Research Project Assignment - Impact of Technology on Business
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Added on 2020-12-10
Research Project Assignment - Impact of Technology on Business
Added on 2020-12-10
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RESEARCH PROJECT(PART 1 & 2)
TABLE OF CONTENTSPART 1............................................................................................................................................3INTRODUCTION:..........................................................................................................................3LITERATURE REVIEW................................................................................................................5RESEARCH METHODOLOGY...................................................................................................10TIMELINE OF RESEARCH ACTIVITIES..................................................................................11PART 2..........................................................................................................................................13EXECUTIVE SUMMARY...........................................................................................................13INTRODUCTION...........................................................................................................................1Background of study...............................................................................................................1Aim.........................................................................................................................................1Objectives...............................................................................................................................1Rationale of study...................................................................................................................1METHODOLOGY..........................................................................................................................1FINDINGS.......................................................................................................................................2DISCUSSION..................................................................................................................................9CONCLUSION..............................................................................................................................11REFLECTION...............................................................................................................................12REFERENCES..............................................................................................................................13APPENDIX....................................................................................................................................14
PART 1INTRODUCTION: The use of digital technology in business has transformed the way of doing business. Ithas created a great impact on the business operations. By using technology in business, theprocess and methods have been changed (Pantano and Iazzolino, 2017). It has provided ease tobusiness operations by providing new tools and equipment. It has also helped in improving theproduct and service quality. Digital technology has provided a platform for business to grow.Moreover, in each department, technology has created a huge impact. There is sometransformation observed in every department. The major positive impact that technology has ison marketing department. The overall process of promoting and advertising product istransformed. In this, social media is being highly used by business to promote its product andservices. Along with this, there is high increase in sales and profits of business. Sinceadvancements in technology are continuously being done, these are forcing businesses to adoptthem in order to make changes in operations. Besides this, use of technology has provided new ideas and concepts that can beimplemented by business to gain higher success (Werthner and Stangl, 2015). This has resultedin increase in competition in the market. Apart from this, it has allowed industry to focus oncustomers’ needs rather than product. Use of social media has enabled business to identifyconsumers’ needs so that products can be produced accordingly. It has also made productionprocess simple implementing new techniques. Moreover, communication has been improved inoverall functioning of business. It is difficult to analyse whether use of digital technology hascreated a negative or positive impact on business. This is because; in many areas, it has madeprocesses complex creating impact on employee’s performance. Due to continuous changes,business is not able to follow a specific concept or model. This has created gap in performingtraditional and modern business functions. Along with this, it has increased the cost of productsdue to implementation of technologies. Digitalisation has helped in developing effectivemarketing strategies (Irvine, Park and Yıldızhan, 2015) The goals and objectives are changedaccording to change in market conditions. But on customer’s point of views, there has been positive impact of using digitaltechnology. It has provided them a new method of getting product’s information. Moreover, ithas given a variety of products to choose from. Due to improvement in product quality, needs of
people are getting fulfilled easily. Also, ease in marketing of product has allowed people tocompare different products and select the best one. All the product details are available tocustomers easily (Lerch and Gotsch, 2015). The way digitalisation has modernised businessoperations and functions can be seen in a positive manner. Furthermore, it has a great influenceon consumer’s decision process. It has entirely modified that. The way in which consumerapproaches for purchasing a product has been shifted. Now, each and every product’sinformation is provided to them by business. They have changed their mind-set by building apositive brand image. This has happened due to effective and attractive marketing. Customerbehaviour towards a product has been influenced to a great extent. Social media has created aplatform for business to attract a large number of people at the same time. This research willshow how digital technology has helped business in increasing its profitability. Moreover, howand to what extent profits are increased (Loebbecke and Picot, 2015). What are the majorfactors behind this. Also, in what areas digitalisation is been