Business Growth and Technical Tools

This assignment examines the role of technical tools in business growth and development. It highlights the need for companies to utilize research methods to understand customer opinions and make informed decisions. The report stresses that embracing technological advancements can significantly contribute to organizational success.

Managing A Successful
Business Project

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Project's aims and objectives.......................................................................................................1
TASK 2............................................................................................................................................3
Project management plan............................................................................................................3
TASK 3............................................................................................................................................5
Gantt Chart and work break down structure...............................................................................5
TASK 4............................................................................................................................................7
Research Methodologies for carrying out research.....................................................................7
TASK 5............................................................................................................................................9
Interpretation and outcome of the project...................................................................................9
TASK 6..........................................................................................................................................13
Findings and recommendations.................................................................................................13
TASK 7..........................................................................................................................................14
Self reflection on the research ..................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Digital technology is that process through which organization can communicate with
their customers and also can share important information with them. In previous years, business
enterprises were not that much effective in their operations but due to technology advancement
all organizations has been developed and now they are operating their business activities and
practices in best manner. In present time, all companies are attracting towards technical forces
because with the help of them they can run their operations with low operational cost. Digital
technology have facilitated the communication process as well because with the help of high
technology company can communicate with its stakeholders within few seconds (Westerman,
Bonnet and McAfee, 2014). This project report is based on digital technology in the context of
ROLEX. It is a well known watch manufacturing company. It is world's most popular luxury
watch brand. It manufactures around 2,000 watches per day. It is well growing company because
it gives core attention to online marketing. In this report, various aims and objectives associated
with digital technology has been explained. Also, a proper research has been conducted to gather
important information regarding project. According to collected data, helpful recommendations
has been given to improve those areas which are still ineffective.
TASK 1
Project's aims and objectives
Business aims and objectives are very important and necessary in every organisation to
make the advanced as well as communicate the various activities regarding to requirements. It is
define as a revolutionary methods in the modern market where traditional market section is
acquiring decline in coming days. They have positive impact on the company because with the
help of this management take right place. Technology is very essential tool in transferring all
files one place to another. Furthermore, given platform where company communicate with their
buyers due to social media. From the same, business opportunities get increase in order to
achieve high productivity and profitability of the organisation. Hence, in this appropriate fund
amount is needed for the organisation to their expansion in an easy and correct manner. Apart
form, they can identify the vast users numbers because during the day all persons are social
media in conducting business operations in best platform. It has some numbers of benefits which
support company in connecting their all work with many of their division in few regions
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(Wilson, 2014). They are also making work coordinated with web system to whole the office
department determining the deflection which are taking right place. Therefore, digitalisation give
different advantages to firm for making their effective service and taking judgement on regular
basis.
Content: Business activities transformed by the digital technology. There are several points such
as marketing , accounting and human resource etc.
Project background:
Every organisation needs to acquire modification regarding time in which different
innovative advancement are taking correct place in existence surrounding. From the same, digital
technology is necessary to changed the company transaction in a quickly manner. Furthermore, it
makes the business operations in an effective and efficiency way in which all services and
products are acquire manufacture regarding buyers demands and needs. In this accounts
department not need to convey their information and data due to electronic mails which
maximise hacking changes. But by selecting data technology that get secure as well as outdoor
person interference which will be get decline. In this way, digitalisation production which will
also developed because large number of the data get gathered through various users. Apart from
this, several kinds of watches become manufactured regarding every buyers demand which
existence in various parts of the economic. Mobile technology and social media support in
connecting the whole work on world. All over the economic make their work in an adequate and
appropriate manner. Therefore, when launching a innovative project of the business which have
to fix several objectives and aims regarding, project requirement for directing all company entity
to activity on blueprint (Hwang and Lim, 2012).
Topic: Digital technology effect on business
Aims : The Aims of this project is to determine the effect on an enterprise by process of
digitalisation. So, this identification will be analysis those future impact which would on the
ROLEX by improving an internal activity of digital technical. This report has several aims
which are as follows:
 This assignment will determine different locations in this organisation where digital
process can develop. It support to them to deliver products and goods to their targets
group in an effective and quickly way.
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 Different possible impacts on enterprise that they are considering these modifications and
improving above process in the economy (Peters, Howard and Sharp, 2012).
Objectives:
 To determine the digital technology implementation and formulation in business
 To realise the digital technology effectiveness on company transformation activities
 To determine impact of digitalisation on business functions such as marketing, finance
and HRM
Questions regarding research
1. Why it is required to transformed the activities of business?
2. How the technology in digital system to get formulated in company?
3. How the digital technology is impactive on transforming the firm?
TASK 2
Project management plan
For any project developer or any project development team it is crucial to make an
efficient project management plan. It helps them to ensure that at later stages there will be some
blue print which can be utilised for overcoming situations in research. This also helps in
conducting research in a better way. This project management plan assists in determining few
things such as cost, risk, time, scope, quality, communication mechanism being followed as well
as resources that can be utilised for implementing the project. This also helps researchers by
saving their time as they have the full chart of what needs to be done which situation. It provides
the proper and appropriate format which assist in implementing projects in real conditions
(Broekx and et. al., 2011). It helps them to make pre analysis of the risk as proper risk
management is also included in this. Some of the elements of project management plan is stated
below:
 Cost: Any plan needs a proper costing details that will be used in making project.
Effective and real time costing always help developers in continuing the flow of the
research without facing monetary barriers. There are several things for which heavy
costing needs to be done like making Gantt Chart, Use of IT systems, taking help of
