Business Development Report: Rolex's Digital Transformation Strategy

This report provides a detailed analysis of the Rolex digitalization project, focusing on the implementation of digital technology to transform business operations. The report includes a project management plan with considerations for scope, risk, quality, cost, and time, along with the creation of a work breakdown structure and Gantt chart. It also outlines the research methodology used, encompassing both primary and secondary data collection methods. The analysis section interprets and evaluates the collected data, leading to specific recommendations for the successful completion of the project. The report concludes with a reflection on the research process and its implications for Rolex's business strategy, aiming to improve profitability and market share through digitalization.

MANAGING
SUCCESSFUL
BUSINESS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Aim and objectives ..........................................................................................................1
P2. Project management plan.................................................................................................2
P3 Produce work break-down structure and Gantt chart........................................................4
TASK 2............................................................................................................................................6
P4 Carry out research by using proper methodology.............................................................6
TASK 3..........................................................................................................................................11
P5 Interpretation and evaluate data analysis........................................................................11
P6 Recommendations on findings........................................................................................18
TASK 4..........................................................................................................................................19
P7 Reflection on the research...............................................................................................19
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
The growth and success of every business entity rely upon its managers. Effective
management is liable to take important business decisions and ensure firm's vitality in the target
market. Along with this, it is responsibility of employers to develop strategies and policies in
order to achieve goals and objectives. They also prevent business from anticipating threats and
challenges. Due to modernisation, it is essential for managers to transformed their business
operations with the assistance of modernisation; it would helpful in smoothly running of a
business organisation (Baines, Lightfoot and Smart, 2011). By using new technologies, managers
can save the past data and information in order to take necessary future decisions. Rolex is the
chosen organisation in this present report which is luxury watch company. The firm manages its
all functions directly through internet. Apart from this, the report will be describe aims and
objective of digitalisation in terms of business expansion. It will also discuss required tools for
the completion of a project. A research is conducted through primary and secondary data in order
to gather adequate information about project. On the basis of this analysis, certain
recommendations will be provided for successful completion of a project.
TASK 1
P1. Aim and objectives
In this ever changing environment, it is essential for managers to make certain technical
changes for effective completion of business operations. For example: managers need to adopt
communication techniques so that employees can easily interact with higher authorities.
Digitalisation also helps in business advancement and growth in the global environment. In
modern market, it is known as revolutionary technique which reduces the use of traditional
methods as per passing days. Technological advancement also put a huge impact on the working
activities it also includes proper administration of working operations (Brynjolfsson and
McAfee, 2012). With the assistance of cloud technology, process of transferring files and data
from one to another has become easier. Furthermore, digitalisation also provides an opportunity
to business with which it can easily reach to a wide range of customers in a certain period of
time. With this, business activities will be enhanced and Rolex can improve its profitability and
sales. For this purpose, proper amount of fund is needed that helps a business to expand its
market share and area.
1

However, it also provide a platform to managers where they can communicate with target
as well as potential customers of the firm. A firm’s growth and success always depend on the
number of its customers. By using social media channels and various web portals, business
owners can recognise the current market trends and try to fulfil them in the best possible manner.
It also supports business units and connects them with various software and applications.
Therefore, data can be secured in a proper manner. Watches of Rolex are produced through an
effective production process, in this, managers also usage imperative raw materials. If business
entities adopt new and innovative tools; then it would help them to achieve their goals and
objectives in specific time period (Cavalcante, Kesting and Ulhøi, 2011). Effective production
methods also improve the efficiency and capabilities of employees as they can become more
productive as well as efficient towards work.
Apart from this, the firm is also using social media channels and mobile technology to get
connected with customers at international level. While starting any project, managers need to set
certain aim and objectives as per the requirements; it would assists all project activities and gives
strengthen to them (The Impact of Digitization on Business Strategy, 2017).
Aim: “To implement digital technology within business organisation for transforming operations
and practices” - A case study on Rolex
Research objectives:
 To determine the impact of digitalisation within a firm
 To recognise the requirement of business transformation
 To evaluate the effectiveness of modern technology in order to improve business
activities
Research questions:
 How to regulate digital technology within business?
 Is it compulsory to improve business operations?
 How digitalisation put an impact on transforming business?
P2. Project management plan
While developing any project, managers need to prepare an effective plan in which all
activities are involved. They also have to set a time framework for all tasks on the basis of their
priorities. It would be helpful for a company in order to make successful completion of a project
and achieve market growth for longer term period. In this perspective, certain aspects must be
2

