Digital Technology's Influence on Cost Cutter's Business Innovation

This report examines the impact of digital technology on the business operations of Cost Cutter, a small retailer. The introduction highlights the challenges faced by businesses in the current market and the importance of technology integration. Task 1 frames the aims, objectives, and research questions, focusing on how digital technology can enhance Cost Cutter's innovation, growth, and market capabilities. It also establishes a project management plan covering scope, risk management, quality control, cost, time, and communication. Task 2 explores the research methodology, emphasizing the use of primary and secondary data collection methods. Task 3 evaluates project outcomes and provides recommendations for leveraging digital technologies, including cloud technology and mobile applications. The report concludes with a self-reflection and a summary of the findings, emphasizing the importance of digital transformation for small businesses. The report uses a work breakdown structure (WBS) and Gantt chart to illustrate project timelines and task organization.

Managing Successful
Business Project

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Framing Aims and Objectives................................................................................................1
P2 Establishing Project Management Plan..................................................................................3
P3 Work breakdown structure and Gantt Chart...........................................................................6
TASK 2............................................................................................................................................8
P4 Research by using methodology.............................................................................................8
TASK 3..........................................................................................................................................12
P5 Evaluation of Project Outcomes...........................................................................................12
P6 Recommendations................................................................................................................18
TASK 4..........................................................................................................................................19
P7 Self Reflection......................................................................................................................19
CONCLUSION..............................................................................................................................19

INTRODUCTION
These days it is very difficult for business organisations to function within market and attain
a higher level of growth. There are different variables which have impact upon company ability
to operate within a small market environment. for making sure that they are able to attain desired
market they need a well-structured strategy to overcome issues that are hurting their ability to
perform and manage resources1. Technology is one of the variable that has changed as how
whole business operations use to run. It has been a force that has made production as well as
delivery of products and services far easier and efficient. Today each company has to integrate it
for their survival. For present report, Cost cutter has been taken as a company on which whole
research work will be conducted. It is a small retailer that offers its services via discount and
convenience stores. For this organisation, digital revolution has changed the way they use to deal
in items and share information within and outside company. At present, they are focusing on
developing a mobile application as well as an interface that will assist them in interacting with
the consumers. Also, this will assist them in improving sharing of information.
TASK 1
P1 Framing Aims and Objectives
Retailing sector is known for its growth and prosperity that has allowed different
organisations in attaining higher growth rate. This is a sector that has served consumers in all
aspects. For all the companies it is very important to ensure that each aspect is being analysed
and represented2. They are today, more focused on consumer satisfaction and growth instead of
any other factor. Organisations are aware that if consumers are happy, then they will be able to
make the most of market potential. They are also focusing on the concept of dual growth so that
they can assist society while growing themselves in market place. For this they are developing
1 Schaltegger, Stefan, and Marcus Wagner, eds. Managing the business case for
sustainability: The integration of social, environmental and economic performance.
Routledge, 2017.
2 Halibozek, Edward, and Gerald L. Kovacich. The manager's handbook for corporate
security: establishing and managing a successful assets protection program.
Butterworth-Heinemann, 2017.
1

positive environment within organisation so that individuals are satisfied and perform every
activity in a desired manner.
Cost Cutter is a well-known convenience and discount store operator which is
comparatively very small in size and scope. The company sells various brands at a lower price as
well as it has its own labels. The managers within organisation are responsible for its profitability
and productivity. They are one of the parties who make sure that each task is completed in a
most efficient manner3. Currently, they are engaged in preparing firm for integration of digital
technology in its process and core systems. This will allow organisation in attaining a higher
level of growth rate and minimise risk levels.
At present, digitalisation has aided firms in developing their capabilities and attain market
control. For current scenario, usage of cloud technology, mobile application will be stated as
well as ways in which these technologies will assist organisation in enhancing its interaction with
people and information sharing within company4. Keeping these things in mind, a research title
with its objectives and questions will be stated below:
Research Title:
“The impact of digital technology on enhancing small business innovation, growth
and prosperity. A case study based on Cost Cutters”.
Objectives of Project:
This is done to make sure that all goals are achieved and objectives are set in a manner
that will provide business house with solutions. Also, managers will be able to measure various
issues and rectify any variance easily. Objectives are stated below:
 To analyse the role of digitalisation in enhancing operations and objectives of
organisation.
 To identify ways in which cloud and mobile application can boost market capabilities of
company.
3 Abad, Vicky. "Case Study: Managing Business Growth from the Bottom Up." The
Economics of Therapy: Caring for Clients, Colleagues, Commissioners and Cash-Flow
in the Creative Arts Therapies (2017): 180.
4 Peppers, Don, and Martha Rogers. "Evolution of Relationships with Customers and
Strategic Customer Experiences." Managing Customer Relationships: A Strategic
Framework (2017): 3-42.
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 To evaluate the requirement of digital technology in boosting Cost cutter internal as well
as external abilities.
 Recommending ways that will be used for ensuring that all digital technology can be used
by company.
Research Question:
 How do companies can boost their operations and objective achievement by using digital
technologies?
 What tools can be used for identification of ways that will boost market capabilities of
organisation?
 How requirement of digital technology can be evaluated for improving Cost cutter
internal and external abilities?
 Determining ways that can be used by cost cutter for using digital technology in boosting
organisational effectiveness?
P2 Establishing Project Management Plan
A project management plan is stated to be the one that describes as how things will be
completed in a set period of time. this is an opportunity for a researcher to express his path that
will be used for attaining right results for the research work5. It is important for each and every
organisation to make effective and right project management plan, so that all the goals and
objectives are achieved in a right way. In current case scenario, Cost cutter is introducing digital
technology in its core process as to boost its own capabilities. There is need of a project
management plan which will allow organisation in understanding as what factors needs to be
analysed for proper application of requirements.
It will cover, cost, quality, scope, time period, etc. The objective of business organisation is
to ensure that it is able to identify and overcome all threats while achieving targets in a set time
period. This will assist organisation in ensuring that it is able to deliver better services to people
5 Kasuma, Jati, Siti Syakirah Said, Yusman Yacob, Shamshul Anaz Kassim, Iskandar
Mohd Sarkawi, and Irwan Shahrinaz. "Managing Risk, Networking and Managing
Finance and the Successful of Sarawak Bumiputera Entrepreneur." Advanced Science
Letters 23, no. 8 (2017): 7557-7561.
3

