The Impact of Digital Technology in Order to Enhance in Business Income and Profitability
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Added on 2020-10-05
The Impact of Digital Technology in Order to Enhance in Business Income and Profitability
Added on 2020-10-05
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RESEARCHPROJECT
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Research proposal which clearly defines the questions with the help of literature review3P2 Methods of research by inducting primary and secondary research.................................9TASK 2..........................................................................................................................................11P3 Conduct primary and secondary research by considering cost, access and ethical issues11P4 Application of analytical tools for assessing research findings and data........................14TASK 3..........................................................................................................................................24P5 Research outcomes..........................................................................................................24TASK 4..........................................................................................................................................25P6 Reflection for showing the effectiveness of research methods applied for meetingobjectives..............................................................................................................................25P7 Evaluation of alternative methodologies and lessons learnt from outcomes of project..26REFERENCES ............................................................................................................................27
TITLE: “To determine the impact of digital technology in order to enhance in business incomeand profitability. A case study on Barclay's Bank”.INTRODUCTIONIn the current business environment, the competition between companies is increasing ata very high level so each and every company is trying to expand themselves in the market so thatthey can grab more and more customers (Rummler and Brache, 2012). For this, research iscollected by the researchers so as to know the steps that are required to be taken by company togain a better position in the market. Barclays bank is also conducting a research so as to knowthe impact of digital technology which help in enhancing business income and profitability thatare conducted in the company. For this, they will be using various kinds of tools and techniquesso the research can be conducted in an effective manner. Barclays bank is an Britishmultinational investment bank and a financial service organisation which is doing theiroperations in London. Along with this, it has been located that if Barclays Bank which is offeringfinancial services to customers in most of the countries do not adopts new and updatedtechnology right on time, then it is may be possible that they face various issues like: reductionin their goodwill, profitability, revenue, production and many more. Even though research alsohelp bank to formulate some better strategies an decision so that they can also look forward toopen up a branch in other countries too. Gaining a market share does help bank to revamp thereposition and image is also build up in perfect manner as well. This also direct firm to attain goalsand objectives in right contrast that can lead to earn higher profits too. TASK 1P1 Research proposal which clearly defines the questions with the help of literature reviewThe current research is based on understanding the impact of digital technologies on theactivities that are conducted in the business organisation. Since, it is know that digital technologyis playing a very crucial role in developing the way of conducting the operations inside anorganisation. Earlier all the work was done manually bust after the introduction of new tools andtechnologies in digital world, the process of conducting the operations changed. There are somany companies which are utilising it while doing their activities and it can be applied by both
small as well as large sized organisations. Researcher who is conducting the investigation needsto know about the impact of digitalisation on Barclays Bank and as it has became really veryimportant for business firms in modern world in developing their services as well in anappropriate manner so that better experience to customers can be given. With the help of this,modifications can be brought in at workstation and through this goals and objectives can beattained in effective manner.Aims- This is considered as one of the most important element while conducting the researchactivity because the whole research is based on this only. Through this, the researcher gets theidea about how the research will be conducted (Sirmon and et. al., 2011). If there will not be anyaim then they will to have a goal to achieve. The present aim is based on “The impact of digitaltechnology on increasing in business income and profitability”. A case study on Barclays bank”. Objectives-Research objectives are a very essential part of the investigation which is conducted bythe researcher because it includes the objectives which is required to be achieved by theresearcher so as to achieve the desired goals and objectives (Christopher, 2016). These areprepared by the researchers themselves after understanding the topic in a clear manner. It is alsosaid that all these objectives are connected with each other and are achievable as well. In presentresearch, investigator is looking into different aspects and application of digital technology alongwith its impact which is going to be faced by Barclays Bank. With the help of this, digitalisationcan improve productivity and profitability both at the same time. On the other hand, if firm willdirectly do not take under in use of updated technology then it is may be possible thatorganisation may not sustain at marketplace for a longer period of time.The research objectives prepared here are:-To identify the impact of digital technologies on profit and productivity of the firm.To determine the measure taken by Barclays bank for improving in order to enhance inbusiness income and profitabilityTo ascertain the importance of digital tools and technologies in improving theperformance of Barclays Bank.Recommend ways through which company can gain competitive advantage in the marketas well.
