Farmfoods: Development of a New Business Technology Product Project

This project report details the development of the Farmfoods app, a new business technology product designed to enhance online shopping experiences using Artificial Intelligence. The report begins with an introduction to the business plan, emphasizing the role of technology in reaching targeted customers and improving profitability. It provides an overview of Farmfoods, a British frozen food supermarket chain, and the rationale for introducing the AI-powered app. The main body of the report covers the preparation of the project plan, including project introduction and justification, identification of stakeholders, communication management strategies, and project scope. It also outlines the project schedule, budget, and risk management plan, including financial and technical risks. The report concludes with recommendations and a summary of the project's key components and objectives, emphasizing the importance of effective planning and resource management to ensure the successful launch and operation of the Farmfoods app.

Developing a new
business technology
product

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
About organization ......................................................................................................................1
Preparation of Project Plan..........................................................................................................2
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business plan can be explained as important aspects of organization that involves various
activities and function which are require to complete on time. To run a business it is important to
conduct the analysis and bring the uses of new technology that can help to reach the targeted
customers and maintain the higher profitability (Sepasgozar, Hawken, Sargolzaei and
Foroozanfa, 2019). The management are playing important role as they analysis the needs of
their customers and bring the use of new products that helps to reach the targeted market and
attain the higher performance. The report is based on Farm foods that is British Frozen food
supermarket chain based company, operating the business by providing quality and design of
products. In business environment there are many technology such as social media networks,
mobile application, Artificial intelligence, VR, and interactive retail technology that could
attracts the number of customers by filling their needs and developing the business effectively.
The company is planning to introduce Farmfood app that is online application will help
customers to make online shopping. By launching such new application chosen organization can
reach the targeted customers and develop the business performance. The activities are involved
in this Planning & brainstorming, analysis, design, implementation, testing & integration,
maintenance and control. The selected organization is formulating a business plan by introducing
the Artificial Intelligence that would help to fill the customers demand and increase the sales.
The business plan will cover different activities such as execution, preparing of budget,
allocation of funds, maintenance expenses, development activities, and others that would help to
increase performance.
MAIN BODY
About organization
Farms foods is a British Frozen company that is larger size supermarket, founded in
1955, by Luke Bickerton and Laura Blake. All functions and activities of organization are
managing by different person who are working at workplace. The management conduct the
analysis and bring the uses of different types of products which fills demand and increase the
organizational sales and profitability in competitive environment. The technical department of
such organization is playing an valuable role as it introduce new services in changing
environment that make the easy all working or ways to reach the targeted customers. This can be
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very challenging situation for organization to bring the new technology and innovation in their
organization then provide the products accordingly which helps to attain the higher productivity
and profitability effectively (Hollay, 2019).
The selected organization is bringing a new technology that is Artificial Intelligence
which is the simulation of human intelligence in machines that are programmed to think like
human and mimic their actions. By using this technology selected organization would be reach
the targeted customers and develop the organizational performance in competitive environment.
The technology is involving voice recognition, speech, chatbots, images and video processing
that solve out the queries of customers and get them ready to buy the products and services. IT
has been seen that customers who goes to online shopping are facing the many problem that is
required to be solve which can help to operate the business and increase the performance in
competitive environment. As products are selected by people but they have some queries
regarding quality, damaging, safety, delivery, return and payment mode. This problem is
switching the customers towards other brand and affected the sales of organization negatively.
To solve this issue, technical department of Farmfoods has planned to introduce new technology
such as Artificial Intelligence that would help to solve the problem and develop the
organizational profitability.
By using Artificial intelligence in new product, the voices messages of customers will be
converted in to text, recognise the voices, and images would help to know about products so that
customers get solve their query and bring the uses of new products and services that supports to
increase the organizational productivity. For Farmfoods it is important that their customers get
better quality of products and service so chatbots and video processing activities are also
introducing with the help to Artificial intelligence effectively (Anwar, Thongpapanl and Ashraf,
2020).
Preparation of Project Plan
Project Introduction and Justification
Farmfood Application is a new product of selected organization which is going to
introduce by technical staff in order to operate the business and make easy shopping for
customers.
The parent organization of project is to maintain the quality and better quality of retailing
products that can help to attracts the number of customers.
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The project such as Farmfood application which is providing by selected organization
will solve the customers needs and problems that helps to increase sales.
Project Stakeholders
The key stakeholders of project is agricultural suppliers, food distributors, whole sellers,
investors and employees who are working in organization and give their contribution in
workings. In the Farm-food, the there are two types of stakeholder that are internal and external.
In internal stakeholder there are IT employees and Technical architects and IT manager which
could main stakeholder for company. In external stakeholder there are Government, Executive,
shareholder and Costumers.
Communication management plan
Communication goals To reach the high range of customers by
sharing and informing the people regarding
particular product and services.
Methods Video conferencing, survey, formal
presentation and meetings
For influencing the project stakeholders, project manager would share all information and
strategies with their investors and get their opinions that can help to operate the business. In
order to encourage stakeholder to invest in company, the operations manager can adopt the
