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Research Project on Implications of Digital Technologies on SME business - Harrods

   

Added on  2020-06-04

22 Pages4847 Words31 Views
ResearchProject

TABLE OF CONTENTSTASK 1............................................................................................................................................1P1 Producing research proposal...................................................................................................1Background of the study..............................................................................................................1Aims and Objectives....................................................................................................................1Company overview......................................................................................................................1Literature Review........................................................................................................................2Importance of digital technologies in today’s contemporary businesses operating in UK retailsector............................................................................................................................................2Use of digital technologies in the SME’s operating in the retail based organisations of UK.....2Challenges faced by the SME’s in a successful implementation of digital technologies in theirbusiness- related activities...........................................................................................................3Impact of digital technologies on the productivity of SME businesses, operating in the retailindustry of UK.............................................................................................................................3P2 Examining suitable research methods....................................................................................4Research Design..........................................................................................................................4Research Approach......................................................................................................................4Research Philosophy....................................................................................................................4Data Collection Method...............................................................................................................5Data Sampling.............................................................................................................................5TASK 2............................................................................................................................................6P3 Conducting research...............................................................................................................6P4 Application of appropriate analytical tools to analyse the research findings and data.........13TASK 3..........................................................................................................................................14P5 Communicating research outcomes......................................................................................14TASK 4..........................................................................................................................................14P6 Reflecting upon the effectiveness of research methods to meet out the stipulated objectivesof the current business research project.....................................................................................14P7 Considering alternative methodologies of research.............................................................15REFERENCES..............................................................................................................................16APPENDIX....................................................................................................................................18

Questionnaire.............................................................................................................................18

TASK 1P1 Producing research proposalBackground of the studyDigital technologies are nowadays referred to be an essential consideration of almostbusiness organisations with a special context of small to medium business enterprises. It isbecause of its vital assistance of transforming the entire business where it is also efficient interms of attracting a large set of consumers (Aitamurto and Lewis, 2013). The present studyis based on a similar prospect of using digital technologies for bringing growth and prosperityin SME organisations with a special context of the retail based organisations, situated in UK.This is mainly on considering some major number of benefits that can be acquired by theSME’s after digitally transforming themselves. Aims and ObjectivesA prior aim of this investigation is “To study the implications of digital technologieson SME business- A study on Harrods”. It is along with some well-defined objectives that areas listed below-To determine the importance of digital technologies in today’s contemporarybusinesses operating in UK retail sector.To ascertain the use of digital technologies in the SME’s operating in the retail basedorganisations of UK.To identify the challenges faced by the SME’s like Harrods in a successfulimplementation of digital technologies in their business- related activities. To assess the impact of digital technologies on the productivity of SME businesses,operating in the retail industry of UK.To recommend ways in which the SME’s like Harrods can effectively use digitaltechnologies in their business-related activities for continual growth. Company overviewThis is on discoursing upon the chosen company to carry out the present researchwork where Harrods as a famous SME business, operating in UK has been selected. It is aprivate organisation that was set up in the year 1834. With a foundation year of 183 years, itis headquartered in a well-known area of London, UK and dealing in luxurious products.With an official website of its own to electronically serve its consumers, it is currentlyworking with more than 12000 employees. 1

Literature ReviewImportance of digital technologies in today’s contemporary businesses operating in UK retailsectorDigital technology provides accuracy in data as there is no other method to input thedata from any other device as stated by Buckingham (2013). The facts and figures providedwill be very correct and it will lead to more effective work. Due to this the productivity ofboth the employees and organisation will increase. Also, it will reduce the possibility ofduplicate data. It also provides effective work force for the business. Skilled and experiencelabour is required who can easily handle and work with the existing technology. Also, if thereis any change in technology or production process it is not required to recruit new labour.El Sawy and Pereira (2013) with a distinct consent have specified that by using digitaltechnology, reliable and comprehensive data can be achieved. The organisation does not haveto waste time in checking its reliability. This helps in increased productivity of the business.It increases work efficiency of employees and business as they don't have to continuousmonitor or operate its business process. The advancing communication system will lead tobetter and effective communication flow between employees which in turn will give betterresults of business performance. It also helps in providing quick and better solutions to theproblems of customers which helps in increasing greater customer satisfaction. Use of digital technologies in the SME’s operating in the retail based organisations of UKAccording to Eid and El-Gohary (2013), development of technology in today's worldhas made it easy for the owners and managers of retail organisation to manage their dailybasis work in an effective manner. With the use of digital technologies, various tasks in retailorganisations such as inventory manage and control, quick billing of customers, count ofclosing stock at the end of financial year, etc. have become easier to manage. As per Hashim,(2015), the reach of small and medium enterprises has expanded to beyond the boundaries,i.e. their scope has increased. However, it is critical to adapt and implement the latesttechnology within the business organisation, but once it is implemented, it facilitatesmanagers to perform their work in more effective and efficient manner.On the other hand, according to Jussila, Kärkkäinen and Aramo-Immonen, (2014),use of digital technology has also opened the fate of frauds and faults. For the effectiveimplementation, SME need to employ a professional, that in turns increases its cost. Thesetechnologies are high in cost and not economical for small and medium enterprises, as they2

have low capital amount, raising and allocation of funds for new technologies can negativelyaffect their profitability.Challenges faced by the SME’s in a successful implementation of digital technologies in theirbusiness- related activitiesImplementation of digital technologies in business activities is not an easy task forsmall and medium enterprises. According to Luftman, Lyytinen and ben Zvi, (2017), SME'shad to face different challenges for successful implementation of digital technologies, suchas:Lack of resources: Especially small enterprises face the issue of lack of resources. Thesebusinesses generally font have enough cash resources that are required to implement digitaltechnology in their business activities. Such as, various software's of inventory managementcosts high in price and thus, it is difficult for them to afford these software's.Human resources: According to Agrawal, (2017), small and medium enterprises often faceissue of having professional and high skilled as they look for higher monitory benefits whichan SME cannot afford. Successful implementation of technologies can be facilitated by highskilled employees. Therefore, business need to provide learning and training to their existingstaff which in turn increases their cost.Research and Development Department: These firms do not focus their resources onresearch and development department as they don't value and also does not understand theimportance of research. However, according to Shaikh, (2018), Technologies that can benefita company can be developed within the organisation for which firm need to allocate more ofits resources in research and development department.Impact of digital technologies on the productivity of SME businesses, operating in the retailindustry of UKUse of technology has changed the way organisations conduct their business. In orderto develop competitive advantage small business can use computers, servers, personal digitalproducts and websites. By using the best technologies, owners are able to create theiroperations. However, according to Löfsten, (2016), technology impacts the productivity ofSME's in following ways:Using technology can help them in reducing their overall cost of operations.It also helps in managing automated back office functions such as payroll, recordkeeping and accounting.3

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