HSBC Project Management: Impact of Digital Technology Analysis

This report critically analyzes the impact of digital technology on HSBC, a major financial institution, across departments like finance, operations, and HR. It outlines a project management plan to investigate this impact, using both qualitative and quantitative analysis. The report aims to determine the advantages and disadvantages of digital technology in banking, assess its role in enhancing performance, and identify associated risks. Key areas covered include a literature review of relevant research, a description of the research methods used, results, and a discussion of the findings. The project management plan includes a work breakdown structure (WBS), cost considerations, risk assessment, and the use of a Gantt chart for effective task management. The report concludes with a performance review, recommendations, and reflections on the research process, emphasizing the importance of digital technology in modern banking and business operations. Desklib provides access to similar solved assignments and resources.

MANAGING A SUCCESSFUL BUSINESS PROJECT- HSBC

ABSTRACT
The purpose of this assignment is to make readers understand the skills required for
managing a business project. Project management is a critical task requires independent
research and investigation in order to meet the appropriate business aims and objectives.On
completion of this report, the readers will get the confidence to engage themselves in
effective decision making and research activities using appropriate project management
skills. The readers will get a fundamental knowledge and skills which would enable them to
examine and investigate necessary business concepts in a work-related context. They will be
able to determine the appropriate objectives, solutions and decisions in managing a
successful business project. In the report the impact of Digital technology on banking
industries like HSBC is critically evaluated. Moreover, the advantages, disadvantages, issues
and risks associated with digital technologies are also explained in brief for archiving the
aims and objectives of the research project.

CONTENTS
ABSTRACT...................................................................................................................................2
INTRODUCTION..........................................................................................................................4
AIMS AND OBJECTIVES...............................................................................................................4
AN OVERVIEW OF HSBC COMPANY...........................................................................................4
PROJECT MANAGEMENT PLAN..................................................................................................5
LITERATURE REVIEW..................................................................................................................8
RESEARCH METHODS AND METHODOLOGY...........................................................................10
RESULTS....................................................................................................................................11
DISCUSSION..............................................................................................................................13
CONCLUSION............................................................................................................................15
ACCURACY AND RELIABILITY OF DIFFERENT RESEARCH METHODS APPLIED..........................16
LIMITATION OF THE RESEARCH AND AREAS OF FURTHER CONSIDERATION..........................17
REFLECTION..............................................................................................................................18
CONCLUSION............................................................................................................................19
REFERENCES.............................................................................................................................20

INTRODUCTION
With the advent of Digital technology and digital revolution in the businesses, the world has
entered into a new millennium of networking, connectivity and marketing. Now the
businesses and organizations are more developed and advanced with the innovation of new
machines and networks. The Digital Technology is getting mixed up with our day to day lives
and has brought a revolutionary change in the industries and businesses. In this assignment,
an analysis is made about the impact of digital technology on business operations,
marketing; HR activities etc.
Later in this assignment, a project management plan is made for analysing the impact of
digital technology in the HSBC Company which is one of the largest financial and banking
service providers in the World. The report also includes the aims and objectives of the
research topic which is the impact of digital technology in the business operations of HSBC
Company using qualitative and quantitative analysis. At last a performance review will be
made based on the analysis of the research followed by certain recommendations.

AIMS AND OBJECTIVES
Aim
The aim of this project is to critically analyse the impact of Digital technology in the HSBC
Company across several departments like finance, Operations, HR etc.
Objectives
 The primary objective of this report is to analyse the Impact of Digital Technology in
Banking Operations for HSBC Company.
 The Secondary objective is to determine the advantages and disadvantages of using
Digital Technology in Banking and Financial Organizations.
 To analyse the role of Digital Technology in enhancing the performance of banking
operations in banks like HSBC.
AN OVERVIEW OF HSBC COMPANY
HSBC is one of the largest financial and banking service provider companies in the UK. The
headquarters of this company is located in HSBC tower London, UK. The company was
founded in the year 1865 by Sir Thomas Sutherland. The operating income of this company
is the US $ 14.792 billion as of 2017 and number of employees in this company as of 2017 is
228,687 (Hui and Rudkin, 2010).

