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Managing Successful Business - M&S Ltd

   

Added on  2020-07-23

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MANAGING SUCCESSFULBUSINESS

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Aim and objectives...............................................................................................................1P2. Project management plan......................................................................................................2P3.Work breakdown structure and Gantt chart...........................................................................4TASK 2............................................................................................................................................7P4. Research methodology..........................................................................................................7TASK 3............................................................................................................................................9P5. Analysing the gathered data..................................................................................................9P6. Recommendation................................................................................................................17TASK 4..........................................................................................................................................17P7. Reflection on research.........................................................................................................17CONCLUSION..............................................................................................................................18REFERENCES..............................................................................................................................19

INTRODUCTIONIn the present business environment, it is essential that company adopt the best oftechnology so that they can compete with all their competitors. It is to be understood that thereare many challenges that come in front of company. All these are solved by the firm by makinguse of modern mediums of technology. But there many kind of complications that are attachedwith the use of these technologies also which has resulted into in decline of performance(Ackermann, 2012). Use of advanced technologies have provided many kinds of opportunitiesfor the business and helps existing products to be innovative and profitable. From administrationto production technology have made things easier. In Marks and Spencer, there are manyoperations that are going on inside the firm, it becomes essential that this company makes therecompetent business strategy so as to deal with the challenges of digital disruption andtransformation in the industry. This research highlights the impact of digital technologies onbusiness as well as challenges that come in front of company while operating their business.TASK 1P1. Aim and objectivesResearch Title: To investigate ways in which business have coped with the major challenges ofdigital disruption and transformation.There are many kind of challenges that have came up in front of the company while theydeal with their day to day operations. These challenges are also in the form of the technologythey use. While there are many digital transformation that are going on in the retail industry therehas been many kinds of disruptions that occurs on daily basis(Alshamaila, Papagiannidis and Li,2013). Use of digital mobile technology have given business with abundance of opportunity andchoices as well as made the existing product more valuable and profitable . To find the challenges that comes in front of company while implementing digitaltechnology.To find the ways in which Marks and Spencer cope up with these challenges.To find out opportunities and choices present with company by using mobile technology.To find the digital strategy for competing with all the challenges as well as fosteringinnovations which generates maximum profitability.Research questions1

In case of digital disruption and transformation what kind of challenges a firm has toface.What is the digital strategy that is adopted by the firm to face all these challenges.In what ways digital technology has helped firms in making innovations and ensuringprofitability from the existing product.What kind of advancements will help company in their various operations and are theycapable to adopt those.Background of the project: In the modern age of technology, performing operations have taken digital mediums andhave almost replaced the traditional methodologies in many of the activities. Fromadministration to research, from production to marketing in every field use of digital mediumshave fostered innovation which has resulted in adding value to the products. With these changesthere were many complications that has also arisen especially related to coping up with digitaldisruption as well as the pace of transformation (Blackburn, Hart and Wainwright, 2013). Thesetransformations have changed the ethical values, social interaction and thinking process of thefirm. It has become essential for the firms to make digital strategy that will help in facing thesechallenges and ensuring higher profitability from the operations.P2. Project management planIn order to make a project successful it is essential that a company makes a plan related toits management. For this project related to Marks and Spencer a comprehensive projectmanagement plan needs to be constructed. A plan diminishes a chance of project being failure aswell as ensures that it gets completed on time. It also reduces the overall efforts made by theresearchers since it structures the whole efforts made in this regard. Planning also reduces theimpact of limiting factors on project completion. Since Marks and Spencer cannot afford to spentlarger amount of time and money for project hence making a plan becomes compulsory. Withoutproject being completed on time it cannot produce the desired result. The plan will touch variousrequirements and activities that is required for completion of project:Scope: This project has long term scope and is highly valuable. It highlights on the digitalstrategy adopted by the firm to perform their various operations like managing data,marketing and consumer interaction (Brynjolfsson and McAfee, 2012). Since there aremany challenges that comes in front of the company in the form of digital transformation2

and disruptions. This project will provide detail regarding the use of digital technologyfor fostering up the pace of innovation which is essential for having larger range ofconsumer products.Quality check: The major focus that is put is on the quality of research that has to beconducted. In order to obtain effective results for the company authenticity of primarydata needs to be ensured. It is obvious that if researchers are unable to record appropriateinformation then it becomes impossible for them to produce desired report. Monitoring ofproject needs to be conducted throughout the project completion so as to make sure thatmistakes can be removed at the time of generation only.Risk management: Several kinds of threats arise while completing any project and arerelated with various activities that is done in this process. One of the major threat in thisregard is with the collection of data i.e. if the data collected is improper the the result thatis obtained through it may not be fit for use (Cavalcante, Kesting and Ulhøi, 2011). Useof secondary data especially that is collected through internet may not be fit foroperations. Any sort of negligence may result in reduction of efficiency for the wholeproject which will not help Marks and Spencer in their adaptation of digital technologiesand coping up with the challenges associated with digital transformation and disruptions.Another bigger problem associated with it is that it may take large amount of time andmanaging that is very important for ensuring maximum benefit.Cost Control: It is necessary that a project is completed within the resource limit andhence being cost effective. Companies like Marks and Spencer have many kinds ofdigital transformations to deal with and company cannot spend a whole lot of money onthe analytic projects associated with them. Activities must be completed within the costlimits. For this it is essential that cost control must be made. There must be costevaluation at every stage so as to ensure that due to any of the reason budget does notexceeds the predefined value. Constructing a plan can be simpler but implementation canbe difficult. The budget that is pre-allocated fr this project is 1000 pounds with 10 percentflexibility margin.Communication: In many cases it has been seen that project fails due to lack of propercommunication in between the team mates. At the time of planning better communicationassist in taking views of managers of different units on the wide range of issues3

(Hargreaves, 2011). Timely conversation among the team mates helps in bringingsmoothness to the work process.Time: It is one of the primary aspect in any communication, where several time limitationfor the project needs to be decided. It ensures that maximum profit will be achievedthrough completion of project. Gantt chart can be highly beneficial in this regard. Atearlier forecasting the time allotted for completing this project will take six months.P3. Work breakdown structure and Gantt chartIt is necessary that any project gets completed on time. For this it is necessary that theyare sub divided in many smaller parts. This breaking down helps in focusing on each aspect ofthe project. It assists firm in producing optimum results. It can also be understood in a way thatmost effective results can only be obtained when managers divide project into sub parts. Since itreduces the number of errors. In this regard it is essential that whole project must be solved onestep at a time. An action plan gives the details associated with different activities in order tocomplete assigned project. Some of the steps in this regard is as follows:Finding problem: A firm makes alterations according to the requirement as well as theenvironment enforced by external factors. These changes are always performed when the currentsystem in incapable of producing the desired results. In the action plan the major issue is theways in which company is coping up with the challenges that is produced by digitaltransformation and disruptions on the ethical values and culture of the organisation (13 BiggestChallenges When Moving Your Business to the Cloud, 2017). Digitalisation has transformed theways of doing business and hence many of the operations have been affected in terms of bringinginnovation to them. Primary research will help company in gathering of more authenticated dataand secondary data will assists in finding more related information.Location of literature review: One of the primary source of information in the moderntimes is the online books and journals that is linked with this research topic. It assist in findingdata at lower cost which was previously gathered by some other researcher. Some other contentscan be gathered through the online websites, blogs and contents that is written by variousauthors.Meeting: There must also be the planning related to the timely meetings among variousmembers of the team to discuss about the various issues in the project completion as well asreducing any chances of miscommunication or confusion (Hotho and Champion, 2011). At the4

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