Impact of Open Innovation on Firm Performance

This assignment examines the impact of open innovation on firm performance. Students are tasked with analyzing various academic sources, including research papers and articles, to understand how different open innovation activities (e.g., inbound, outbound) influence a firm's innovation outcomes, market reach, and overall success. The assignment encourages critical evaluation of theoretical frameworks and real-world examples to demonstrate the complexities and benefits of adopting open innovation strategies.

Managing a
Successful Business
Project

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1 Objectives and aims of project...............................................................................................1
P2 Project management plan with time, cost, scope, quality, communication and risk.............2
P3 Gantt chart and work breakdown structure for complete the proposed project.....................3
TASK 2 ...........................................................................................................................................5
P4 Carry out research with help of qualitative and quantitative research methods....................5
TASK 3 ..........................................................................................................................................6
P5 Use of techniques and tools for analyse research..................................................................6
P6 Recommendations to draw meaningful conclusion.............................................................13
TASK 4 .........................................................................................................................................13
P7 Value of undertaking research to meet stated objectives.....................................................13
CONCLUSION..............................................................................................................................14
REFRENCES.................................................................................................................................16

INTRODUCTION
Technology is the factor which has changed the traditional process of business. Today
every enterprise use technology and various technical tools to execute its commercial activities.
This make the firm able to manufacture products as per the requirements of customers and better
satisfy their needs (Huizingh, 2011). This offer various communication tools to company to
interact with target customers. M&S a British multinational corporation based in United
Kingdom is taken under this report for study. Company deal in variety of products including
clothing, food, home products and many more. Enterprise wants to expand its business operation
with help of technique and at the same time wants to get whole control in its hands. Project
management plan through which manager can execute all activities in an effective ways is given
in this report.
TASK 1
P1 Objectives and aims of project
Technology offers a wide range of techniques and tools to enterprises which can be used
by them for achieving success and growth. All activities of small enterprises such as marketing,
accounting and promotion have been improved by advances in communication technology,
network and computer. In today’s era, all industries adapt the same on continuous basis to take
maximum benefit of technology development. One of the main benefits of technology is that it
supports organisation to operate effectively on daily basis. From laptop computers and
capabilities of internet, various web based applications, online file storage and transfer impact on
commercial operations of firm of different sectors (Bock, and et. al., 2012). Technology has the
potential to impact on commercial activities of business in both positive and negative way
depend on the objectives, goals, products produce by firm and how well the employees adapt the
technology. This has changed the way of conducting business of enterprises and support small
businesses to execute operations as per the level of large firms. Different types of technical tools
such as mobile devices, laptop and many more are used by small companies to get competitive
benefit. Implementation of technology should be considered by owners of small firms while plan
business operations to expand its activities (Inauen and Schenker-Wicki, 2011). This support
managers in carrying out its activities with effective use of technology available. Use of
technology helps organisation in accessing various platforms such as Facebook, Twitter and
many more and this provides an opportunity to firm to interact with more individuals and
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encourage them to buy company's product. All this enhances effectiveness of communication
process and increases the sales of company's products. Marks and Spencer (M&S) is a British
multinational retailer that deals in home products, clothing, luxury and food products. Company
has an effective channel of distribution. Firm launched M&S website which was hosted by
Amazon platform but now, company want to take control of its online business. This can be
achieved with the help of digital technology.
Aim: The impact of digital technology on business activity at Marks and Spencer
Objectives:
 To examine the impact of technology on implementation of business activities.
 To ascertain the requirement of transformation of commercial operations. To determine effectiveness of technology on communication process.
Research Questions:
 What is the impact of technology on implementation of business activities?
 What is the requirement of transformation of commercial operations?
 What is the effectiveness of technology on communication process?
P2 Project management plan with time, cost, scope, quality, communication and risk
Project management plan is known as written document that is prepared by firms for
completing a specific project. Before executing any activity related with a project, it is very
essential for enterprise to formulate this as it consists of information about time, communication,
scope and quality of project required (Dewa and Ren, 2011). As M&S wants to operate or
execute its activities with the help of technology so, preparing a project management plan is very
essential for the company. This supports and provides direction to manager to implement the
project in an effective manner. Further, this aids in completing the project in given time with
minimum cost. Absence of this plan creates delays, increases cost and decreases quality of
business activities. For operating with help of technology or expand business activities with
technology it is very essential for M&S to formulate a project management plan and given things
must be consider in that plan: Scope of project: Requirements and needs of individuals are changing on a fast speed as
improvement and development is taking place in technology (Amit and Zott, 2012) .
This enhances the scope of business operation of a firm. It encourages company to use
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technology for add features in product and attract more individuals towards it. Overall
with help of technology, M&S can expand its activities online in an appropriate manner. Risk management: This is an inevitable element of every project. Whenever a firm carry
out a project, then various type of risk are associated with that. Identify and manage
major factors of risk is very essential for M&S. With this entity can serve more number
of customers. Quality control: Management of quality is another important of project management
plan. Technology support in expand business operations and develop new ways to
manufacture product (Horbach, Rammer and Rennings, 2012). In this, it is very essential
for firm to maintain the quality of its products as this supports in getting customer
satisfaction. In this way, M&S can operate effectively with online platform. Cost: For expanding business activities with the help of technology, M&S requires to
have sufficient amount of funds. This will directly increase sales and profits of company. Time: Completion of a whole project consists of various other activities and completion
of those activities in time is very essential. This saves both time and cost of entity and at
the same time, increases effectiveness of commercial activities.
 Communication: Effective channel of communication should be used at workplace. This
removes confusion from mind of employees and supports them in performing their roles
in an effective manner.
P3 Gantt chart and work breakdown structure for complete the proposed project
For achieving set goals and for draw meaningful, it is very essential that research should
be carried out in an effective way. For this, researcher remains liable to gather relevant data
related with the main topic of study (Chen, Chiang and Storey, 2012). An action plan can be
developed by manager to analyse and ensure completion of business operations. Various type of
research consists of different activities but the most common steps of a research are as follows:
 Identify and write down research objectives.
 Literature review
 Identify main research issues
 Define project scope
 Select a sample
 Develop research plan
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 Analyse collected data with help of various tools
All these are the major steps that include in a research. Main topic of this study is to
determine the impact of technology on business activity of M&S. For drawing meaningful
conclusions, it is very significant for researcher to gather relevant data related with main topic of
research (Corsaro and et. al., 2012). For collecting primary data, it is required to choose a
sample from whole population and this can be done with help of random sampling. Further,
effective use of technology to operate online is important for company to have adequate amount
of resources.
All the given activities required to be executed in an effective way for achieving set
goals.
TASK 2
P4 Carry out research with help of qualitative and quantitative research methods
It is very important that research should be carry out in an effective manner as this
support entity in reach its set goals. Right tool, method and process should be adopt by
researcher (Kesharwani and Singh Bisht, 2012). Use of right method aid effectiveness in
research operations. Further this make it easy for the researcher to collect relevant data.
4