and gain their commitment towards organisation6. digital technology will ensure that company is
able to face all types of issues and target population that will be using its product and services. a
project management plan will ensure that all activities are analysed and a proper costing is done
so that application of changes are realistic and good for organisation. All the components of PMP
are stated below:
 Scope: This is an element where it will be stated as why this research work is being
undertaken by employees. All the aspects will be covered in the statement as how and
why things will be undertaken and what benefits will be there. The scope of project aids
organisation and its managers in understanding as how whole research work was done
and what cost and resources were consumed. It also allowed them in ensuring that each
task is completed in a set time period. For current case, company need to introduce digital
technology in its operations so that it can gain competitive edge in market. Also, this will
enable organisation in achieving higher level of market share easily. That is why, it is
stated that the scope of this research work is huge and it needs to be completed in a set
time period so that strategic advantage can be gained.
 Risk management: Management and assessment of risk beforehand is very vital. There
are different types of risk which are there in front of organisation and needs to be
analysed and evaluated for overcoming them. the managers in Cost cutters need to keep
on analysing all the aspects so that they can identify issues and reduce level of variances
which will ensure that all risk are diverted7. Risk management plan will state about
factors that act as a potential risk, probability of occurrences and all proposed actions.
They also need to ensure that they are able to effectively prepare counter strategies for
6 Fattore, Giovanni, Donato Iacovone, and Ileana Steccolini. "‘Managing successful
change in the public sector’: a view from the consultants’ world." Public Management
Review (2017): 1-20.
7 Durach, Christian F., Christian F. Durach, Patrick C. Glasen, Patrick C. Glasen, Frank
Straube, and Frank Straube. "Disruption causes and disruption management in supply
chains with Chinese suppliers: Managing cultural differences." International Journal of
Physical Distribution & Logistics Management 47, no. 9 (2017): 843-863.
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winning over dynamic market forces. Accurate decision making will be beneficial for
organisation and aid in reducing level of risk that are associated with them.
 Quality control: There is a requirement of ensuring quality of research which will be
conducted. If this is not maintained, then the results will be futile and ineffective. The
referred company is providing services that will provide best items and ensure that
market growth is achieved8. Qualitative research work will allow managers in ensuring
that right changes are made in system and integration of digital technology is realistic.
This will also assist in boosting quality of products and improve sales of company. They
will also be able to boost their productivity and profitability in long term.
 Cost: There are certain cost that are involved in organisation activities. PMP will always
state about the cost which is involved in conducting research as well as the actual price
for company for implementing changes which will be recommended. This is a part that is
used for making that each activity is properly analysed and its benefits are calculated.
Adaptation of ne process and technology will have set cost and that is why it is important
to state about potential cost of project.
 Time: There is requirement of framework which will set time duration that will be given
to each and every task9. Everything has to be completed in a desired time period so the
level of efficiency will be boosted. Timely execution of research work will allow
organisation in attaining better results for themselves.
 Communication: This is important for making sure that each task is completed in a set
period of time. if people are not properly informed then they would not be able to
perform their task effectively. Investigator need to make sure that he informs all parties
and communication channels are maintained. Also, with effective communication,
managers will be able to understand the needs for changes that are required within
organisation.
8 Wang, Wenyuan, Yue Wang, Daniel Mo, and Mitchell M. Tseng. "Managing
component reuse in remanufacturing under product diffusion dynamics." International
Journal of Production Economics 183 (2017): 551-560.
9 Schiuma, Giovanni, and Antonio Lerro. "The business model prism: managing and
innovating business models of arts and cultural organisations." Journal of Open
Innovation: Technology, Market, and Complexity 3, no. 1 (2017): 13.
5

