Impact of Digital Technology on Business Activity-THIRD WAY

TASK 1

P1 Project aims and objectives

According to the current market scenario, technology has played important role in providing excellent services and facilities to its customers. Thus, it is crucial that company knows needs and demands of consumers so that they can manufacture products accordingly. As a result it will increase their sales and profitability in given period of time. Therefore, in terms of THIRDWAY, they are using these technologies for designing interiors for their clients and for this they have made a separate applications which is helping them in doing so.

THIRDWAY company is working for providing a separate space for office and through this they are changing the process of commercialisation design so that it can be delivered in a better manner. The terms of THIRDWAY, they are working on providing services that are related to making design for office places, workplace consultancy and for this they are using latest tools and technologies and it is helping them in engaging staff in a better manner so that they can work effectively (Awais Ahmad Tipu and Manzoor Arain, 2011). This company also provides furniture products to its clients in specific budgets and needs. For this, they are choosing best possible designs and technologies in speculated time frame. Therefore, While adopting new and innovative technologies firm is considering all the aspects that are present in the market area and for this, they are spending ample amount of money and as a result it is giving effective outcomes.

Aim: “The Impact of Digital Technology on Business Activity.A Case Study on THIRDWAY”.

Objectives:

• To evaluate impact of digital technology for operating business operations.
• To identify effectiveness of digital technology with the help of activities.
• To determine necessary elements for changing business operations.

Research Questions:

• How digital technology have an impact on business operations.
• How digital technology enhances the efficiency of business while operating its activities.
• What are the necessary elements which can help them in making modifications in business operations (Bridge and O'Neill, 2012).

P2 Project management plan which covers different aspects like cost, scope, quality, time communication, risk and resources

In order to sustain in a better position for a longer period of time, it is important that company makes proper plan of action and strategies which they can apply for attaining better outcomes. Project management plan is considered as an written document that is made for having an overview about what all task are to be performed in speculated time frame. Thus, making appropriate plan helps organisation in performing their task in a systematic manner. Along with this, it assist them in adopting appropriate way for accomplishing the task effectively. Therefore, in terms of THIRDWAY, technologies are providing them competitive advancement and assisting them in sustaining a better position at market area due to which they are able to give healthy competitive fight to their rival companies (Brown, 2013). Some of the concepts are mentioned below that is having an impact on business operations:

Scope of Project: With the change in course of time technology is playing an important role in providing maximum benefits to companies but it has some limitations also as changing trends is creating difficulty in providing appropriate services and facilities. Reason behind this is changing perception of customers quickly. According to current market scenario, different kinds of opportunities are present which company can adopt for gaining better position at market area.

Risk management: Every business while operating its activities faces different kinds of risk, that can act as a barrier. Thus, a project management includes all the elements through which company can eliminate various kinds of risk in order to execute the plan in a better manner. Therefore, THIRDWAY, is going through all the risk before implementing their plans as a result it is assisting company in minimising risk factor. In term of the given company, there is a high chance of risk as these are small and operating its business in limited area (Busarovs, 2011).

Cost : Company must implement price that can be paid by customers, so it is essential that firm go through the current trends that are present in market. Other than this, if company want to manufacture goods that are according to customers that for this, it will require ample amount of funds so they can use available resources that are present with them. As a result it is assisting them in applying technologies accordingly.

Quality control : Manufacturing goods in ample number should not be the main purpose of companies but what necessary is that they make quality products which can be delivered to end customers. So, it is prime duty of manager of quality check that they keep an eye in products that are being produced. This will help them in selecting and choosing suitable goods which will help company in sustaining a better position at market area (Dugguh, 2015).

Time: For manufacturing appropriate goods it takes ample amount of time so, manager of company can prepare a proper schedule which they can follow in performing their task in a systematic manner.

Communication: It is the basic medium through which employees interact with their superiors. Thus, it is essential that company uses best mediums for the same. This will help them in creating a transparency between all its members because of which workers will free to communicate with its subordinates freely without any hesitation.

P3 Work breakdown structure along with Gantt Chart

Work breakdown structure: It is determine as a project that helps organisation in performing their task as a team and through manageable section. With the help of this, company try to divide task in a better manner so that it can be allocated to various employees and departments according to capabilities. This will help workers in performing their task in an easy manner without loosing focus of attaining aims and objectives in speculated time frame (Golja, and Po, 2012).

Illustration 1: Work breakdown Structure

Main benefit of applying this in business operations is that it assist firm in collecting adequate amount of information that can be further use for executing their business plans in a better manner. Along with this, it help companies in making appropriate decision for expanding their business operations effectively. Therefore, for the managers of THIRDWAY, it is essential for them to make proper action plan through which they can guide their employees in accomplishing their task in time. Below some of the steps are mentioned that can be followed by researcher for having better results (Hair Jr. and et. al., 2015).

