Impact of Modern Technology on Rolls-Royce Finance Department

This report investigates the impact of modern technology on the financial department of Rolls-Royce, a leading multinational company. The research includes a detailed introduction outlining the importance of technology in finance and the company's operations. It presents a research proposal defining the research question, objectives, and hypotheses, along with a literature review that explores the significance of modern techniques at the workplace. The study employs various research methods, including Gantt charts and work breakdown structures to manage the project, and discusses the benefits and drawbacks of implementing modern technology. The report analyzes the role of modern technology in financial operations, covering topics like communication, employee efficiency, and safety measures. It also addresses the drawbacks of modern technology, such as distractions and high maintenance costs. Overall, the report provides a comprehensive analysis of how digital technology impacts Rolls-Royce's financial department, covering various aspects of its implementation and effects.

Business Research
Project

Table of Contents
Title:- ...............................................................................................................................................1
INTRODUCTION...........................................................................................................................1
P1 Research proposal which clearly define question and hypothesis with literature review. 1
P2 Research methods and approaches to primary and secondary research............................7
TASK 2............................................................................................................................................8
P3 Conduct primary and secondary research by using appropriate methods and techniques 8
P4 Apply appropriate analytical tools, analyse research finding and data...........................10
TASK 3..........................................................................................................................................17
P5 Communicate research outcomes in an appropriate manner for the intended audience. 17
TASK 4..........................................................................................................................................19
P6 Reflection on the effectiveness of research methods and techniques.............................19
P7 Determine alternative research methodologies for the project........................................19
REFERENCES..............................................................................................................................20

Title:-
“To identify the impact of modern technology on financial department of an
organisation: A case study on Rolls-Royce”
INTRODUCTION
Introduction of modern technology has a major impact on overall company because it
aids an association in every aspect as well as supports while resolving several complex situations
because it acts as an obstacle for enterprise. Rolls-Royce holdings plc is a British multinational
organisation that was incorporated in almost 2011 and owns Rolls-Royce. However, their main
objective is to design distinct types of aircraft engines which are used by maximum number of
aviation industry as well as defence companies (George, Haas and Pentland, 2014). Thus, Rolls-
Royce is one of the leading organisation at marketplace which was established to manufacture
several equipment of aerospace in order to function it in a more appropriate manner. Therefore,
in order to accomplish their business operations in the most appropriate manner, managers of an
enterprise require sufficient or high amount of funds for proper running of business operations. It
means for handling high range of capital, an association needs to adopt various types of modern
technology in order to overcome numerous financial issues or barriers (Rummler and Brache,
2012). Capital is seen as a backbone for overall enterprise because entire business operations
depend upon allocation of corrective amount of funds. It has been observed that management of
finance team needs to acquire necessary information or data during manufacturing engines or
other useful products or services in order to provide other industries. Hence, overall research is
fully based on usage of modern technology at workplace and its benefits on company
performance. Along with this, numbers of methods are used to determine the necessity of
modern techniques while managing finance of an organisation by considering several facts or
figures. Last but not the least, managers of Rolls-Royce must use different tools or techniques for
executing several business activities such as transactions of capital, balancing of profit or loss
account, estimation of accurate finance and so on (Powell and DiMaggio, 2012).
P1 Research proposal which clearly define question and hypothesis with literature review
Rolls-Royce is a leading association whose main objective is to offer the best or
qualitative raw materials to airline industry as well as having their long term relations with
defence department. Thus, report is going to highlight the effectiveness of digital technology

which is used by company while managing their financial department (Bruton and et. al., 2015).
Capital is seen as a lifeblood for overall organisation because it aids in conducting business
activities in much appropriate manner. Thus, Rolls-Royce is focusing on their employee’s
enhancement in order to accomplish various business activities in much better manner (Khajeh-
Hosseini, Greenwood and Sommerville, 2010). In fact, number of reasons are identified which
shows that effective financial department is very much essential. For example; it is easy to access
information because by using modern technology and equipment in this competitive and high
tech world, it’s very easy and simple to access assorted financial data under one roof at a time.
This happens because of this new technology world i.e. applications and software universe with
internet broadband.
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Aims and objectives:
Aims: - “To identify the impact of modern technology on financial department of an
organisation: A case study on Rolls-Royce”
Objectives:-
 To identify the significance of modern techniques at workplace.
 To understand the necessity of advanced technology for financial department.
