The impact of digital technology on business

UNIT 42 PLANNING
FOR GROWTH

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK-1............................................................................................................................................1
Key considerations for evaluating growth opportunities............................................................1
Applying Ansoff's growth vector matrix on opportunities for growth.......................................4
TASK-2............................................................................................................................................6
The potential sources of funding and its advantages and disadvantages....................................6
TASK-3 ...........................................................................................................................................8
A business plan for growth.........................................................................................................8
TASK-4............................................................................................................................................9
The benefits and drawbacks for exit strategy option available for small business.....................9
CONCLUSION ...............................................................................................................................9
.REFERENCES ............................................................................................................................11

INTRODUCTION
The way in which the business conduct its day to day operations have gone through a
major change today(Grünig and Morschett, 2017.).. In the business more and more companies
are making strategies and are planning for growth. To bring a change in their company they are
making strategies. In order to target new market and attract more number of customers the digital
technology is been used by in business today. The of digital technology such s mobile phones,
laptops, video-conferencing has helped the business to expand on a broader platform. Many
companies are also making of cloud-computing storage as the data and information about the
company can be stored safely on the cloud.
Nisa is a small-scale company in UK. It is a independent retailers and wholesalers in the UK.
The headquarters of this company are located at UK only and the number of employees working
in this are around 213.The growth opportunities for the company Nisa will be evaluated in this
report. The ansoff's matrix will be applied on opportunities of growth. Further more this report
will also represent the various sources of funding that is available for the company and its
benefits and drawbacks. For small organization the exit option that is available will be discussed
in this report.
TASK-1
Key considerations for evaluating growth opportunities
The company Nisa will be able to increase its share in the market by considering the
opportunities for growth. Due to usage of digital technology such as cloud-computing, big data,
artificial intelligence, social media sites and many other the great impact can be there on
business. The company Nisa will able to gain competitive advantage by making use of these
digital technologies and also innovative products will be developed by companies. Over rival the
competitive advantages can be gained and also the margin of profit of the company will also
grow.
Competitive advantage – By making use of digital technology such as social media sites
Facebook, twitter, you tube etc the company will able to discover the preference of the customers
and based on it the product will be manufactured by them. The company can also increase its
customer base online (Dibrell, Craig and Neubaum, 2014.) . Today a lot of advantages to
business is been seen due to use of digital technology. The web page can be created by the
company on these social media sites and also the information regarding the product that is been
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soled can be given on it. Based on it the customer who visit the site (Okagaki and Dean,
2016)can give their feedback. If they like the product they can click on like button based on this
company can follow them and the company will get to know abut the likes and dislikes of
customers. On this pages the customer can also give their feedback of the company .The
company can work on feedback that is given by customer. So, that more customer -satisfaction
can be gained and also they will be able to expand their customer-base. And the pages that is
been liked by customers the company will get to known the products that attract them most. And
keeping this in mind the companies can provide the products to the customers.
Artificial intelligence in business - In order to reduce the operational cost, increase efficiency,
grow revenue and enhance the experience of customers many business take up artificial
intelligence. By automating the routine processes and task the time and money can be saved by
making use of AI technology .This will impact the business has innovation will be there and new
product will be ample latest developed. The productivity and operational efficiencies will be
increased. Based on the outputs from cognitive technologies the faster decisions will be made.
The mistakes and human error in the business will be avoided due to this. It will help the
company Nisa to predict preference of customers as it use insight and the personalize experience
will be offered to them through use of AI in business. In order to generate quality leads and grow
the base of customer the vast amount of data is mined. The cost savings will also be achieved as
it will optimize the business, the workforce and the products. By recognizing and maximizing the
opportunities of sale the revenue of the company will also increase .The operation of business
can be change by using AI. The productivity of support team and the problem of customer on
real time is solved by making use of AI based customer service CRM application. When the AI
is been applied to buyer behaviour it can generate more correct predictions. At a personal levels
it can further enable organization and marketers to reach out the customers and in deeper
interaction engage them and with the products offered by Nisa enhance their overall experience.
In the business AI can also be used for real -tie, hyper -personalized and recommendation to
customer(Grünig and Morschett, 2017.). .It will gather the information about the activity of
customers and their buying patterns .As per the tastes and process of customers the
recommendation to business van be made. The customer profile can be build by AI.
Internet of things in business – The very imaginable device , machine, structural component etc
can be connected by using the power of internet. This is termed as Internet of things. The
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