Digital Technology's Impact on Small Business Growth

This report investigates the impact of digital technology on small business growth and innovation, using Continental Consulting Limited as a case study. It outlines the aims and objectives of the research, emphasizing the role of Artificial Intelligence in enhancing productivity and market success. The project management plan is detailed, covering cost, scope, time, communication, risk, resources, and quality. Work Breakdown Structure (WBS) and Gantt charts are employed to organize project activities and timelines. The report further explores the application of both quantitative and qualitative data collection methods to gather comprehensive information. The analysis includes research findings, data analysis techniques, and appropriate recommendations to draw valid conclusions, followed by a self-reflection of the work undertaken. The report provides insights into the relationship between innovation, AI, and business growth, offering practical strategies for small businesses to leverage digital tools effectively.

Managing Successful
business project

Table of Contents
TITLE -............................................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Aims and objectives of this study..........................................................................................1
P2) Project Management Plan.....................................................................................................3
P3 Work breakdown structure and Gantt chart...........................................................................4
TASK 2............................................................................................................................................6
P4 Application of quantitative and qualitative tools for data collection....................................6
TASK 3............................................................................................................................................8
P5 Analysis of research and data using appropriate methods.....................................................8
TASK 4..........................................................................................................................................14
P6) Appropriate recommendations as a result of research and data analysis to draw valid and
meaningful conclusions.............................................................................................................14
P7 Self- reflection of the work undertaken. .............................................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