PROJECT MANAGEMENT PLAN
A project management plan helps to explain as to how the project will be managed during
various stages. It also helps in allocation of resources to the project management team
along with monitoring the activities of the project members (Kerzner and Kerzner 2017).
Figure 1: Project Management Plan
Source:[http://www.free-management-ebooks.com/dldchk/dlchpm-pmplan.htm]
Work Breakdown Structure (WBS)
The tasks of this project are structured in a sequential manner and all the tasks are divided
so that proper time is allocated for each task (Norman, et al. 2010). The work breakdown
structure helps in ensuring that all tasks are accomplished in the project and supports the
aims and objectives defined the project. It also helps in organizing the project work for
managing the tasks which are essential for completing the project. The WBS aims to list
down the work activities, time constraints against each work activity and completion of
defined deliverables while taking into consideration all the factors that impact starting and
ending of each task.
Start & End Date: The project will start from 1stApr 2018 and will end on 7th Apr 2018.

Cost Involved: It is difficult to determine the exact cost involved in a project having changing
variables. However, the cost assumptions will help the business create contract proposals
which would require an approximate project cost (Meredith and Mantel, 2011). The cost
involved in this project depend on the below factors.
 Direct Cost: The direct cost in the project refers to the salaries given to employees
for their work, salaries paid for the resources, cost involved in hardware and
software used in building the website etc.
 Indirect Cost: This includes the cost for indirect expenses in the project plan for
examples cost involved in office supplies, office rent, administrative salaries etc.
 Variable Cost: It refers to the cost that increases or decreases depending upon the
changing project constraints such as resources used, the time consumed,
infrastructure used etc.
 Fixed Cost: It is that cost that does not change the timeline set during the progress
of the project.
Risks Anticipated: For successful execution of project a risk management plan is required in
order to mitigate and avoid those risks that may arise when the project is still under
execution (Fang and Marle, 2012). The main risks anticipated in this project are resource
allocation, time management, Technology risk, Task scheduling risk and scope risk.
Other Resources: Some other resources include people, infrastructure facilities,
equipment’s, funding or anything that defined for the completion of project activities.
Milestone Set: The milestones setting is an important part of project planning as it accounts
for the successful execution of project deliverables. In the project, some of the factors are
given high importance for milestone setting such as
 Deadline Management
 Control on Project Deliverables
 Highlight Important Dates

Importance of Gantt chart for a Project Manager for achieving Project aims and Objectives
A Gantt chart helps in planning and executing the project deliverables. It also helps in
determining the time required for completion of each task listed under a project plan
(Geraldi and Lechter, 2012). Moreover, it helps the Project Manager in managing the
dependencies and risks associated with each task. A Gantt chart helps the project managers
for effective resource allocation, prioritising tasks and reducing the overburden from team
members.
GANTT CHART
Duration (in weeks) 1 2 3 4 5 6 7
Task
PROJECT DEVELOPMENT
PLAN
IMPLEMENTATION OF
WORKING DEFINITIONS
STAKEHOLDER
DETERMINATION
ANALYSING IMPACT ON
OPERATIONS&
MARKETING
ANALYSING IMPACT ON
HR
ANALYSIS OF THE IMPACT
ON SALES AND
DISTRIBUTION
EVALUATION OF DATA
In the first week, the project development plan will be analysed which will mainly cover the
essential tasks relating to the impact of Digital Technology on HSBC organization (Geraldi
and Lechter, 2012). Some definitions will be defined and based on that some conclusions

will be derived based upon the need of Digital Technology in the business for ensuring
greater productivity and efficiency in the business.In the third week, the stakeholders will be
determined along with the analysis of the impact of digital technology in HSBC Company in
various departments like HR, Operations, and Sales etc. At last, the data will be evaluated
based on data collected from various sources (Geraldi and Lechter, 2012).