• Identifying aims and objectives for research
• Literature review
• Determining problems
• Explaining main objectives of project
• Choosing sample size
• Preparing of project plan
• Data analysis

Gantt Chart: It is considered as a bar chart that helps company in illustrating time period that will be taken by firm in order to complete their work. It assist firm in making proper project plan according to which job can be done as per the task that are to be performed in priority (Harris, Rae and Misner, 2012). Therefore, it shows dependency of relationship between different kind of activities that are mentioned in the chart.

Illustration 2: Gantt Chart

THIRDWAY, for operating its business in an effective manner is making appropriate plan as a result it is helping them in expanding their business in vast area. This will increase their sales and profitability in speculated time frame. Therefore, effective use of digital technology is providing maximum benefits. Along with this, they are helping them in operating its business in systematic manner (Huxham and Vangen, 2013).

TASK 2

P4 Small scale research through qualitative and qualitative research-methods

Research is effective when a valid conclusion is determined so for doing this, company is making use of different methods and approaches that is helping them in executing their work in a systematic manner. Therefore, with the help of this, it can be further changed or converted into analytical study which will be easier for them in executing their plans in a better manner. For this, data collection is very important as it helps them in evaluating a better outcomes. In terms of THIRDWAY, they are using appropriate research methods according to their requirements but they are using primary and secondary source of methods and these are explained below:

Primary data: This is a basic methods that is used if researcher wants to get authentic information (Kasemsap, 2016). Collected data are not used by any other, henceforth, for this, researcher prepares questionnaire to which respondents can answer according to their choices and preferences that suits best for respected questions. In context with THIRDWAY, they are preparing questionnaire for around 30 respondents and it will include 10 questions. As a result it will help them in gaining appropriate result in return.

Questionnaire Name: Gender: Age: Contact no.: Email id: Q1) Through digital technology can company increase their business operations in new areas. Yes No Q2) Does digitalisation is assisting THIRDWAY, in sustaining a better position for a longer period of time? Yes No Q3) Does digitalisation is affecting business in a positive manner for operating its business in an effective manner? Yes No Q4) Which method THIRDWAY, must implement for entering into online market? Visit store Online Q5) Is it essential that THIRDWAY, implement digital technology for transforming their business activities and operations? Yes No Q6) What payment mode you will prefer if you are given with the option of online purchase? Debit/ Credit cards Cash On Delivery Bank Transfer Q7) How does Digitalisation has its impact on business operations? Positive Negative Can't say Q8) Are you satisfied with the services and facilities that are provided to you by company THIRDWAY? Yes No Q9) What kind of marketing mode THIRDWAY must use for promoting their activities? Cost-effective approach and modern approach of marketing ·Traditional mode of marketing Q10) Any kind of suggestion you want to give for THIRDWAY, in order to enhance their business operations with the helps of digital technology.

Secondary data: This is considered as a different source which is other than primary data, in this information is collected through different mediums like books, journals, articles and many more. Therefore, mots of the companies used this medium for collecting relevant data in an effective manner (Keller, Parameswaran and Jacob, 2011).

Case study: Basically, THIRDWAY, is focussing on manufacturing goods that are superior in quality and fulfil all the demands and wants of customers in return. Therefore, study is conducted in order to know customers behaviour towards their commodities and products they are manufacturing. This will help them in delivering suitable products to its end customers right on time as a result it will assist them in attracting a large number of customers towards their company.

TASK 3

P5 Data and research using appropriate tools and technologies

Data interpretation is very important in order to execute their plans in a better manner, so, it is important that all the information is collected in an appropriate manner. Therefore, with the use of different graphs, charts and diagrams researcher will be able to evaluate appropriate result in return as a result it will help them in making out a valid conclusion that will assist them in making correct decisions. In terms of THIRDWAY, through this process they are being able to analyse the behaviour of customers towards their products and services (Langer, 2017) .

Theme 1:

Q1) Through digital technology can company increase their business operations in new areas.	Frequency
Yes	22
No	8

Interpretation: From the graph, it has been evaluated that 22 number of respondents are agreeing with the fact that yes, digitalisation will help respective company in expanding their business operations in a better manner where as 8 are not happy with this and they are not favouring this.

Theme 2:

Q2) Does digitalisation is assisting THIRDWAY, in sustaining a better position for a longer period of time?	Frequency
Yes	20
No	10

Interpretation: Through this graph, it can be identify that, 20 of the respondents from 30 are saying yes that means they are considering the fact that digital technology will help them in sustaining a better position at market area. Other than this, 10 of them are saying NO, and they feel like digitalisation will not help them in doing so.