 To determine the usage of modern equipment while performing financial operations.
 To analyse the drawbacks of implementing modern technology at workplace.
 To understand the influence of digital technology on organisational performance. To identify various modern methods used by financial team of an organisation.
Research questions:
 What are the reasons behind using modern technology at workplace?
 What are the benefits of using modern tools?
 Identify various advanced tools or techniques used by financial department?
 What are the drawbacks of implementing modern technology? In what ways digital technology is affecting Rolls-Royce?
Gantt chart:
Work breakdown structure is all about splitting various task and activities into different
sections for accomplishing it in a better way in order to attain company goals or objectives.
Basically, it is very useful or suitable for research project because it aids in managing overall
project in an appropriate way by distributing workload into various sections (Grant, 2016). On
the other hand, Gantt chart is a graphical representation of those activities which was classified
into several parts for completing it in a minimum time frame by considering necessary facts or
figures. Hence, both these term needs to be used by investigator team of selected firm in order to
accumulate essential information for attaining company goals or objectives (Trkman, 2010).
However, main reason behind segregating the task into several sections is to minimise the
chances of losses, mistakes, errors and other complications which might be occurred during
accomplishment of this project. Hence, some of the major benefits of using work breakdown
structure and Gantt chart are expressed as follows:- Maximization in productivity: - According to this factor, it has been analysed that it is
very helpful for researcher as well as organisation which is using this information
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because splitting of task or activities aids in attaining company goals by increasing it
productivity. In fact, profit of an enterprise maximised due to minimisation of managers
work load between several employees which resulted in completion of assigned job in a
less duration. Consumption of better cost and time calculation: - In fact, Gantt chart is beneficial for
company because it will consume minimum price during implementation programmes. Identification of risk: - Distribution of job role is very much essential for company
because it helps in determining several kinds of risk which have a major impact on
development of an enterprise. However, it is indispensable to identify the invisible or
visible risk which might be occurred at workplace in order to control it as soon as
possible (Horbach, Rammer and Rennings, 2012).
Literature Review
It can be seen that it is most necessary and useful section for research project plus it will
play a major role in carrying out various activities and functions within investigating
programmes towards correct result and outcome (Baker, 2012). This is used by investigator team
members for conducting required research so that capacity of learning may be accomplished. In
this report, content and data is collected by using secondary sources as per their simple rules that
is required for understanding. This portion of project is necessary and useful in getting accurate
and brief information about elements in doing specific work. In addition to this, it can be
addressed that this will be used by learner for evaluating the topic and its advantages during
making accurate decisions (Camelo-Ordaz and et. al., 2011).
Significance of modern techniques at workplace
According to Remy North (2015) implementing modern techniques at workplace has
broaden significance, it evolves human connectivity as well as relationships. Those who are not
adopting it will be in huge mess, taking an advantage of growing technology will never harm to
anyone. It puts opportunities at your door. If you don't want to lose game then under takes the
chance available. Here are some great utter consequences in terms of human factors and
workplace:
Amend communication: It saves time to communicate, whether internally or externally.
Thus, it is the simplest way to convey a message or any information among employees. In fact as
per this tool an organization can easily connect any employee within organization as well as
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across several branches. It will enhance learning and knowledge which you wanted to spread,
this is the best way to use. It breaks the concept holding phone line, waiting for letter etc. and it
will impact on success.
Getting the best out of your employees: It assists to compound the talent and skills of
workforce. Along with this, it can also find the best through efficiency and training with aid to
technology, modifying through practical application reducing chances of errors, speed up your
work ability (Arena, Arnaboldi and Azzone, 2010). Thus, if an association get succeeded in
identifying that alteration to modern era getting trouble for workers then to make them friendly
managers can implement some training and seminars. This will cognizant about the all aspects of
applied science.
Safety measures: It provides a huge benefit to workers, by altering hazardous process
that is awful for human life, it decreases the possibilities of putting life in danger.
