Generally, itis needed to maintain the quality standard so that millions of people can be attracted towards theorganisation (Zott, Amit and Massa, 2011). In management plan, it is required to raise orincrease the quality standard so that better items can be served and can reach to aims andobjectives of firm.Communication: It is the needed thing in organisation as communication help to transferthe new ideas and innovation to others effectively in firm. Information and data has to becommunicated with other department so that they can perform in better way. If employee andemployer is having a healthy conversation among them then it is having a direct connection tosuccess. The planning manager has to create such policies which will help in increasinginteraction among every member of company. This will make coordination among each of themand they can work effectively for development of firm. Risk: Risk is that which affects the function internally and externally both. Themanagement plan should include all the techniques to reduce the risk in work as every firmsknows that risk is that which brings danger in working criteria (Marston, et. al., 2011).Management should teach to every member of firm that how they have to face and manage therisk possibility as risk can occur anytime or anywhere which has to be overcome by organisation.Resource: To produce the quality products for customers it has required that firm shouldhave quality resources and effective use of such can help the company to reduce wastage of rawmaterial and efficient work can be bought. Although digital technology and the firm's asset will3
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