TITLE -
“The impact of digital technology supporting small business growth and innovation”
INTRODUCTION
Innovations in digital technologies plays a crucial role in growth and progression of
business associations at marketplace. In this over dynamic corporative environment, the prime
motive of all firms is to obtain maximum profitability by generating new and innovative products
which enables to capture customers' eye. Digitalisation has transformed overall organisational
cultural and working styles of firms thus make them to attain desired goals and objectives
(Sullivan, 2017). In this assignment, Continental Consulting Limited is a referred association
which is a business and research consultancy firm owned/managed by Mario Bindas. In order to
improvise quality of services, the firm is using digital tools and techniques at workplace. Apart
from this, the report contains study about aims and objectives of project and factors which must
be consider in project management plan. A small scale research will also carry out by using
qualitative and quantitative methods to get appropriate data on specific area of concern and
interpret it. Furthermore, various recommendations will be also given that helps researcher to
arrive at better conclusion.
TASK 1
P1 Aims and objectives of this study
Every large and small business entity is established in order to obtain higher profits and
market success. For this purpose, they apply several tools and techniques. In this era of
digitalisation, it has become fundamental for small associations to acquire digital equipments in
their working processes so as to ensure long term survival at marketplace. Due to fierce
competition, small businesses tend towards replacing their traditional production methods by
digital technologies. Therefore, selection of effective or adequate digital tools will help SMEs to
boost up functionality and operational areas so as to sustain competitive position at market place.
Diverse sorts of technology are being evolved in markets and corporations avail to get such
benefits. Innovation contribute within organisations to include something new in their products
and gain better outcomes (Sople, 2016).
Artificial Intelligence is one of the significant part of digitalisation which focuses on
creating intelligent machines which acts as human beings. It is a vital part of technology industry
and branch of computer science; as the maim motive of every business is to raise its sales and
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profit margins. In this manner, adoption of artificial intelligence aids an economy or firm to offer
unique products which gives shape to innovation process of the company. In other words,
applications of artificial intelligence which can readily take their own decisions without human
interruption apply intelligence to resolve multiple issues or functional areas. Many businesses
uses AI in order to facilitate their functional areas and gain high productivity.
Title of the Research: “The impact of digital technology supporting small business
growth and innovation”. A case study on Continental Consulting Limited.
Background of the project -
In present market, competition is on its peak thus it is foremost responsibility of company
to always upgrade themselves with new technologies and innovations to gain high defensible
edge. Nowadays, artificial intelligence also enables firms to work more faster and smarter way.
Advancements in technology in society, firms are looking powerful as well as sophisticated
solutions in order to boost up and streamline operations. Along with this, Artificial intelligence is
capable of automating business intelligence and analytics processes, providing a holistic as well
as end-to-end solution (Roehrich, Hoejmose and Overland, 2017). The referred small business
Continental Consulting Limited is also focusing on applying innovative techniques in its
processes thus to deliver satisfactory goods and services to target audiences. As per the IT needs
of the company, Artificial Intelligence will take place to automate back end processes and
knowledge management.
Research Aim: “To determine the impact of Artificial Intelligence on productivity and
growth of business organisation. A case study on Continental Consulting Limited”.
Research Objectives:
 To analyse the importance of innovation in the growth of small business enterprises.
 To study the role of Artificial Intelligence within an organisation. To ascertain the interrelationship between Artificial intelligence and business growth.
Research Questions:
 What is the significance of innovation in growth of SMEs?
 What is the role of Artificial intelligence in Continental Consulting Limited?
 What is the relationship between Artificial intelligence and business growth?
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P2) Project Management Plan
Formulating an adequate and systematic project management plan aids companies to
obtain growth and success of a project. A project management plan entails with planning,
controlling and executing working activities thus to accomplish any project properly. It is
essential for project managers to design an effective blueprint of their subordinates as they work
accordingly (Pot, 2011). In present scenario, Continental Consulting project is focusing on
applying digital technology in its working processes and operations; thus management has
decided to apply Artificial intelligence in their working processes as it will save time and money
by automating routine processes and tasks. AI also raise operational efficiencies and productivity
thus business can make faster decisions relies upon outputs from cognitive technologies. There
are different components that must be considered while preparing a project management, such
are stated as under -
Cost – It is one of the most effective factor which supports to build an effective project
management plan. As an SME, Continental Consulting limited needs to ensure about sufficient
availability of funds or capital which will be required to implement the project. Project costs help
manager to determine how amount will be required to accomplish all project activities in best
possible manner. The overall cost of project is evaluated 1 million euros but right now firm does
not have that large amount of capital thus it has decided to obtain future amount from bank loans.
Scope – Each business project execute for a specific reason and enable to deliver huge
benefits to company. The referred firm is going to apply digital technology in its processes which
will improve operational area and quality of products. It also helps in increasing sales and
profitability of company by achieving project aims and objectives (Garrison, Wakefield and
Kim, 2015).
Time – It is being apportioned by management thus to pitching all tasks and activities on
or before their time period. The given time period for this project is six month and thus project
manager should assure that entire operations of the project must accomplish in that time.
Henceforth, a time schedule has been prepared by Continental Consulting limited that provides
guidance to employees to work accordingly.
Communication – This factors consists with while doing project activities, managers and
employees both have open communication regarding any topic or problem. Free flow of
communication aids to exchange all ideas and thought thus to improve capacity and reliability of
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project. Two way communication at workplace generate motivational factor among employees
and they work to end goal of the company.
Risk – Numerous sort of hazardous factors append in a venture while applying digital
technology in working activities. One of the main risk related with AI is, i.e. creation of smart
technologies can be expensive, due to their complex nature and the need for repair and ongoing
maintenance. Another risk can be linked with integration challenges and lack of understanding of
the state-of-the-art systems.
Resources and Quality – Proper allocation of resources in project management plan is
another crucial factor. It is the warm duty of project manager to acquire necessary resources, i.e.
human resources, finance, technological and physical so that the whole project can be conducted
in a proper manner(Agnihotri and et. al., 2012). For example – well skilled and technical
specialists are required in execution of AI. On the other hand, project quality also must be
accurate and enable to provide high market growth to a business organisation.
P3 Work breakdown structure and Gantt chart
Project management is essential activity which each and every organisation require to
conduct to utilise resources and manage activities to timely accomplish its program/ projects. It
is necessary that management of Continental Consulting Limited uses appropriate tools and
techniques to complete activities within defined time. Gantt chart and Work break down
structure are two effective tool which help superior to frame plan to organise operations in
systematic manner. Thus, company attain project and able to sustain its position and market
share.
Work Breakdown structure- As per, Project Management Body of Knowledge
(PMBOK) it refers to procedure which is used by superior to manage large projects by dividing
activities into small tasks which are easily manageable. This tool comprises activity about
defining project work and formulation of structure in respect to work, time duration and
expenses for each task. This help company to use resources in efficient manner. It is appropriate
technique which benefit Continental Consulting Limited to provide consultancy services to small
firms so as to make them perform tasks effectively. Along this, project manager is also able to
direct team members and make them perform activities in defined schedule to complete it in set
time (Papadopoulos, Stamati and Nopparuch, 2013).
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Gantt chart- This is another tool which was developed by Henry L. Gantt which define
about all activities which are conducted to complete project within defined deadline. For this,
visual presentation of WBS tools and tasks. This help management to acknowledge inter-
dependence of activities to make changes accordingly. The tactics help to monitor progress of
project and then set priorities accordingly; it is also essential for project managers to update chart
as per the completion of tasks. Project manager of Continental Consulting Limited uses this tool
to enhance productivity by providing duties and work to team members to execute activities
effectively. For this, subordinates are given clarity of dates and superior who guide and provide
them information about their performance. Along this, graphical presentation to employee about
start and end time to make them work in efficient manner. Gantt chart also company to frame
critical path which helps manager to remove wrong activities and then select right direction so as
to accomplish all tasks and activities in effective manner.
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Investigator of Continental Consulting Limited have defined format which are used by
them to complete project are described below:
 Identification of problem
 Literature review
 Identify prime issues
 Define and state concept of study
 Conduct project research with help of sample of respondents by analysing their
perception
 Development of plan
 Data collection
 Analysis and review
TASK 2
P4 Application of quantitative and qualitative tools for data collection
Investigator have two methods that are quantitative and qualitative which help them to
execute research process properly. It is necessary that appropriate data is collected by individual
to have accurate and complete information about market conditions and target customers to
attain adequate results for report. Qualitative research helps company to acknowledge thoughts
of people by questioning them and acknowledging their requirements. Besides this, quantitative
is another tool which benefits investigator to have knowledge about perception of people in
numerical form (Lian, Yen and Wang, 2014). Thus, these are two methods which are used by
researcher of Continental Consulting Limited to gather adequate information are described
below:
Qualitative: This is efficient research methodology tool which help investigator to collect
data for making appropriate assumptions and decisions in respect to report. Interviews,
questionnaire, field trails, surveys and many other techniques help researcher of Continental
Consultancy Limited to take opinion and suggestions of people to design system and provide
services accordingly.
Quantitative: It is another tool which help researcher to conduct measurement that are
statistical, mathematical and other techniques to make appropriate conclusion in numerical
terms. For this, questionnaire, polls, surveys etc. benefit individual to use computational
techniques, thereby gain appropriate outcomes.
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Henceforth, researcher of Continental Consultancy Limited require to conduct
investigation properly to examine impact of artificial intelligence on business. For this,
questionnaire is appropriate tool which help investigator to have primary data (Brettel and et. al.,
2014). Along this, 30 respondents number is decided by them to have knowledge about
perception of people to asses quality of services and market position of firm.
QUESTIONNAIRE
Name
Age
Email
Q1. Does implications of Digital tools or applications beneficial for small businesses?
A. Yes
B. No
Q2. Are you aware with the concept of Artificial intelligence?
A. Yes.
B. No
Q3. How would you define ‘Artificial Intelligence’ (AI)?
A. Artificial Intelligence is a machine that can work and react like a human.
B. Artificial Intelligence is a system, consisting of a series of algorithms, that can learn from
constant input.
C. Artificial intelligence is a system that can learn and develop on its own
Q4. Which is the most important area for Artificial Intelligence?
A. Computing
B. Humanoid Robot
C. Computer software
Q5. What is the main benefit of Artificial intelligence?
A. human decision-making
B. Business transformation
C. Improves analytical thinking
Q6. Which is one of biggest ethical issue arise with Artificial intelligence ?
A. automation technology to give rise to job losses
B. effect of machine interaction on human behaviour and attention
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C. the security of AI systems (eg autonomous weapons) that can potentially cause damage
Q7. Are you aware with potential impact of AI, if yes then what it can be?
A. Adequacy in production system
B. Automation
C. innovation
Q8. Give recommendations, if any?
TASK 3
P5 Analysis of research and data using appropriate methods
Theme 1: Digital tools are beneficial for small businesses.
Q1. Does implications of Digital tools or applications
beneficial for small businesses?
A. Yes 25
B. No 5
Interpretation – According to above diagram, it is comprehended that digital tools help
small firms to construct appropriate position and image in market. Along this, entrepreneur is
able to utilise resources efficiently by using appropriate tools and techniques. 25 respondents are
8
A. Yes B. No
0
5
10
15
20
25
25
5
Column B