Analyse the drawbacks of implementing modern technology at workplace
According to Karehka Ramey, (2013) there are various drawbacks which create for
implementing advanced technology at the working place that are described as under: Create distraction at work- There are various ways by which techniques and
technologies may create distractions at working place for their employees. The usage of
social networking at office workplace can cause the distress and disturbance and it will
directly affect the productivity of the company workers. Some organisations have decided
to block access to particular sites such as YouTube, Facebook, twitter etc. due to
unlimited distraction which they mainly causes. When company manager implements
different technologies, this cannot be appropriate for all the employees and sometime, it
can create distraction at workplace (Zhou, Huang and Zhang, 2011). They are making
various strategies and policies which are executed at the organisation operations; so, this
will create change in the whole functions of the business activities. High maintenance cost- It is very costly for purchasing technology and implementing
new technology is another difficult method within an organisation. This is expensive for
managing and maintaining all such techniques and technologies in proper manner. Along
with this, process of purchasing new computers as well as installing them in the company
is very difficult function for the company manager. For executing new and advanced
technology at workplace, it will create many issues and problems regarding their
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employees in an effective manner. The purchasing price of modern technology is also
expensive in cost and value.
Benefits of Digital technology within financial department
According to Kimberlee Leonard, (2018) there are various benefits and advantages of
digital technology in financial department which are described as under: Overall business efficiency- The business can help in operating for using technologies
within financial department in correct manner. This will assist in making customised
document that includes contract templates and user agreement. Customers can acquire
extra data and information through email and the ability for sending document during
negotiation. Mechanisation of operations- The different business has different requirements. A
business can automate process so it can direct to the financial and labour resources.
Digital technology is helpful for processing financial operations and functions in an
effective manner. This will help in managing and maintaining all records and budgets of
company.
Role of modern techniques while accomplishing financial operations
Finance management is not an easy task due to its high complexity which requires
experience or talented person for handling accounting functions in much better way. However,
adoption of modern technology is very useful for company success or development because it
aids in facilitating managers while transactions process. In fact, financial activities requisite
number of advanced tools in order to overcome chances of mistakes as well as to prevent
confidential reports from frauds. Thus, finance management of multinational firm requires
modern technology such as; online promotions, transactions from one nation to another,
advanced transportation facilities, high tech quality of fund estimation, planning or strategy
designing. All such activities require modern equipment for minimising the probability of
company loss or errors. Hence, some of the modern technology which is used by organisation to
accomplish their finance functions in much better way are described as follows:- IT:- According to Sean Mullin, it has been analysed that information technology plays a
very crucial role in development of finance department by offering accurate data which is
required by manager of accounting for making various decisions. However, most of the
transactions needed exchange of facts which increase the popularity of online finance
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services due to its effectiveness. On the other, as per the viewpoint of Professor Jane K.
Winn of Washington, University of Law, whole management of finance sector is totally
based on effective working of information technology because it facilitates the employees
with corrective facts or figures. As a result, Rolls-Royce gets succeeded in making final
judgement (Gartenstein, 2018). Internet sources: - As per this technology, company can easily transfer data or services
from one place to another without travelling such as online promotion through social sites
is a very popular tool that is adopted by company. As a result, it will safeguard the
amount of promotion like, advertisement through door to door policy.
 Advanced security system: - Funds and reserves are much essential for success of an
association because it aids an enterprise at the time of need or requirement such as
financial disasters. Therefore, managers need to implement various modern techniques
for preventing their confidential information from damages such as; deterioration of
company image by using their private facts.
Hence, after considering above information it has been analysed that financial department
is seen as a one of the complex section at workplace because functioning of an organisation is
directly or indirectly depend upon enterprise.
Impact of digital technology on company performance
In today's world modern technology is seen as one of the indispensable aspect for
company success or development because it helps in accomplishing business activities in much
fastest way. Along with this, it aids company while running their entity such as; effective
promotion of company products which resulted in maximization of company sales by satisfying
the needs or demands of clients. Rolls-Royce is a very famous association as well as enjoys
benefits of monopoly at few marketplace due to their advanced technique of facilitating their
suppliers, consumers and business partners. Increment in company productivity: - As per this term one of the major influence on
company is that usage of advanced technology resulted in maximization of organisational
efficiency by accomplishing business activities in most appropriate way. However,
employees acquire maximum opportunities to perform their job role in a minimum time
frame with the help of modern equipment such as; internet or computer sources.
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 Maximization of profit: - If employees can easily perform their assigned job role then it
may resulted in increment of organisational return by fulfilling the needs of distinct
customers.
Hence, all these above benefits are acquired by organisation due to usage of advanced
technology at workplace. As a result, it automatically highly beneficial for success of entire
corporation.