included i.e. cost, quality, risk and scope. If Rolex wants to extend its business, then it needs to
provide online services in the market. For this purpose, managers need to show concern for all
these elements which are discussed as under: - Scope of the project – Firstly, managers have to find out the scope of project. In this
context, they need to plan as well as have blueprint of working which are involved in the
project management plan. Scope of project should always be high which enables
attractive business opportunities in order to improve the market share of company
(Colombo, Croce and Grilli, 2013). Project is capable to maximise firm's sales and
profitability in a certain time period. With this tool, business operations would spread in
all over the world and deal with online sector. Risk management – Analysing future risks and uncertainties is one of the important tasks
of managers because growth and success of a project always depend on external
environment. In global atmosphere, there are so many factors which can affect business
growth, therefore employers must to have analyse them. Along with this, they also need
to develop proper strategies and policies in order to reduce future risks. Quality control – Quality is the major factor on which a firm is required to work more.
Management of Rolex has to emphasis on providing qualitative and value added products
in order to attain and retain customers for long term period. This aspect is really
beneficial for firm to improvise its sales and profits. Cost – A product's cost should always be on or average. In other words, it cannot on
financial position of the company (Fitzgerald, M. and et. al., 2014). For maintaining,
existing financial performance, project managers need to prepare a budget in which
amount is decided for every activity. Time – Project implementation should be made for a specific time period. There are lots
of risks and other problems in long term business projects. Apart from this, time factor is
helpful in order to attain better future outcomes.
 Communication – There is an effective communication between all levels at workplace
through which every information can be shared in a proper manner. Free flow of
communication will also help in the decision making process of Rolex.
Afterwards, for preparing a project management, these steps have to followed: -
3

 Project statement – A project statement have to be very clear and concise. It also should
be enable to keep all data and information regrading project. In project management plan
of Rolex, the firm is emphasising on covering high market share through online services.
SMART goals and objectives have to be designed accordingly. Project strategy – In order to bring project at marketplace, companies need to prepare an
adequate market strategy. For example- Rolex is reviewing existing products and services
in order to determine the gaps that buyers will be feel while launching modern
technology (Haight, Quan-Haase and Corbett, 2014). Project objectives and scope management – The main objective of the project is to gain
high competitive market through mobilisation of new techniques and innovation. Apart
from this, before implementing any project managers need to identify whether or not
project will be succeed at marketplace. Success criteria – In this modern era, the chances of successful of the project are high
because now customers also wants something innovative and unique which can gives
them maximum level of satisfaction.
 Assumptions – At last, it as assumed that production would not be maximised cause the
firm will try to achieve optimal utilisation of available resources. Apart from this, Rolex
has hired some software engineers who will gives supports to its all functions.
P3 Produce work break-down structure and Gantt chart
Gantt chart – Generally, it is used in project management process in order to showing
activities or tasks with its timing schedule. In addition, these charts are produced so as to
determine time for activity or task which is involved in project management plan. Gantt charts
are easy to created, upgraded as well as they also can be printed very easily. Apart from this, it is
essential for managers to keep project schedule in order to increase the effectiveness of project.
Gantt charts are created on graph papers in proper manner. Along with this, it is helpful in
delegation of authorities or roles within staff members as per their capabilities and skills (Laudon
and Laudon, 2015). With this assistance, Gantt charts gives strengthen to the project
management plan of Rolex, managers are able to get detailed information about specific topics.
Important sections are classified into sub-parts, hence team leaders are decided to divide these
sections into their subordinates. Therefore, work can be completed before its given timing
4

schedule. Furthermore, it is essential for the firm to have big projects which enables provide it
more market growth and success in an effective manner. Another major advantage of Gantt
chart- it helps in passing a budget therefore aggregate amount can be decided which will be spent
on project activities and tasks. Apart from this, it would also accessible in finding out future risks
and uncertainties which can affect growth and success of project.
There are following which involves in project management plan of Rolex, such are
described as below: -
Assess problems and issues for which this
research is conduced.
4 days
Overview of literature 10 days
Clarify all problems 13 days
Discuss the term and concept of study 6 days
Population or participants on which research
have to get done.
18 days
Develop an instrumental plan 2 days
Data collection 4 days
Analyse the data or information. 6 days
5

