The Impact of Technology on Small Business Growth

RESEARCH PROJECT
ABOUT HOW
TECHNOLOGY CAN HELP
SMALL BUSINESS TO
GROW

TABLE OF CONTENTS
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
LITERATURE REVIEW................................................................................................................4
Theme 1: Technology can aid business to progress in the current market.................................4
Theme 2: Technological Factors impacting upon business........................................................6
Theme 3: Factors helping the organization to grow the business through the use of digital
technology...................................................................................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................13

INTRODUCTION
Adaption to the latest changes is the only key for success of companies in this highly
competitive world. This is pertaining to the fact that if the company will not adapt to the latest
changes then the consumers will not like the goods and services of company (Rydehell, Löfsten
and Isaksson, 2018). Hence, it is very important and crucial for the companies to research for all
the latest changes taking place in the market and if they are affecting the company then they
must adapt to it. Hence it is very crucial for company to make the necessary changes and adapt to
these changes for gaining success in this competitive world.
Thus, in these changes the most common and frequent change is the changes taking place
in the technological sector. This is pertaining to the fact that the business is being done at the
international level and there are many different changes taking place in the technology being
used in the business. Thus, the present research will be based on company NISA which is a small
retailer founded in 1977 and is headquartered in Scunthorpe, Lincolnshire in UK. The company
is a brand dealing in different groceries and wholesaler and is a wholly owned subsidiary of Co-
operative group Limited. In the retail sector there is a great development with respect of
technological advancement and improvements. This is majorly due to the fact that in the retail
sector big companies have much latest technology being used (Singh and et.al., 2019).
These companies are like Tesco, Sainsbury, Morrison, ASDA and many other different
types of companies uses much latest advancement in the field of technology. But these are big
companies so they can easily have access to the use of technology but in case of small companies
do not have much investment amount to invest in higher technology. Thus, for this it is tough for
small companies to work on implementing the latest and advanced technology within the market.
Also, the small companies not have much budget for installing the latest technological systems
within the company and also the scale of business is not much high to afford the latest and heavy
technologies.
These developments in technology if adopted by the small companies will help the company in
developing and growing to a great extent. This is majorly because of the reason that the use of
technology helps the company in working with great efficiency and effectiveness (Sarsby, 2016).
Thus, the use of the technology reduces the chances of error in the working capacity of the
employees and this increases the overall working proficiency and productivity of the company.
This help the company to grow in more advance ways as when the work is continued with

technology then the work is done in much better manner as compared to the human work which
is done by the employees. This helps the small companies to grow because of the fact that this
use of technology ensures proper working as per the requirement and enhances the quality of
work. Thus, the technology assists the companies in also increasing the goodwill. The major
reason underlying this fact is the when the small companies make the use of technology then it is
much liked by the consumer as the goods and services will be of good quality and this will attract
more of the consumers. Thus, if the consumer will be increased then this will help the company
in growing as its consumer base will increase and this in turn will increase the revenue and
income of the company. Also, if the income and revenue of the company will be increased then
they will invest that money in the operations of the company and this will assist the company in
increasing the level of business and the scale of business can be improved with this growth and
development. Hence, the major objectives for the present research for the use of technology in
the small business with respect to NISA are as follows-
Objectives:
1. To analyse how technology can help the business to grow in the present market
2. To study the technological factors impacting business to grow
3. To evaluate the factors that can help an organisation to grow with the use of digital technology
LITERATURE REVIEW
Theme 1: Technology can aid business to progress in the current market
According to Hitomi, (2017) technology refer to the approaches, procedures or
applications used to achieved set objectives and aims of companies operating their businesses in
retail sector since for so long. In recent time, technology advancement and development allow
firm to grow their business rather than before in competitive market where number of rivals are
available with range of products. Technologies are used in different functions such as marketing,
production and supply chain management. It uses fewer resources such as materials and workers
to produce products more effectively. There are varied types of technologies accessible in
market, which can be used by small businesses in order to gain competitive benefits and grow.
For example, online payment program is an internet based approach of processing economic
transactions, with the help of using this technology companies will grow more and more as it aid
them to accept payments over web and allow consumers to pay easily.