Theme 3:

Q3) Does digitalisation is affecting business in a positive manner for operating its business in an effective manner?	Frequency
Yes	18
No	12

Interpretation: Digitalisation assist company in gaining outcomes in a positive manner but sometime it can be vice versa. So, from the graph it has been evaluate that 18 of them are saying yes that means they agree with the fact that digitalisation helps a company in gaining their business in a positive manner. Whereas 12 are not happy with this.

Theme 4:

Q4) Which method THIRDWAY, must implement for entering into online market?	Frequency
Visit Store	16
Online	14

Interpretation: from the above graph it has been evaluate that, 16 of the respondents will love to visits stores for buying particular products whereas 14 will recommend and choose to purchase goods through online sources.

Theme 5:

Q5) Is it essential that THIRDWAY, implement digital technology for transforming their business activities and operations?	Frequency
Yes	15
No	15

Interpretation: From the given graph it has can be concluded that, equally respondents are agreeing with the fact that digital technology is helping them in transforming business activities and 15 of them are saying yes whereas 15 of them are saying no.

Theme 6:

Q6) What payment mode you will prefer if you are given with the option of online purchase?	Frequency
Debit/ Credit cards	14
Cash On Delivery	10
Bank Transfer	6

Interpretation: With the change in course of time digitalisation has made life of humans easier as they can use various mediums for transacting their money for a particular activity. 14 of them will use Debit/ Credit cards for online purchase. Other 10 will prefer Cash On Delivery whereas 6 of them will use bank transfer.

Theme 7:

Q 7) How does Digitalisation has its impact on business operations?	Frequency
Positive	18
Negative	8
Can't Say	4

Interpretation: From the graph it has been evaluated that, 18 of them are are saying that digitalisation is having positive impact on business operations. Whereas 8 of them are saying that although digitalisation is better services but it is having a negative impact. Lastly, 4 don't have anything to say.

Theme 8:

Q8) Are you satisfied with the services and facilities that are provided to you by company THIRDWAY?	Frequency
Yes	20
No	10

Interpretation: From the above graph it has been evaluated 20 out of 30 respondents are happy with the services and facilities that are provided by the company where as 10 of them are not happy with the same as they think that company must work on designing and other activities.

Theme 9:

Q9) What kind of marketing mode THIRDWAY must use for promoting their activities?	Frequency
Cost effective approach and modern approach of marketing	16
Traditional mode of marketing	14

Interpretation: With the mentioned graph it has been evaluated that 16 of them thinks that company should incorporate Cost effective approach and modern approach of marketing for expanding their business in a better manner. Whereas 14 of them still believe that traditional form of marketing will appropriate for upgrading and expanding their business in different areas of world.

P6 Communicate an appropriate recommendations

From the above graph it can be analysed that and evaluated that, THIRDWAY, is a small business enterprise and to expand their business and attracting more and more customers they are using digital technology as their tools. It is giving them appropriate results for using effective resources in an effective manner (Liebowitz and Frank, 2016). Other than this, digital technology is helping them in accomplishing all its objectives and goals in given period of time. Digitalisation has enabled them in using various mediums through which they can reach to maximum number of people and also for interacting with number of customers in an effective manner.

TASK 4

P7 Values that are to be undertaken in order to meet stated objectives

For conducting a research, researcher may faces different kinds of issues and problems which is important to be take care of so that it doesn't create any kind of problems. Thus, for this, it is required that an effective plan of action and strategies are made so that entire task can be performed in a systematic manner. Basic problem that is faced by a researcher is time and cost related problem. So, investigator can make appropriate management plan so that it can be executed in an appropriate manner (Lientz and Rea, 2016). Therefore, in terms of finance they can ask from various sources to provide adequate funds so as to execute activities in a better way.

CONCLUSION

From the above report it has been concluded that, digital technology plays an important role in performing their task in a better way. It is helping them in implementing innovative and creative thinking in their business operations so that they can deliver suitable products to its customers. Along with this, work breakdown structure and Gantt chart is also explained that is helping them in framing all the stages for performing the task in a better manner.

For More You May Visit : Innovative Trends of Technology in Health and Social Care

REFERENCES

• Abouzeedan, A., Klofsten, M. and Hedner, T., 2013. Internetization management as a facilitator for managing innovation in high-technology smaller firms. Global Business Review. 14(1). pp.121-136.
• Awais Ahmad Tipu, S. and Manzoor Arain, F., 2011. Managing success factors in entrepreneurial ventures: a behavioral approach. International Journal of Entrepreneurial Behavior & Research. 17(5). pp.534-560.
• Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small business. Palgrave Macmillan.
• Brown, A., 2013. Managing challenges in sustaining business excellence. International Journal of Quality & Reliability Management. 30(4). pp.461-475.
• Busarovs, A., 2011. CROWDSOURCING AS USER-DRIVEN INNOVATION, NEW BUSINESS PHILOSOPHY'S MODEL. Journal of Business Management.(4).