Regent College: Digital Technology's Impact on Small Business Growth

This report investigates the impact of digital technology on small business growth and innovation, focusing on a project management approach. It establishes project aims, objectives, and timeframes, including a project management plan covering cost, scope, time, quality, communication, risk, and resources. The report utilizes a work breakdown structure and a Gantt chart for project visualization. Small-scale research, including both qualitative and quantitative methods, is conducted on a small company to gather data on technology's impact. Data analysis employs appropriate tools and techniques, leading to recommendations for leveraging technology to enhance growth. The report also reflects on the value of the research in achieving objectives and supporting sustainable organizational performance, drawing valid conclusions from evidence and analysis. The report includes survey results, interview data, and analyses of how technology influences business strategy, innovation, and employee benefits.

THE IMPACT OF DIGITAL TECHNOLOGY SUPPORTING
SMALL BUSINESS GROWTH AND INNOVATION

Table of Contents
Introduction......................................................................................................................................2
Task 1...............................................................................................................................................3
LO 1 (project aims, objectives and timeframes)..............................................................................3
P1. Project aims and objectives.......................................................................................................3
P2. Project management plan that covers aspects of cost, scope, time, quality, communication,
risk and resources............................................................................................................................3
P3. Work breakdown structure and a Gantt chart to provide timeframes and stages for
completion.......................................................................................................................................5
Task 2...............................................................................................................................................7
LO2 Conduct small- scale research, information gathering and data collection.............................7
P4- Carry out small-scale research by applying qualitative and quantitative research methods
appropriate for meeting project aims and objectives for the chosen scenario.................................7
Task 3.............................................................................................................................................12
LO3 Present the project and communicate appropriate recommendations based on meaningful
conclusions drawn from the evidence findings and /or analysis...................................................12
P5 – Analyze research and data using appropriate tools and techniques for the chosen project...12
P6 – Communicating appropriate recommendation as a result of research and data analysis to
draw valid and meaningful conclusions for the chosen project.....................................................13
Task 4.............................................................................................................................................14
LO4 Reflect on the value gained from conducting the project and its usefulness to support
sustainable organizational performance for the chosen project.....................................................14
P7 Reflect on the value of undertaking the research to meet stated objectives and own learning
and performance............................................................................................................................14
Conclusion:....................................................................................................................................15
References......................................................................................................................................16
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Introduction
Any small size business faces multiple barriers in terms of organization growth. As a result most
of the time small business decides a target which is not sufficient for the business growth.
Management of small business considers this business strategy as low risk strategy for business.
There are certain elements which help any organization with rapid growth, considering the era of
globalization. Technology in small business is one such element which helps with business
growth. Further with the help of technology organization can implement innovation in business
in terms of product line. Implementing technology in small sized business help to establish a
position in the market, however need certain measures to avoid any project failure. For instance,
before implementing technology in business organization needs to prepare a project plan and
train employees for the best result. This report highlights impacts of technology in business
growth and innovation of Small and medium sized enterprise.
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Task 1
LO 1 (project aims, objectives and timeframes)
P1. Project aims and objectives
This project aims to provide an in depth understanding of different impact of digital
technology supporting the small business growth and innovation.
Objectives of this project are as follows:
● To evaluate the use of technology in small business
● To analyze the impact of technology in small business supporting growth and
innovation
● To discuss the implementation process of technology in small business
P2. Project management plan that covers aspects of cost, scope, time, quality,
communication, risk and resources
A project management plan has three different aspects which includes Scope of the project,
resources and cost, which is essential for developing the project and schedule. These are three
elements which are fixed for the project development. The below table is a project management
plan which is being developed for the better growth of an organization.
Scope Cost Time Quality communica
tion
Risk Resources
This
project will
help to
enhance
the
competitive
The total
cost of the
project will
be £
1500.00. It
includes
Total 4
months
time is
required
for
completing
The quality
of the
project is
expected to
be medium.
High
Communic
ation will
be done
over phone
and
through
There are
two major
risks
associated
with the
project.
15
employees
along with
a project
manager
and one
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advantage
of the
organizatio
n and
reduce the
time of
performing
any
internal
task. It will
further
bring
innovation
and growth
in market.
Externally
the project
will deliver
innovative
product to
the
customer
project
allocation
and project
manageme
nt cost as
well.
the project quality
resources
are used for
the project.
internal
team
meeting
among the
project
developme
nt team and
the team
manager.
Each team
member
will
communica
te with
each other
through
email, in
case length
of
information
is too
lengthy and
require
written
communica
tion.
The prime
risk is with
budget.
Allocated
budget
might not
be
sufficient
for the
entire
project as
this may
create
obstacle in
project
manageme
nt.
Another
risk is with
leaving
employees
during the
project
work.
Insufficient
resources
might
interrupt
the project
in the
project
coordinator
have been
allocated.
Further few
new system
have been
allocated
for the
project
work
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middle.
P3. Work breakdown structure and a Gantt chart to provide timeframes and
stages for completion