Quantitative and qualitative are the major methods of research, further, primary and secondary
method are the major tools to gather information.
In primary data researcher take help of interviews, survey and questionnaire to collect
opinions of respondents. This method is very costly and time consuming but at the same time
help in collect relevant information about the main topic of research. This method is used by
M&S to gather data and a questionnaire is used by firm.
Questionnaire
Name:
Gender:
Age:
Occupation:
Contact no.:
Email id:
Q1) Does use of technology impact on business activities of firm?
 Yes
 No
Q2) Does effective use of technology make the communication stronger among various
function of entity?
 Yes
 No
Q3) Does use of technology support expansion of business operations?
 Yes
 No
Q4) Is it essential for M&S to use technology in an effective way to get control over its online
business operations?
 Yes
 No
Q5) Use of technology impact on business operations in which way?
 Positive
 Negative
Q6) Do M&S have adequate amount of funds to expand business online?
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 Yes
 No
Q7) What is the main benefit that will be gain by M&S after effective use of technology?
 Provide competitive benefit
 Increase sale and profits of firm
 Bring communication among various business functions
Q8) Does, it is essential for employees to adapt technology in an effective way for contribute in
success of firm?
 Yes
 No
Q9) Is this is right time for M&S to adopt technology?
 Yes
 No
Q10) Any recommendation for M&S related with use and impact of technology on business
operations.
Secondary method, in this researcher analyse the already collected information related
with topic of research. This method save both time and cost of company but fails to give fresh
data. In this newspapers, articles and books are use by researcher.
TASK 3
P5 Use of techniques and tools for analyse research
Every investigator require huge amount of relevant and valid data related with the main
topic of research for draw meaningful conclusion. Gathered data required to interpret in an
effective way so that managers can take right decision related with business expansion. Collected
information required to be interpret by M&S.
Theme 1: Technology impact on business activities of firm
Q1) Does use of technology impact on
business activities of firm?
Frequency
Yes 40
No 10
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Yes No
0
5
10
15
20
25
30
35
40
45
Interpretation: Given picture is indicating that 40 respondents said that technology
impact commercial activities of an enterprise. This provide an opportunity to entity to operate
with ease. Rest 10 individuals said that use of technology does not affect activities of a entity.
Theme 2: Technology make the communication stronger among various function
Q2) Does effective use of technology make the
communication stronger among various
function of entity?
Frequency
Yes 35
No 15
Yes No
0
5
10
15
20
25
30
35
40
7