done by business and howbeneficial it has to them. The use of digital technology in business operations has risen in recent times. This hasgiven hope to survive for long term and generating stable profits. Also, it has reduced cost ofproducts but on other hand given variety of options available to people. Big companies aregetting tough competition from small and medium businesses (Choi, Narasimhan and Kim,2016). This is because of availability of new products and services to people. The main reason for selecting this project is described below: - How digital technology has provided efficiency in business operationsWhether there is negative or positive impact of using digital technology in businessoperationsIt will help in analysing how efficiency in business operations has enhanced. In whatways it is maintained by them and what measures are taken to implement changes in it. Thesecond reason will show the nature of impact on business (Westerman, Bonnet and McAfee,2014). What are the reasons for positive and negative impact. LITERATURE REVIEWToday's era is of digital evolution. The more business focuses on using digitaltechnology, more it will be beneficial for them. It is because; as said by (Larivière, Haustein and
Mongeon, 2015), there has been a lot of transformation in the business operations. Digitalisationin business has completely changed the way of doing business functions and operations. It hasallowed them to implement technology in areas where business can gain competitive advantagein the market. According to (Goldfarb, Greenstein and Tucker, 2015), technology has helpedbusiness to improve its weak areas so that it can grow and develop. Also, it has enabled them toimprove their strengths so that they can earn more profits. As elucidated by (Tan and Carrillo,2017), by effectively using technology, proper actions and measures are taken in order toovercome the threats. It has allowed them to modify process and methods to increase theirefficiency and performance. (Maklan, Peppard and Klaus, 2015), said that along withimprovement in product’s quality, business is developing products to satisfy the needs of people.This has increased both sales and profits of business. Moreover, it has resulted in intensecompetition among different companies.It has been said by (Matt, Hess and Benlian, 2015) that in various departments,technology has created a huge impact. It has enabled them to make changes in their operations sothat overall goals and objectives can be achieved easily. Thus, having impact on each businessfunction has improved the overall productivity of business. It has given new tools andequipment’s through which strategies can be developed. These strategies are useful in growthand development of business. It has helped in generating more profits by applying changes inconcepts. As stated by (Weill and Woerner, 2015) the use of digital media in advertising theproduct has influenced consumer decision process. By effectively promoting their productsbusiness is able to attract a large number of people. It has also increased brand image in themarket. The cost and expenses of business are reduced. Also, it is being observed that onlinepurchasing is rising day by day. It is because of easy availability of products anytime, anywhere.It is elucidated by (Robinson and Stern, 2015), that the main aim of company is now changedfrom increasing customer base to satisfying them. This has automatically maintained its marketshare as well as customer base. Apart from this, it has enabled business to retain their customers.This is the reason why there is high demand of technology by people who are related withbusiness either directly or indirectly.In a research conducted by (Nylén and Holmström, 2015), it is said that in variousdepartments such as finance, operations, marketing, human resources, etc. their efficiency hasincreased using technology. For example – in finance department accounting software has been
implemented that has helped in maintaining accounts. Also, budgets are easily developed byestimating profit or loss. Due to this business is able to take effective decisions. In similar way inby making frequent changes in operations business perform its daily task. It has increased speedof working and productivity. The major impact of technology is on marketing and researchdepartment. It has provided an opportunity by which products can be developed and promoted inmore efficient manner. Companies are providing extra services to customers to increase theirsatisfaction and retain them. The demand is easily being fulfilled by business due to increase inits efficiency. Besides this, it has enabled them to generate more profits by gaining market share.It is said by (Weller, Kleer and Piller, 2015), that technology has more positive impact inmonetary terms. Internet has played a crucial role in marketing. (Piccinini and Kolbe, 2015), elucidatesthat through this business not only promotes their products but also its mission and vision. Thismakes aware people about what product they are providing and how it can satisfy their needs.Networking sites is highly being used by business in connecting with more and more people.This will help in attracting them to purchase their product. Also, (Pantano and Iazzolino, 2017),said that consumer decision is influenced by change in taste and preference. Digital media hasallowed vast amount of information to customers to help in decision making. Rather thananalysing detail of product, customers read the reviews and feedback of other persons. It makeseasy for them to decide whether to buy or not. The rise in E- commerce has enabled companiesto do business at global level. It has increased its range of operations. Due to this sales hasincreased leading to rise in profits. (Werthner and Stangl, 2015), said that digital technology has enabled business to interactwith stakeholders in effective way. They can get their reviews on what changes are required inproduct or process. The process can be related to supply chain management, delivering ofproduct, providing services, etc. By interacting with stakeholder’s strategies and decisions can betaken quickly. Small and medium size business are mostly benefited by using digital technology.It has provided them resources through which they can expand their business. Also, it hasallowed them to enter in the market with new products or services to compete with bigorganisations. This has resulted in growth and development of many small and medium sizebusiness in recent times.
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