The work breakdown structure is responsible for managing team work into manageable
sections. It helps with a visual representation of the project scope and makes it simple for the
understanding for the project staff (Sussan, and Acs 2017). This work breakdown structure
suggests that a project, which is developed aiming technology implementation in small business
are divided under two tasks. The task 1 is allocation of internal resource and the task 2 is about
adopting technology. Under task one there are 4 subtasks. Each subtask aims to manage the
internal resources of the company .45% of the total work will be performed under these 4
subtask. Further under the task 2 there are two subtasks. 55% of the total work will be performed
under this 2 subtask. It is important to prepare a time frame and set milestones to accomplish this
project work.
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Figure 1: Work Breakdown structure
(Source: Created by researcher)
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Figure 2; Gantt chart
(Source: Created by researcher)
The above Gantt chart has been based on the 4 month timeline for this project. The
organization will perform and through market research before starting the project, hence the
project will start from August 2018. Software development will be done under the supervision of
the team, by third party vendor. Therefore maximum time has been allocated for software
development this project time frame has been developed considering the project aim, scope and
budget.
Task 2
LO2 Conduct small- scale research, information gathering and data collection
P4- Carry out small-scale research by applying qualitative and quantitative
research methods appropriate for meeting project aims and objectives for the
chosen scenario.
Both quantitative and qualitative research has been done in order to gain knowledge of data from
the market about the impact of technology on small business growth and innovation. Survey
have been conducted on Foundation SP Limited which is a small company working successfully
the UK market (Vigdor et al., 2014). Research have been conducted on the internal employee
and an interview session has been conducted with the manager of the company for data
collection .Survey has been conducted over 25 employees of the company
Age
Options Total Number of
Respondents
Number of
respondent
Percentage
18-24 years 25 3 12%
25-34 years 25 20 80%
35-55 25 2 8%
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The data from the above table indicated Foundation SP Limited has 80% of the employees
between the age group of 25-34 years. These sets of employees are responsible for the business
growth and technological innovation of the company.
Gender
Options Total Number of
Respondents
Number of
respondent
Percentage
Male 25 20 80%
Female 25 5 20%
Others 25 0 0%
This survey report suggests within the organization the ratio between male female employees is
4:1. Henceforth it is clear this company is dominated by male employees.
Question number 1: Do you think the organization have been able to successfully
implement technology within business?
Options Total Number of
respondents
Number of
respondent
Percentage
Strongly Agree 25 3 12%
Agree 25 15 60%
Neutral 25 2 8%
Strongly Disagree 25 1 4%
Disagree 25 4 16%
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Data Analysis: The above result in the table suggests that 12% of the total employee strongly
agrees to the fact that Foundation SP has been successfully implemented technology in their
small size business. While 60% of the employees only agreed to the fact but do not agreed to it
strongly. However the survey result suggests that 4% employees are still strongly disagree to the
fact that Foundation SP Limited have been able to implement technology successfully.
Question number 2: Is a change in business strategy and technological advancement has
impacted the business growth?
Options Total Number of
respondents
Number of
respondent
Percentage
Strongly Agree 25 10 40%
Agree 25 8 32%
Neutral 25 2 8%
Strongly Disagree 25 2 8%
Disagree 25 3 12%
Data analysis: It is very clear from the above data that almost 40% of the employees strongly
agree to the fact that technological advancement and change in business strategy have impacted
the business growth of the organization, followed by 32% of employee who agree to
it .Surprisingly 12% of the employees disagree to the fact that technological advancement have
impacted the business growth. In such situation it is highly recommended for the business to
discussion and collects feedback from these employees and evaluates their logic.
Question number 3: Is it possible to bring innovation in business with the help of business
technology?
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Options Total Number of
respondents
Number of
respondent
Percentage
Strongly Agree 25 20 80%
Agree 25 5 20%
Neutral 25 0 0
Strongly Disagree 25 0 0
Disagree 25 0 0
Data Analysis: 80% of the employee strongly agrees to the fact that innovation is possible
through the advancement and implementation of technology. Surprisingly no respondent
disagreed to the fact. This suggests that employees are aware of the fact the new technology can
bring change within organization in terms of innovation and they support and promote
technology within business.
Question number 4: Are you getting benefit from the new technology?
Options Total Number of
respondents
Number of
respondent
Percentage
Strongly Agree 25 15 60%
Agree 25 5 20%
Neutral 25 1 4%
Strongly Disagree 25 0 0
Disagree 25 4 16%
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Data Analysis: While 60% from the respondent strongly agree to the fact that they are getting
benefit by the new technology, 16 % disagree to them. There are 4% neutral respondent who are
not sure about whether they have received any benefit or not. It is suggested for the management
to conduct a formal meeting with employees who disagreed with the fact that they are getting
benefit from the new technology.
Qualitative analysis:
A telephonic interview has been conducted with the manager of Foundation SP limited in order
to gain internal information of the company. The manager due to time constraint had only
managed to answer 5 questions. Each question was formed to gain information from the manager
about the impact of technology in their business. Data has been taken from the interview about
what is the impact of technology in small business. Few interesting data have been received
which describe how Foundation in helping business with technological support. A brief
description of the telephonic interview session has been given below:
Post : Manager ( responsible for planning and designing)
Date : XX/XX/2017
Company name : Foundation SP Limited
Question: What are the business aspects do you think have been impacted by
technology?
Answer: Foundation SP Limited provides technological service to the customer and new
technology has assisted for better market research, sales growth and innovation with the
service. It has further helps to fulfill our passion for building network with internal and
external stakeholders.
Question: Do you think that, this business have managed sales growth in comparison to
the last year?
Foundation SP limited has been recognized as UK’s best place to work small business 2017.
This recognition says it all. There is a remarkable hike in the client base. Further the company
has been able to manage a revenue growth in the business.
Question: what do you think is the best way to introduce new technology in business?
A new technology implementation requires a well designed project plan. Internal training is
mandatory for the resources. Further there should be a contingency plan to sustain against any
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