Interpretation: Above image is indicating that 35 out of 50 respondents support that
communication become stronger among various business functions with effective use of
technology.
Theme 3: Technology support expansion
Q3) Does use of technology support expansion
of business operations?
Frequency
Yes 46
No 4
Yes No
0
5
10
15
20
25
30
35
40
45
50
Interpretation: Given picture is showing that more than 90% respondents said that
technology support the expansion of business activities. Rest 4 said that technology does not
support expansion of business activities.
Theme 4: Use technology in an effective way is essential for M&S
Q4) Is it essential for M&S to use technology
in an effective way to get control over its
online business operations?
Frequency
Yes 38
No 12
8

Yes No
0
5
10
15
20
25
30
35
40
Interpretation: Given picture is indicating 38 individuals summarised that it is very
important for M&S to use technology in an effective way for get a control over its business
activities.
Theme 5: Impact of technology
Q5) Use of technology impact on business
operations in which way?
Frequency
Positive 30
Negative 20
Positive Negative
0
5
10
15
20
25
30
35
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Interpretation: From the given graph, it can be summarised that more than 50%
respondents said that use of technology affect business in positive way.
Theme 6: M&S have adequate amount of funds to expand business online
Q6) Do M&S have adequate amount of funds
to expand business online?
Frequency
Yes 40
No 10
Yes No
0
5
10
15
20
25
30
35
40
45
Interpretation: Given graph is indicating that 40 individuals said that M&S has adequate
amount of funds to expand its operations online. On the opposite of this 10 individuals said that
company do not have sufficient fund for online expansion.
Theme 7: Main benefit effective use of technology
Q7) What is the main benefit that will be gain
by M&S after effective use of technology?
Frequency
Provide competitive benefit 25
Increase sale and profits of firm 15
Bring communication among various business
functions
10
10

