Business Opportunity Project: Softwire Company and Market Trends

This project analyzes business opportunities for Softwire Company, a UK-based digital design and consultancy firm. The assignment explores the concept of business opportunities and how they contribute to an organization's growth. It focuses on the application of haptic technology as an innovative approach to increase market share and revenue, particularly in response to the growing need for data security. The project delves into the impact of mega trends such as AI, robotics, and digital revolution on the IT industry, highlighting the importance of adapting to changing customer preferences and competitive pressures. The research diary section discusses how Softwire can leverage these trends to maintain a competitive edge and ensure long-term sustainability in the market. References include journal articles and online resources supporting the analysis of market trends and business opportunities. This assignment provides a comprehensive overview of how Softwire can capitalize on emerging technologies and market dynamics to drive growth.

BUSINESS
OPPORTUNITY
PROJECT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Visual Infographic..................................................................................................................1
Research Diary.......................................................................................................................3
REFERENCES................................................................................................................................5

INTRODUCTION
Business Opportunity can be defined as the opportunity which can help in the growth and
development of an organisation (Business Opportunity, 2019). It can be a packaged business
investment that allows the buyer to start a business. It involve the sale or lease of any goods and
services of equipments etc. which can be enable the purchaser licensee to begin a business.
Along with this, it also helps in making an increment in the incomes and revenue of the
company. For the completion of this assignment the company chosen is Softwire Company,
based in UK and it deals in digital design solutions and consultancy services to the leading
brands in UK. The company was formed in the year 2000 and is headquartered in London.
Number of employees working in this company are around 130. This assignment will focus on
the mega trends going on in the market and will further explore opportunities arising for the
business due to these market trends.
MAIN BODY
Visual Infographic
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For maintaining and increase in the market share of Softwire Company, it is
implementing Haptic Technology in its devices which is an innovative approach which is an
opportunity for this company by which it can make increase in their market share and income.
With the help it, the organisation make positive affect in the economic condition of the company
in form of profit margins and by enhancing productivity of the firm. This trend has come into
light because in today's world, data safety and security is of crucial importance and many
companies suffers from the problem of data security (Faruqi and et. al., 2018). Now these data
protection is need for all the businesses because various companies use internet and digital
technologies to operate their business so their high chance to leak and steal the information of the
customer as well as organisation. This technology will make possible to make data safe and
secure as with the application of this technology, the system will be controlled with the eye
interaction of user such as logging in and logging off. With the help of it, companies make
security related to its personal information and provide protection to the customer data and
information. In this way this trend will be beneficial and treated as an opportunity for Softwire.
Research Diary
Mega Trends can be defined as global, macro economical forces that helps in growth and
development of the company and it also impacts upon the business, economy, society, cultures
and personal lives of the people (Yazici, 2019). They are the driving forces that defines the world
today and that of tomorrow. Mega trends are characterised by being far reaching, global patterns
related to behaviour, mobility and environment. So in the corporate sector the major mega trends
which are often found and noticed are AI (Artificial Intelligence), Robotics, Financial
Adaptability, Digital Detox, Ageing Population, Digital Revolution, etc. and these trends impacts
and create opportunities for the businesses operating all over the world. Because now these most
of the companies use internet and digitalization to run their business worldwide. For example,
some companies and hotels use robots within the organisation as recourse so that they can help
the company in their business such as manufacturing products and services. Some hotels and
restaurants use them to provide food products to the customers.
As the market demand changes continuously due to the change in the taste and
preferences of the people (Aarikka-Stenroos and et. al, 2018). Now these days, the change in
customers needs and demands are occurring highly because there are various companies in the
market and produce various substitute products and the unique pricing and quality of them,
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attract customers so the change are generating. Not only the taste and preferences of customers
but a number of factors influences the country and company in which it is operating. In today's
competitive market, it is not easy for the companies to stand over. There are a number of
companies dealing in the same sector which Softwire is dealing. These companies also provide
various substitute products that are same in nature and quality which create competition for the
organisation at marketplace.
IT Industry is a very wide industry consisting a large number of companies in it. Every
business is working on developing their products and services and this fight has increased the
competition, threat and risk of doing business for other companies (Aarikka-Stenroos and et. Al,
2018). There are number of companies which operate their business in this sector by
manufacturing or producing goods services according to the customers needs and demands that
provide satisfaction to them. As for standing in the market, companies need to hire efficient
employees in Research and Development Department whose work will make possible the
survival of the company in the market. It is important for the company to select quality
applicants so that they can help the company to produce quality product or by analysing the
needs and demands of the customers also. So that the firm can provide satisfaction to the
customer and make improvement in its economic condition in terms of profit margins. By
providing training and learning sessions, the organisation also make improvement in the skills
and knowledge of its existing workforce. So that they can help in the research and development
of the firm and producing goods and services according to the consumers demands. This help
the organisation to make sustainability in the market so that it can survive till long time in the
market.
In the IT Industry, the major trends found are future robotic technology, innovating to
zero, congested satellite orbits, e-mobility, haptic technology, Artificial Intelligence, Digital
Revolution, etc. which impacts and creates opportunities for the businesses. These mega trends
help in the growth and development of businesses and make them able to develop more better
and efficient ways of working. With the increase in competition, there is a need to come with
some new innovation in the products of company so as to gain more attention of people towards
their product (Polonsky and Waller, 2018).
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REFERENCES
Books and Journals
Aarikka-Stenroos, L. and et. al, 2018. Building B2B relationships via initiation contributors:
Three cases from the Norwegian-South Korean international project business. Industrial
Marketing Management. 68. pp.74-85.
Faruqi, S. and et. al., 2018. The business of planting trees: a growing investment opportunity.
The business of planting trees: a growing investment opportunity.
Polonsky, M. J. and Waller, D. S., 2018. Designing and managing a research project: A
business student's guide. Sage publications.
Yazici, H. J., 2019. Role of project maturity and organizational culture on project success. Pulse.
18.
Online
Business Opportunity. 2019. [Online]. Available Through:
<https://www.entrepreneur.com/encyclopedia/business-opportunity>
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