strategies like enhancing costumer services and building better functional structure. It also needs
to develop overall production process that will braincase the profit for organisation.
The origin of core team in selected project is recruited out of working workforce who
have knowledge and experience to adopt new technology (de Alcantara, and Martens, 2019).
The top technical executives are identified as project champion for the newly introduced
application.
Project Scope
The smart objectives of project is to increase the sale of products by 70%, to increase the
profitability by 80% within 2022, and becoming a leading organization in super market.
In delivery of products different phases are being used by management as selection of
appropriate channel and using robotics delivery with the help to AI that will help to attain goals.
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The DUMBS work packages are 252000 p.a that will help to attracts the number workers
and get them ready to work.
The key scope exclusion in relation to new application is wider as customers will solve
out their problems while making shopping and buying any products.
There is need to focus on some work packages which can help to develop the
organizational performance and productivity.
Project Schedule
The estimated project duration time for work package is 1 year.
The dependencies of all work packages are showing relationships between individual task
in a project diagram. This task must be completed before moving on the succeeding task.
Scheduling the work packages involving different activities and functions which are
required to perform and manage the all activities. The critical path in selected project is
sequencing the work packages in project plan and arrangement of funds.
Project Budget
The new product is Farmfood application which is launching by management. The
outgoing cash for decide project is £ 4,24,800 (As shown in WBS) which will be used in day by
day activities. In launching the the new application different resources are needed where is need
to invest the money and funds as it helps to operate a business.
The cost reserve for the project is £ 40000 that can help to manage the all functions as
well as resources. The inflows of selected project are £ 4,66,100, that are showing the
profitability of company after making all expenses.
The project is development for the purpose of getting regularly income and more than
investment outgoing cash that can help to get competitive advantages (Franke, 2020).
The cash flow is defined as budget and virtual movement of money that involves total
spending and income which may incur while working on specific project.
The financial performance of project is well as it analysis the cost that might be incur and
make the reserve which can help to develop the organizational performance.
Project Risk Management
There are some risk related to introducing new application project in the company are
Financial risk that is which is involve lots of cost to develop AI model in organisation. The other
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risk is Technical risk, which is most viable challenge and it could come many forms like Data
quality, sustainability, data infrastructure and many more.
Finance risk is major risk which company needs to be identified otherwise they have to
big amount of cost to it. As money in management is importance and if excessive expenditure on
AI will bring shortage of cash in management. Technical risk is also necessary that impact the
firm if not properly managed and monitor, it will cause inefficiency in operations and production
process of AI model.
To avoid such risk company can build the proper monitoring of process and maintaining
overall production and management department and evaluating their results.
Project Execution, Control, Closure and Evaluation
The plan is integrated with all technical and marketing people who are working at
workplace as they understand new task of organization and give contribution in each activity.
Plan key progress control tollgates is considered as standardised control point that
involves interdisciplinary team and management stability that provides good outcomes (Cicala,
2020).
Plan for evaluating and project success there is need to focus on measures such as
schedule, cost, quality, stakeholder satisfaction and performance to business case which can help
to complete the project in certain period of time and maintain the higher performance.
Recommendation
As all activities in relation to decided project has been properly arranging where it is
important for management to understand the requirements of funds and arrange them properly.
To mitigate the financial risk, accountant and financial manager of organisation should be
allocate the funds properly and get the loan at lower interest rate. Moreover, to avoid the
technical risk, proper training and performance evaluation is needed to provided to staff that can
help to manage all activities and increase the business performance.
CONCLUSION
From the above report it can be concluded that business plan is main strategy of
organization which is formulated by a person in order to develop the organizational performance.
Different activities are involve in project plan such as project introduction, stakeholders, scope,
schedule, budget, risk management, and project execution, control and evaluation. Different
activities are needed to involve in organization in case of launching new application that can help
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to increase the business productivity and performance. While introducing new application and
using new technology various resources are needed that should be properly arranged and
organised by preparing the budgets that can help to increase the organizational performance. The
activities are involved in completing the project are project introduction, project stakeholders,
communication management plan, project scope, project schedule, project budget, project risk
management, project execution, control, closure and evaluation that all are important activities.
A Gantt chart and WBS has been designed on the basis of project that states in which time period
the project would be completed efficiently.
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REFERENCES
Books and Journal
Anwar, A., Thongpapanl, N. and Ashraf, A. R., 2020. Strategic imperatives of mobile commerce
in developing countries: the influence of consumer innovativeness, ubiquity, perceived
value, risk, and cost on usage. Journal of Strategic Marketing, pp.1-21.
Cicala, G., 2020. Variance Analysis, Plan Revision, and Project Communication. In The Project
Managers Guide to Microsoft Project 2019 (pp. 517-536). Apress, Berkeley, CA.
de Alcantara, D. P. and Martens, M. L., 2019. Technology Roadmapping (TRM): a systematic
review of the literature focusing on models. Technological Forecasting and Social
Change. 138. pp.127-138.
Franke, A., 2020. Recycling of glass and electronic industry waste as a European school project.
A common plan of the Robert Koch's school and the University of Technology of
Clausthal. CHEMKON. 27(5). pp.208-214.
Hollay, A. V., 2019. Need of Developing Information Systems of Managing a Technology
Lifecycle of Industrial Enterprises. Вестник Южно-Уральского государственного
университета. Серия: Компьютерные технологии, управление,
радиоэлектроника. 19(2).
Sepasgozar, S. M., Hawken, S., Sargolzaei, S. and Foroozanfa, M., 2019. Implementing citizen
centric technology in developing smart cities: A model for predicting the acceptance of
urban technologies. Technological Forecasting and Social Change. 142. pp.105-116.
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