Provide competitive benefit
Increase sale and profits of firm
Bring communication among various business functions
0
5
10
15
20
25
30
Interpretation: Given image is indicating that 50% individuals said that effective use of
technology provide competitive benefit to firm. Rest 15 said that it support in increase sales and
profits of company.
Theme 8: Employees required to adopt technology in an effective way
Q8) Does, it is essential for employees to
adapt technology in an effective way for
contribute in success of firm?
Frequency
Yes 36
No 14
Yes No
0
5
10
15
20
25
30
35
40
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Interpretation: From the given picture, it can be summarised that 36 respondents said
that it is very essential for employees to adopt technology in an effective way for contribute more
in success of firm.
Theme 9: Right time to adopt technology
Q9) Is this is right time for M&S to adopt
technology?
Frequency
Yes 35
No 15
Yes No
0
5
10
15
20
25
30
35
40
Interpretation: From the given picture, it can be concluded that 35 respondents said that
yes it is right time for M&S to adopt technology. Rest 15 said that it is not right time for firm.
P6 Recommendations to draw meaningful conclusion
M&S is ons of the significant player of in clothing and food sector in UK. Products and
services of entity are already popular and company serve to large number of customers so it does
not require to do so many efforts for achieve set goals and targets. As entity wants to operate
online and wants to get total control over all its business activities so it is recommended to firm
to use a mix of effective tools and techniques for this. Research should be carry out by firm in an
effective manner to get more information about how to expand its activities through online
platforms. In this way, manger can introduce variation in its business actions and at the same
time can get a control over its activities. Every activity related with research required to be
execute in an effective manner. With this company can identify the areas of improvements and
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can find out the new ways to use technology in an effective manner. Effective use of technology
impact on business operations in positive way.
 It is recommended to M&S to identify and examine every area related with use of
technology in this way it can utilise all available technical tools and methods.
 It is recommended to company to formulate a project management plan consider every
factor related with its activities. In this way manager can complete business operations in
time.
TASK 4
P7 Value of undertaking research to meet stated objectives
Carry out research in an effective way is very essential for attain set goals and objectives.
For this researcher is the one who remain responsible to use right and effective method for carry
out activities related with research. Investigator face so many obstacles and issues while carry
out research and when researcher adopt a right medium then this support in deal with those
issues in an adequate manner. Further this ensure optimum use of all available resources and
funds. Development of project management plan is very important by researcher as this consists
various activities related with project. This guide investigator and support in complete all
operations. Further this help in save both time and cost of company. All this aid effectiveness in
carry out commercial activities. Researcher should have all required resources as this support in
collect reliable data related with main topic of research. During carry out research about the
impact of digital technology on business operation of M&S I also faced various issues and
problems. From all the issues money and time was the major issues which I faced during carry
out research. Time which was allotted to me for carry out research was very little and this was
one of the main problem. Due to this, the sample which I select for collect data was only 50. Due
to this I found it difficult to collect huge amount of data related with main topic of research. In
this, I found it complex to draw meaningful conclusion. Other obstacle which I faced during
research is time. The money which was given to me for carry out investigation was very limited.
Due to this I faced so many I faced issues such as lack of resources to collect information. Lack
of proper material impact on my research process. Further, various other issues and problems are
there which I faced. Behaviour of respondents is another issue which I faced. Various
respondents did not fill the questionnaire and send it back to me. Due to lack of time I take help
of close ended questionnaire and this create issue in gather huge amount of data. Further due to
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lack of time I do not go with interview and I choose questionnaire. One of the main benefit of
interview is that it support in analyse the behaviour, attitudes and facial expression of individual
at time of collect answers. This support researcher in collect real actions of respondents. Further,
survey also help in do face to face interaction with respondents and provide an opportunity to
capture their real actions and all this support in collect relevant information which support in
draw valid and meaningful conclusion. All this support manager in take better and right decision
related with use of technology and expand business operations in other areas. Along with this
due to insufficient time, I also take help of secondary method of data collection for gather
information and the disadvantage of this is that it is less reliable as compare to primary method
which support in collect relevant information. Overall lack of time and cost was the major
problem which I faced during carry out research. In addition to this, unresponsiveness of
respondents, lack of relevant data related with main topic of research are the other issues which I
faced during the research. But still I tried my best and do all the efforts to manage all activities
related with research for draw better conclusion. I use mix of tools and data collection method
for gather data about various aspects of main topic of research. Further I do efforts to utilise all
the resources given to me for execute research work. I encourage respondents to fill the form in
proper way.
CONCLUSION
From the given project report, it can be concluded that use of technology impact on
business operations of firm. Use of technology provide various platform to company to interact
with its target customers and encourage them to purchase company's product. This provide
opportunity to company to operate in an effective manner which provide effective and better
results to entity. For operate through online platforms and to get a control over all its activities, it
is very essential for M&S to have adequate amount of resources as this support the use of
technology and offer various long term advantages to company.
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Online:
Introducing Research Methods. 2017. [Online]. Available
through :<https://www.skillsyouneed.com/learn/research-methods.html>.
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