experts so as to make questionnaires as well as data analysis. It is important to allocate
appropriate budgets for each of these activities in the project development. Approx. 400
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pounds needs to allocated for the completion of this project. It is assumed to be sufficient
for this project completion.
 Scope: It is associated to fields in which this project will work. For any project to start it
is first important to understand that what are the areas in which it will be effective. It
helps developer in working on project citing all determined scope. Gantt chart, research
on small scale against the goals of the project, work break down structure, applying
appropriate techniques which is recommended by the firm so as to analyse the data. This
suggests that researcher must include all pre determined areas so as to get better results
against the set objectives (Meredith and Mantel Jr, 2011).
 Quality: It is essential for the developer to ensure that best possible methods are being
used for making research. All activities needs to be done in qualitative manner which
helps in [providing desired outcome. At first aim and objective of the research neds to be
clear and it must be based on the topic. As this project is related to the CSR so as to meet
sustainable goals of business so it is crucial that all aims and objectives needs to be CSR
based and sustainable objectives of the firm that are taken to implement CSR activities.
Another thing that needs to considered is that work break down structure and Gantt Chart
has to be on the activities that needs to be under under this project. For this appropriate
time frames needs to provided in Gantt chart. This helps in completion of project on time.
Use of techniques that are used in conducting the whole research needs to as per the
requirement so as to get the most suitable results.
 Risk: When any project is started there are certain risk that are involved with the
research. These risks do not allow projects to get completed in time. And one of the most
primary risk that is associated with this project is that project itself may not complete on
time. All activities related to the project at various completion levels should be achieved
in set time frames. Another risk that is attached with this project is the risk of over
costing as 400 pounds that has been estimated for this project is 10% higher than the cost
that was involved in last project. Over costing can put extra pressure on the researcher
and hence can impact results against the set standards. So project developers must work
as per the Gantt Chart which can help in tackling both kinds of risk.
 Time: For any project to complete it is crucial to determine the timings that will be
required to complete each activity at every levels of project. Proper scheduling helps in
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completing project on time. Last project timings helps company in making time chart for
the new project. 25 days time period is more than sufficient for completing this project.
Small time frames are highly effective in this regard as it helps in minimising the risk
related to over costing and excess timing (Fleming and Koppelman, 2016).
 Communication: For any project to achieve all its outcome, it is important to have
proper communication in between each of its members while working on the project. For
this best possible communication channel needs to be set which will resolve any
communication gap and exchanging informations as well as resolving issues. As Gantt
has to be created by an expert so it is essential to inform him every thing like all the
activities done in the project. Communication style could be flexible but at most of the
time formal communication mechanism is better.
 Resources: At last it is important for any developer to analyse its available resources in
terms of its availability and appropriateness in the project. Resources such as technology,
human , financial are some of the significant resources for completing this project.
Finance and human resources needs to implemented as per the requirement.
Technological equipments such as computer systems and printers are important for this
research.
TASK 3
Gantt Chart and work break down structure
Gantt Chart
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With the help of Gantt chart, business enterprise can complete its projects in less time
period as, it helps in managing time (Geraldi and Lechter, 2012). It gives complete information
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about each and every task. Mainly, it helps in determining starting and completion period of a
specific task.
TASK 4
Research Methodologies for carrying out research
Before making any business decision expert person, conducts a market research so that
they can identify latest market trends. By collecting actual information from research, process of
decisions making can be very effective and systematic. Different methodologies of investigation
are follows as under:
Quantitative research: With the help of this method, business enterprise can get information and
data in numeric form which is highly important for production department. In this, researcher
collects financial and merchandising data of market. While using this technique, expert person
takes help of structured format. This method is use by company when it wants to gather
information about a large number of population. The biggest advantage of this research is that it
provide numeric and accurate data about market which helps business enterprise in making
effective decisions (Wahyuni, 2012).
Qualitative research: It is also an effective method through which organization can get opinions
and thoughts of people which is highly important to increase organizational profitability and
productivity. This concept includes structured and semi structured methods to collect data. In
involves various methods which are participation, observation, individual interviews and focus
groups. In simple words, this type of market research helps in identifying feelings and opinions
of individuals which can be gather from asking different questions. Questionnaire is the best
method by which company can improve and develop its current performance. Qualitative
research helps in analysing individual behaviour and psychology on a specific topic (Lakatos,
2014).
Primary research: This type of research method is used to collect information but with the help
of primary sources. Information gathered from this techniques is considered as more effective
and accurate. In other words, in this researcher collects data by himself. For conducting such
kind of research expert person takes help of surveys, interviews, ethnographic investigation and
observations. By observing customer's behaviour organization can make most successfully
decisions. By taking help of this research methodology, ROLEX can get real and more beneficial
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information because this technique provides favourable outcomes to company. Cited
organisation have design a well determined questionnaire which will be conducted on 20
respondents. By doing this, company can get realistic data which will lead it to high level of
success.
QUESTIONNAIRE
Name:
Age:
Gender:
Q1. Is digital technology influence a positive impact on business?
A.) Yes
B.) No
Q2. Does digitalisation helps ROLEX in increasing its profit?
A.) Yes
B.) No
Q3. Is it necessary for ROLEX to improve their products?
A.) Yes
B.) No
Q4. Does the organization have enough technical resources?
A.) Yes
B.) No
Q5. In which areas ROLEX can use digitalisation?
A.) Marketing
B.) Production
C.) Finance
Q6. What will be the impact of online Marketing?
A.) Positive
B.) Negative
Q7. Any suggestions to implement Digital Technology in most effective manner within
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work place?
Secondary research: It is that kind of research method in which information or data is gathered
from some secondary resources. In this researcher use some sources like books, journals,
internet, online websites etc. to gather accurate information. This method is more convenient as
compare to primary research method (Denzin and Lincoln, 2011). In modern world, most of
expert person take help of secondary sources to gather market information.
According to (Oldham, 2015), digitalisation is most important aspect which can help
organization in leading higher level of success and also can help in becoming market leader. I
modern world, customers are becoming more demanding. They wants to use new and up-graded
technology so, it is highly important for company to provide products and services according to
their preferences. With the help of digital technology, business enterprise can improve their
manufacturing process which will influence positive impact on business enterprise.
TASK 5
Interpretation and outcome of the project
Q1. Is digital technology influence a positive
impact on business?
Frequency
A.) Yes 15
B.) No 5
9
15
5
Yes
No