These elements will ensure that each task that is undertaken by managers within organisation
is as per the specifications mentioned. As well as it will ensure that each task is properly
completed in a set duration.
P3 Work breakdown structure and Gantt Chart
Work breakdown structure is stated to be a simpler form of a complex task. It is a
bifurcation of whole activity which was stated in a very brief manner. this will assist researcher
in dividing each and everything in a way which is understandable for all the other individuals
who are working for company10. These are used by top management of an organisation to set a
path that needs to be followed by lower level of managers and staff members. For this research
work this will be used as a method to state about various stages in which this work was
completed. WBS will allow researcher in measuring his own capabilities against the standards
which were set by him long time ago.
10 Condea, Cosmin, David Cruickshank, and Pascal Hagedorn. "What Co-Innovation Can
Mean for Digital Business Transformation: Sharing and Managing Risk to Achieve IT
Business Innovation." In Shaping the Digital Enterprise, pp. 287-307. Springer
International Publishing, 2017.
6

Gantt chart is a tool which is used by researchers for stating about the time which is
consumed for undertaking various activities. it is a graphical tool which is used for making sure
7

that individuals are easily able to understand issues and factors11. It sets milestones that state
about time that will be given to each and every activity. This chart assist user in ensuring as how
and when each program will be completed.
TASK 2
P4 Research by using methodology
The main reason behind this research work is to state about actions that are needed to be
taken by an organisation as to ensure better productivity and profitability. It refers to the study
that will contextualise all the findings. Market research will assist researcher in making sure that
this study is done on the basis of high and fine quality. The whole research work will assist
investigator in contextualising all the findings in an appropriate manner. it is important for
companies to make sure that each task is completed without any hindrance or else the cost and
11 Avolio, Beatrice E. "A methodological problem associated with researching women
entrepreneurs." JWEE 1-2 (2017): 9-25.
8

efficiency will get impacted12. The managers need to utilise right methods so that whole research
work is effectively completed. There are two prime sources which are used by organisation for
collecting data. These are stated below:
 Primary: It is a research method that is used by individual for making sure that whole
data that is collected is fresh and new. This will act as a better opportunity for research
work to have a better market influence. There are certain advantages and disadvantages
that are there in this type of research work. The pros are, new data means better market
understanding, as well as it will have better recommendations for the organisation. while
certain cons are there which are, high level of time consumption as well as resource
intake is there when this method is used.
 Secondary: This is a technique which is used to ensure that each task is completed in a set
time period and higher level of effectiveness is achieved. An investigator uses already
existing sources for backing his research work13. He directly finds information from
various types of sources and conducts his research as per requirements. The pros are
stated to be, les time consumption and better sample size while cons are described as
older data means less accuracy. The sources are:
o Government reports
o Financial statement of firms
o Previous research work
o Trade, business and professional’s reports
o Research papers.
There are two different case studies which will be stated in a form of questions as to state
about issues faced by Cost Cutters:
 Case Study 1- Cost cutter is an organisation that is facing a lot of issues in its operations.
It has to approach every process with creativity and innovation so that its product and
12 Khosla, Arunachal, and Puneet Gupta. "Traits of Successful Entrepreneurs." The
Journal of Private Equity 20, no. 3 (2017): 12-15.
13 Stack, Peter, Joseph Feller, Phillip O'Reilly, Rob Gleasure, Shangping Li, and Jerry
Cristoforo. "Managing Risk in Business Centric Crowdfunding Platforms."
In Proceedings of the 13th International Symposium on Open Collaboration, p. 24.
ACM, 2017.
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service delivery quality can be improved. They need to integrate digital technologies so
that they can fully utilise the potential of its people in a proper manner. the main aim of
Cost cutter is to boost awareness regarding its brand and ensure better market
effectiveness.
 Case Study 2- Cost cutter need to retain its consumers so that it can achieve its
objectives and goals. They have to offer qualitative products and deliver better services as
to satisfy needs of consumers.
There are two different methods which can be used for conducting research work for
concerned organisation:
 Qualitative research: This is conducted for understanding issues that are intangible in
nature yet have massive impact upon organisation capabilities. The main target of
company is to ensure that it is able to understand how consumer can be satisfied14.
Numerous participants will be engaged in the process which will boost understanding of
issues that can ultimately impact organisation effectiveness. This will ensure that
behaviour, attitude and perception of people is understood regarding digital changes.
 Quantitative research: This is a method which is used for conducting research when huge
population is there. This provides solutions by application of mathematical and statistical
tools. There are different methods which will be used for analysing impact of digital
technology on business operations.
This is why certain components needs to be completed and managed which are stated below:
 Research design: It is stated to be concerned with development of strategy as to
determine the best way of completing research work15. It will provide directions
and guidelines as to measure the effectiveness of data and facts. The current
work will be based on descriptive type as impact will be measured in qualitative
manner.
14 Parida, Vinit, Pankaj C. Patel, Johan Frishammar, and Joakim Wincent. "Managing the
front-end phase of process innovation under conditions of high uncertainty." Quality &
Quantity 51, no. 5 (2017): 1983-2000.
15 Gray, K., and J. Wilkinson. "Managing organizational change." In Human Factors in
the Chemical and Process Industries, pp. 335-355. 2017.
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