in favour of these statement, while 5 didn't thing that digital tool is beneficial for small
businesses.
Theme 2: Most of the people are aware with Artificial intelligence
Q2. Are you aware with the concept of Artificial intelligence?
A. Yes. 22
B. No 8
Interpretation – The above graphical presentation specifies that artificial intelligence
helps small firms to enhance their market position. This concept is famous, as 22 respondents
have knowledge about it and its functions and benefits. But, 8 respondents are not aware by this
aspect. Thus, there are chances that this concept is promoted, so that all people have information
about this.
Theme 3: Artificial Intelligence is a machine that can work and react like a human.
9
A. Yes. B. No
0
5
10
15
20
25 22
8
Column B

Q3. How would you define ‘Artificial Intelligence’ (AI)?
A. Artificial Intelligence is a machine that can work and react
like a human.
15
B. Artificial Intelligence is a system, consisting of a series of
algorithms, that can learn from constant input.
10
C. Artificial intelligence is a system that can learn and
develop on its own
5
Interpretation – According to this above diagram, it is assumed that artificial intelligence
also arise various issues or circumstances that may hinder business performance in adverse
manner. The major issues that is being faced by people from AI is job lessness because it cut
down human requirement among requirement. Because acquisition of intelligent machines act
and perform as human being; as per the viewpoint of 15 people. Apart from this, 10 participants
stated that AI consists with a series of algorithms, that can learn from constant input and improve
10
15
10
5
A. Artificial Intelligence is a
machine that can work and
react like a human.
B. Artificial Intelligence is a
system, consisting of a series
of algorithms, that can learn
from constant input.
C. Artificial intelligence is a
system that can learn and
develop on its own