INTERPRETATION: If ROLEX company will take help of technical forces then it can
increase its profitability and productivity. According to market research, digital technology will
influence positive impact on its business operations.
Q2. Does digitalisation helps ROLEX in
increasing its profit?
Frequency
A.) Yes 16
B.) No 4
INTERPRETATION: According to above mentioned pie chart, with the help of digitalisation
ROLEX can improve its production and other business function which will result in high
financial profit.
Q3. Is it necessary for ROLEX to improve
their products?
Frequency
A.) Yes 13
B.) No 7
10
16
4
Yes
no

INTERPRETATION: As per above mentioned graph, out of 20 respondents, 13 people thinks
that company should develop their existing products and remaining 7 thinks that organisation
does not have a need for product development.
Q4. Does the organization have enough
technical resources?
Frequency
A.) Yes 9
B.) No 11
11
13
7
yes
no
9
11
Yes
no

INTERPRETATION: According to above mentioned pie chart, 11 people out of 20
respondents thinks that ROLEX have enough technical resources for improving their business
functions but on the other side remaining 9 person do not think that company have sufficient
number of technical sources.
Q5. In which areas ROLEX can use
digitalisation?
Frequency
A.) Marketing 5
B.) Production 10
C.) Finance 5
INTERPRETATION: By conducting market research, Watch manufacturing company have
evaluated that most of people wants company to use technology in its production department
instead of marketing and finance section.
Q6. What will be the impact of online
Marketing?
Frequency
A.) Positive 18
B.) Negative 3
12
5
10
5
marketing
production
finnace