Research QuestionsIt is also considered as one of the main factor through which company will be able toachieve their goals and objectives as these questions help in understanding the research topic inmuch better manner and will be effective in gaining lots of knowledge as well. The questionswhich are prepared for this research are:-How to identify the impact of digital technologies on profit and productivity of the firm ?What are the ways to determine the measure taken by Barclays bank for improving theirin order to enhance in business income and profitability ?How to ascertain the importance of digital tools and technologies in improving theperformance of Barclays Bank ?Provide recommendations through which company can gain competitive advantage in themarket as well ?LITERATURE REVIEWThis is considered as one of the most effective part of research project because with thehelp of this, the researcher gets the opportunity to learn about the views about several writers aswell authors and thus they are able to understand the topic in an effective manner. It helps themanagement in taking effective decisions as well since all the information has been criticallyevaluated (Prajogo and Olhager, 2012). So, in this the writers will present their viewpoint on theresearch aim set which i.e. related to the digital technologies so in-depth research is required tobe collected by the researcher for arriving at an aim. As different authors have different point ofview which help in gaining of information on various aspects. This part assist in recording studyof various authors that have made detailed research on number of process and lead toaccomplishment of final objective and aim of research study. The point of views of differentauthors are mentioned in literature review. Impact of digital technologies on profit and productivity of the firmIt is critical for every company to design their organization structure as indicated by themovements that are going ahead in the business environment. As referred by Ford, (2014), afterdigitalisation in the economy, each and every association has ended upusing the digital tools andtechnologies in their regular working. Significance of Digitalisation in Barclay’s bank is as perthe following: These systems will enable them in getting associated with their daily clients in asuccessful way as they won't have to sit for long time to do their transactions ans can do it from
anywhere and at anytime. Through this, they will also get the chance to take the reviews ofcustomers and use it afterwards so as to complete the deficiency that is being caused to thecustomers.. It reduced the time of performing the work operations in bank which usually tooklong hours to complete.It assist in satisfying the need sans wants of customers by delivering them high qualityservices so that ultimate objective could be accomplished. This helps in adopting paperless workfor the customers as well as to the bank staff, as all work process is conducted in single mobileclick. By adopting digital technology system into banking institution will help in increasing theproductivity day by day so that growth could take place at significant level.Ways to determine the measure taken by Barclays bank for improving in order to enhancein business income and profitabilityAs indicated by Pollock, Wick and Jefferson, (2015), organization needs that their itemshould be presented in the best form in the market so in order to do this they have to acquiremodifications in their products and services occasionally. Innovation will help them in bringingthese progressions in their items and furthermore expands their effectiveness in the market also.Its effect can be estimated through these points: Impact on operating cost – Companies can make utilization of technologies for lesseningtheir working expense. There are such a large number of strategies which are being invented byresearchers which will help them in leading their exercises in a more productive way anddecrease the time interim too (Brewster and Hegewisch, 2017). this will help them in reachingwith desired goals and targets in better manner. Along with this, digital technology directly affecton company growth and income level. Improvement in communication – The technological advancements will enable theorganizations in enhancing the communication process which are going on in the organization.There are different sorts of innovations which can be utilized for doing any sort ofcommunication like Emails, messages, video calls and so forth organizations can get inputadditionally from the clients from this sort of correspondence (The different advances and itsparts, 2013). Imparting training to staff members in bank: As employees resist changes that isformulated in the system therefore, it is necessary to provide proper training in order to makethem more effective and ready to accept changes that is happening in business environment.Business world is dynamic in nature that keeps on modifying itself thus, it is necessary for
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