6

Work break down structure – It is a key factor of project deliverable that is organised by
the team for managing working activities. Project team creates a work break down structure so as
to determine certain areas in which project is going to be regulated. WBS aids in defining as well
as managing working the overall project work in a systematic manner. Along with this, top
management is responsible for allocation of budget, time and resources by developing a work
break down structure.
7

TASK 2
P4 Carry out research by using proper methodology
Market research is needed a proper or systematic methods so as relevant facts can be
collected. It also helps research to in order to get better outcomes. With this assistance of
research methodologies, a research can be transformed into analytical form which makes easier
the decision making process of the company. Below described two types of data with which
information can be collected: -
 Primary data
 Secondary data
Primary data – It is one of the important tool of data collection. In this data is gathered
for the purpose research project (Mason and et. al., 2011). It is done through questionnaire,
personal interviews online surveys and further other forms which researcher can directly interact
with people.
Secondary data – It refers with this data that is already collected by a researcher from
other sources and for other purpose. Secondary data is cheaper and quickly obtained from
primary data.
There is used two main methods so as to get effective information, such are stated as under: - Qualitative – In this method, researcher collects, examine and interpret data by obtaining
others behaviour and views. Qualitative method aids a business entity to gather accurate
and suitable information which takes a business into right direction. In this methods,
investigator mainly emphasis on quality of data whether it is accurate or not (Onetti and
et. al., 2012).
 Quantitative – Basically, it focuses on collecting maximum quality of data and
information. Qualitative method helps to input information which is presented on graphs,
pie-charts and other research tools.
For carrying out research in an impressive manner, managers are required to adopt certain other
methods in order to get data and information. It provide better assistance to organisation for
improving its functions and operations. Below mentioned certain other research methods: - Research design – It is also known as an effective investigation arrangement tool through
which research can easily identify the future impact of digitalisation on firm's growth and
8

success. There are different types of research designs, such as- descriptive, experimental
and explanatory research design. Investigator can choose one in order to achieve their
goals and objectives. Research philosophy – An impressive research philosophy has proper information that is
required to be managed, monitored as well as analysed effectively. It is also known as
investigation activity in which helps managers to measure the growth of their project. Data collection – By using primary and secondary data, a researcher can easily gather
data as per the requirement. For this purpose, he conducts questionnaire or online survey
in order to determine the opinions of respondents towards a specific topic (Otim and et.
al., 2012). Accurate data and facts can be collected through newspapers, magazines and
journals etc.
 Data analysis – in order to examine the potency of research project investigators are used
different tools of data analysis. It provides better guidance or direction to employees for
project activities.
In order to interact with customers, Rolex is implemented questionnaire which is stated as under:
-
QUESTIONNAIRE
Name: -
Age:
Gender:
Q1. Is digitalisation is beneficial for Rolex?
 Yes
 No.
Q2. Does it really provide long term benefits to business organisation?
 Yes
 No
Q3. Does modern technology helps in improving sales and profitability of Rolex?
 Yes
 No
Q4. If you shop online, which method do you choose for payments?
9

 Credit or Debit card
 UPI transfer
 COD
 Bank transfer
Q5 Which form of communication is appropriate for the firm
 Modern
 Traditional
Q6. Does firm have proper tools and techniques to regulate the process of data storing?
 Highly agree
 Agree
 Disagree
Q7 Do you really think digitalisation helps in attaining and retaining customers for long term
period ?
 Highly agree
 Agree
 Disagree
Q8. How much time you are purchasing online from Rolex
 Last 6 months
 1 Year ago
 More than 1.5 year
Q9 Have to satisfied with online services of Rolex?
 Highly satisfied
 Satisfied
 Dissatisfied
Q8 Recommend any suggestions in order to improve digitalisation?
Data Analysis
QUESTIONNAIRE
Q1. Is digitalisation is beneficial for Rolex? Frequency
 Yes 26
10