INTERPRETATION: As per above mentioned graph, out of 20 respondents, 18 people thinks
that there will be positive impact on company if it will do online marketing but 3 people does not
think in same way.
TASK 6
Findings and recommendations
ROLEX is a well known watch manufacturing company because it always adopt new
changes in its organisational structure as per the customer needs and market trends. After
evaluating market research, business managers have noticed some major areas in which company
can bring changes. Cited organization should use digital technology as, it can help it in
increasing its financial profit. Also, it can help company in doing inline marketing which is main
source of attracting a huge number of customers. Digitalisation will provide so many benefits to
this enterprise and also will influence positive impact on its business operations (Hirshkowitz
and et. al., 2015). ROLEX have enough technical sources which it should use in production
department because highly developed products and services can lead this company to high level
of growth in future.
TASK 7
Self reflection on the research
In modern world, almost all organizations are developing their business activities and
practices by taking help of technical support. Digitalisation is influencing positive impact on
13
18
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positive
negative

companies as, it helps in promoting and advertising organizational products and services in most
attractive manner. This project report is based on impact of digital technology on business
enterprise and its functions such as accounting, human resource management and marketing. By
evaluating whole report I have determined that by taking help of technical forces, cited company
can accomplish it desired goals and objectives in most most effective and systematic manner. In
modern world, all new firms are establishing with the help of digital technology which helps
them in their market entry ans also help them in attracting a huge number of customers. ROLEX
is a most popular watch brand in all over the world. While making this report I have got high
knowledge about theoretical concepts as well as practical knowledge. There was many books and
journals which helps me in identifying different aspects of digital technology and its impact on
business enterprise. Due to lack of time I was not able to cover population which I decided to
cover but with the help of internet I solved my all quarries. According to me, there are many
software which can help business enterprise in their organizational growth and development. By
analysing different graphs I performed my tasks very well. There was many factor which I could
not access because of limited amount of money or limited budget, which was the biggest
problem for me. But still, information which I collected is enough for me as, it have provided me
life long learning which will help me in my personal as well as in professional life. Also, it will
increase my skills and abilities which will required in my future career. I have made a Gantt
chart and management plan which is highly important for resolving business problems and
situations. With the help of Gantt chart I have improved and developed time management skills.,
which can help me in increasing my productivity within work place. By evaluating this report I
have discovered that there are two most effective research method which are primary and
secondary. In primary market research people gather that information or data which have never
been collected in history. It is conducted by interviews with people and by conducting surveys
using questionnaires. According to me, it is a very time and money consuming process. On the
other side, Secondary research is that method of research in which researcher collect information
from existing data. As per my consideration, it is a budget friendly technique. With the help of
both methods, I have improved and developed my researching techniques which will help me in
my professional life.
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CONCLUSION
By evaluating this project report, it has been concluded that digital technology is that
concept which can lead organization to high level of success. In modern world, all organizations
are taking help of technical factors so that they can improve their business activities and can
enhance their organizational performance within market place. Digitalization is that concept
which helps organizations in increasing their financial profit. As, it helps in storing important
information and also creates advanced working environment within work place. With the help of
digital technology, business enterprise can improve and develop their organisational structure
and performance. By taking help of technical support, ROLEX can provide quality goods and
services to their potential customers which can help it in increasing its profitability and
productivity. As per this report, business enterprise should conduct a research before taking any
important decision. For this, they should select a sample size through which they can get and
measure respondents opinion. There are different methods of research by which company can get
required information. This report states that, for better growth and development business
enterprise should use technical tools as, they can help them in enhancing their organizational
growth and development.
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REFERENCES
Books and Journals
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Fleming, Q.W. and Koppelman, J.M., 2016, December. Earned value project management.
Project Management Institute.
Geraldi, J. and Lechter, T., 2012. Gantt charts revisited: A critical analysis of its roots and
implications to the management of projects today. International Journal of Managing
Projects in Business. 5(4). pp.578-594.
Hirshkowitz, M. and et. al., 2015. National Sleep Foundation’s sleep time duration
recommendations: methodology and results summary. Sleep Health: Journal of the
National Sleep Foundation. 1(1). pp.40-43.
Hwang, B.G. and Lim, E.S.J., 2012. Critical success factors for key project players and
objectives: Case study of Singapore. Journal of Construction Engineering and
Management. 139(2). pp.204-215.
Lakatos, I., 2014. Falsification and the Methodology of Scientific research Programmes.
Criticism and the Growth of KnowledgeÄ_Ä, ed. I. Lakatos and A. Musgrave (London:
Cambridge University Press, 1974).
Meredith, J.R. and Mantel Jr, S.J., 2011. Project management: a managerial approach. John
Wiley & Sons.
Peters, M.J., Howard, K. and Sharp, M.J.A., 2012. The management of a student research
project. Gower Publishing, Ltd..
Wahyuni, D., 2012. The research design maze: Understanding paradigms, cases, methods and
methodologies.
Westerman, G., Bonnet, D. and McAfee, A., 2014. Leading digital: Turning technology into
business transformation. Harvard Business Press.
Wilson, J., 2014. Essentials of business research: A guide to doing your research project. Sage.
Online
Organizing Your Social Sciences Research Paper: Quantitative Methods. 2017. [ Online].
Available Through: <http://libguides.usc.edu/writingguide/quantitative>. [Accessed on
31 August 2017].
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