P2 Research methods and approaches to primary and secondary research
This part is considered as most effective part of research project because it will help in
show the accurate direction for whole assignment in right way for measuring correct outcome. In
this portion, research is need to identify the different methods where project may be conducted in
effective manner. So, draw the legitimate conclusion, investigator team can adopt different
useful techniques and methods which are applicable for above described topic. Further, it is
majorly concentrate on various modes for gathering correct data and information while using
suitable techniques for considering accurate information and facts (Ernst, Hoyer and Rübsaamen,
2010). Thus, investigator team is trying to choose best tool for collecting concise and precise
data that is used by Rolls-Royce organisation for investigating improved result.
Qualitative research - It is the exploratory research which collects and work with non
numerical data .It interprets meaning from these data and helps to understand social life through
the study of targeted population. It provides insight into the problem and helps to develop ideas
or hypotheses for research. It is used to gain an understanding of underlying reasons and
opinions. The sample size is small and respondents are selected to fulfil a given quota. Some
common methods of conducting qualitative research include focus groups,individual interview,
open ended surveys, direct observation ,in depth interviews and content analysis.
Quantitative research - It is defined as the systematic investigation by gathering
quantifiable data and performing statistical ,mathematical or computational techniques. It uses
measurable data to formulate facts and uncover patterns in research. There are some methods for
collecting information such as conducting surveys whether conducted online or by phone,
through observations or through secondary data such as company accounts. The sample size is
large which represents the entire population.
Primary method - Primary research is a new and ''first hand'' research,carried out to
solve the specific questions or issues according to demand of prospective consumers in the
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target market. Examples of primary research are: interviews, surveys, Questionnaires, focus
groups and visit to competitor's work place. While conducting primary research two types of
information are gather such as Exploratory and specific. The exploratory research is general and
involves the detailed interviews with individual or group of members. On the other hand in
specific research on the particular subject concise interviews scheduled. Primary research occurs
cost and but it gives conclusive and accurate results. Surveys are the one of the most best tool for
primary research.
Secondary method - In that research the data already collation, compiled and assembled
by others for other purposes and publicly available. This is also known as desk research. In
secondary research includes the reports of Govt. agencies and library, trade associations ,medical
reports etc. That research incurs less time and money comparison to primary research. In lot of
quantity the secondary research available on the web. Secondary research is often free.
Secondary data may be assemble from the two sources such as Internal and External.
Data sampling - Sampling is the obligation of researcher for selecting best suitable
process for collecting information and data so analyser can use probabilistic and non
probabilistic testing tool. In this project, purposive testing process can be taken into grounds
which are shown as piece of sampling techniques which help in providing correct example of
whole population (Johnston and Marshall, 2016). In this present report, the specialist select 30
representative who are performing work in Rolls-Royce for developing their personal
performance and evaluation for future reason and 30 clients who are taken benefits of
management of the company.
TASK 2
P3 Conduct primary and secondary research by using appropriate methods and techniques
Cost - This part is important for grant budget in financial expression of approved project.
It can be assumed that only allowed cost have been included in this budget. It is necessary for
researcher is to narrate whole project in proper manner. Also analyse actual and real cost amount
of each report. This is useful for understanding that the cost principles do not represent the actual
value of assignment. Cost is required for making and developing any type of project report so
this is necessary for each researcher.
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Ethical consideration - This part is considered as most important essential section of
research work which assist in handling all issues and problems which are emerges for directing
exploration working. It is important duty for analysing the guarantee of their representatives for
their personal data and information in more appropriate manner. It is very essential reason for
scientist is to accomplish government goals and targets in effective way for doing legitimate
work. The prominent issue which seen is time and value (Daft, Murphy and Willmott, 2010).
The allotted work is not sufficient so large number of compelling sections are not prepared to
gauge in given time period. Money is common requirement for every business towards achieving
correct objectives and targets in effective manner. Generally, ethical terms are essential for
considering while accumulating content from various modes. Further, an appropriate
questionnaire is prepared as under:
QUESTIONNAIRE
Q1) Does using of digital technology is beneficial for financial department? Frequency Fully Agree 25
 Disagree 5
Q2) Does training programmes necessary for the employees of Rolls-
Royce?
Frequency
 Yes 28
 No 2
Q3) Determining signifying elements which are adopted by Rolls-Royce
for improving the performance of workers?
Frequency
 Training sessions 12
 Interaction technique 10
 Job rotation 5
 Suitable services 3
Q4) What type of training is facilitate by Rolls-Royce to enhance the
knowledge of employees?
Frequency
10