LITERATURE REVIEW
According to a research conducted by Oluwagbemi et al. 2011, the digital technology has
become a key element in the economic development for the business in their methods of
operations across several departments like HR, finance etc. With the use of digital
technology companies like HSBC provide quality of service to their customers and ensure
greater productivity and efficiency in their operations.It is also seen that companies like
HSBC make use of digital technology in managing their projects for timely delivery and
execution. In his research, he realised that digital technology is becoming a global trend and
companies are incorporating into its businesses so as to move a step ahead of its
competitors in the business. The banking industries like HSBC make use of digital technology
for enhancing the quality via e-banking. In his research he analysed the current trend
prevalent in the industry in the field of Digital Technology and how banking industries make
use of such technologies for improving the quality in their services and method of
operations (Oluwatolani, et al. 2011).
As per the research conducted by Ganguli and Roy, 2011 in his report that aimed to find out
the quality service dimensions of digital technology in the banking industry and the effects
of these dimensions on customer loyalty. He found out that there is four service quality
dimension in the digital technology for banking industries such as security, customer service,
technology convenience, and technical quality. Some additional dimensions include ease of
access, reliability and availability. In his research, he found that it is important for the
businesses to incorporate effective digital technologies in the business that provides greater
security and reliability for increased customer satisfaction (Ganguli and Roy, 2011).
According to a research conducted by Oldham and Silve, 2015, he found out that digital
technology can enhance innovation in the workplace environment for the businesses. He
concluded that digital technology can be helpful in innovation if employees are facilitated in
their development process and their creative ideas are evaluated against the business ideas.
There are three most important conditions essential for generating creating ideas for
employees in the business such as exposure to new digital technologies, exposure to diverse
information, full employee engagement and employer support. In his report, he also stated
that the digital technologies should be used with caution in the businesses as there are pros

and cons associated with each technology. Technology incorporation in the working
environment requires adequate resources and appropriate infrastructure which cannot be
neglected (Oldham and Silva, 2015).
Bhardawaj et al. 2013 in her research realized the strategies that can be used to implement
digital technology in the businesses. He states that firms need to align the business strategy
along with the digital strategy for ensuring greater productivity and efficiency in the
business. He realized that over the years the business infrastructure is changing and
becoming digital which is a positive sign for increased interconnections among the products,
processes, and services.He stated that these technologies are useful in spanning business
sectors across demographic boundaries and also help to transform the business strategies,
processes, firm decisions and capabilities, extending the business networks (Bharadwaj, et
al. 2013).
Ali et al. 2014 conducted a research and realized that the modern electronic systems mainly
rely on third-party systems for processing payments. In his research, he concluded that
banks like HSBC make use of e-verification for protecting and safeguarding the confidential
information of its employees in the business. The report gave conclusions that banks are
using modern digital technology for empowering its employees by ensuring greater
efficiency in their day to day business operations. The report analysed how the recent
developments in new digital currency creation like the Bitcoin are facilitating customers
more effectively thereby proving a decentralized mode of the payment system. The report
also briefed that banks today hold financial assets in purely digital form thus making use of
the technological advancements in the business (Ali, et al. 2014).
As per the research conducted by Kien, 2016 the researcher analysed that Business
digitalization is changing the competitive landscape for many firms and big
industries.Customers are becoming more and more digital savvy which graves the concern
for banks like HSBC to incorporate new digital systems into its business operations. But the
report also briefed that these digital systems can be a threat because security is one of the
biggest issues with these digital systems. Hence the report concluded that digital technology
should be highly secured before incorporating it into the businesses.The report also
highlighted as to how big banks like HSBC respond to the digital threat and what strategies it

adopted in order to minimize the threats caused due to digital system failure in the business
(Sia, et al. 2016).