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Impact of Digital Technology on Business - Marks & Spencer

University: University of Cambridge

  • Unit No: 11
  • Level: Post Graduate/University
  • Pages 14 / Words 3500
  • Paper Type: Assignment
  • Course Code: BM565
  • Downloads: 0
Organization Selected : Marks & Spencer

INTRODUCTION

Technology is one of the factor without which a business organisation cannot achieve its set goals. One of the main reason behind this is that it provide an opportunity to business firms to take better business decision and this provide competitive benefit to entity. Cloud technology is one of the main feature of use technology in business organisationCosten and Salazar, 2011). This provide an opportunity to business entities to transfer huge amount of information from place to another with just few seconds. This help organisation in take better business decision. In today’s business environment satisfy the needs of customers is one of the main focus of every business organisation as this is the only way to survive in market. For fulfil the requirements of customers various type of research are carry out by business firms in order to collect information about their needs, wants and requirements. In this context, concept of digital technology provide various tools to collect, analyse and store large amount of information. Further this decrease the chances of hacking and at the same time support firm in take right business decision. Other major advantage of use technology is that it help in complete business operations in minimum time with minimum cost which enhance efficiency of business project (Truong, Simmons and Palmer, 2012). Mainly concept of digital technology highlight the use of various software, technology and electric devices for analyse various business situations for take right business decision. Further, this help entity in manufactured new and better products which help in attract large number of customers. Technology encourage innovation at workplace and when entity offer something new to its customers then it help in create a positive image and at the same time enhance goodwill of firm. Large number of technical tools and methods are there which can be firm and to get maximum benefits of adopt technology, it is very important that tight tool should be use by manager. For replace the old process of business today every enterprise is depend on use of computers. Whether it is a field of finance, marketing, science or management computers are use in every field (Zott, Amit and Massa, 2011).

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Technology help business in maintain an optimum level of inventory that help in fulfil the requirements of customers and at the same time decrease the maintenance cost of firm. With this, M&S can maintain an optimum level of stock with minimum amount of cost. With help of technology, M&S can provide better services to its customers and can keep them for a long time period. Implementation of technology at workplace should take place in adequate manner as this decrease the chances of failures and increase flexibility. Information is known as one of the most significant assets for a firm as this help manager in make informed business decision. Further this help in create and maintain good relations with customers(Keeble and Wilkinson, 2017). Technology offer so many communication channels to organisation which help in interact with customers in an effective manner. With this, entity can make the customers inform about its offering and at the same time can influence them to buy the same. Feature of store and share large amount of data support managers in take informed decision which increase effectiveness of business activities. Better decisions enhance productivity and improve firm’s productivity. For achieve set goals and objectives, it is very important for manager to create and maintain good relations with suppliers, employees, customers and many more. Concept of digital technology provide different communication channels to managers to interact with parties that contribute more in success of firm. IT (Information technology) has become a significant factor of every type of enterprise whether it is small medium or large. This help both employees and manager to perform their job roles in effective manner which boost up the process of business’s success. Adequate amount of information help manager in examine various factors that help in find better solution of business problem.

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LITERATURE REVIEW

It is identify as one of the essential and foremost element of research project. This component is effective in nature because with the help of these business organisation easily accumulate information via secondary resources. These are possible with opinion and point of view of writers or authors. This type of research assist in organising effective investigation as to developing entire activities and functions of research in an appropriate and systematic manner. Literature review is an essential tool that give a theoretical model which support in collecting necessary information and content through the sources of secondary like journals, online sites, books and many other beneficial aspects. In this type of section past investigation supports in analysing the view of various writers as well as authors also as to gathering appropriate and accurate outputs for the windup of research projects. It is also important for the each and every enterprise to collect proper data about customer taste and preference about digitalisation.

The requirement of developing digitalisation in business activities of Mark & Spencer:

Ghobakhloo, Arias-Aranda and Benitez-Amado, 2011 concluted thatSocial media is one of the better and foremost part of the digitalisation because with the help of this tool M&S easily introduced their products and services in marketplace and to the customers. Thus, digital technology play vital role in the success and growth of company. Further, it is benefited business entity to maximise customer base as well as increase their sales. In today's era, M&S is concern on implementing digitalisation in their business operations and activities. It support the company to attract large number of customers and improve their performance in marketplace. Digital technology is more important tool for the company to gain competitive advantages and improve their profitability in limited time duration. M&S is a retail business entity which deals in different variety of grocer products. Company plans on implementing or developing a large number of variations to its business functions and strategy applying a large review which motive to bring actual worth to its clients and the whole organisation. Aydalot and Keeble, 2018concluted that New changes and modifications cover the implementation of an innovative Technology operating framework, which is fit to drive important efficiencies in how company works and performs. Thus it is important for them to attract large number of clients by providing quality products and services to the them. Digitalisation is also support the M&S to grow their success and progress effectively.

The welfare of digitalisation such as social tool on processing innovative products and services at market place

Digitalisation is more essential and important part for the M&S in order to implement new products and services in marketplace. It is also significant for the enterprise to maximise clients base in the organisation. With the help of social media business entity easily promote their all products and services to the customers and in the marketplace. Digitalisation is also support the retail sector to increase their productivity and profitability in an easy manner. Products and services both are most essential element for the organisation to maximise their growth and success at marketplace. As per the point of view Bayo-Moriones, Billón and Lera-López, 2013digitalisation assist to reduce cost and time which benefited business to establish their better image in marketplace. The main motive of implementing and creating digitalisation is to advertising highly featured and effective products which develop more value in pleasing and rewarding the wants and requirements of large number of person. In dynamic marketplace and environment, different persons are mainly depend on the high technologies and tools as to making comfortable and better life. Thus, it is identify as a main role and duty of manager is to develop quality products and services in marketplace. With the support of proper techniques and concepts M&S is concern on implementing innovative and fresh goods as per the preference and choice of customers at market. Therefore, digital technology also assist the company to increase their turnover and reduce additional cost of the products. Thus, it assist to gain competitive advantages and benefits within an organisation. Digital technology highly support the business entity to innovate new services and process. Thus, it assist to increase sales and reduce cost as well as time also. It is identify as an effective and essential way to easily accomplish their long term targets and objectives in a systematic manner.

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The different evaluation which are adopted by Mark and Spencer in regard to grow their business operations and activities at large scale.

Bozeman, Rimes and Youtie, 2015 concluded that digitalisation In the competitive and dynamic environment business entity expand their business operations and activities at large scale which assist them to maximise their growth and profitability at marketplace in given time period. M&S is a multinational and retail company that want to expand their activities and functions at large. In this they highly required to maintain and retail their position at marketplace. Therefore, with the use of digitalisation in their operations, company easily attract large number of customer as well as maximise their revenue also. There are different tools which are used by the M&S to gain competitive advantages within an organisation. These are determined as below:

Adoption of innovative and digital tools:It is identify as a most important and beneficial evaluation which is used by the M&S with aim to developing their productivity and performance. As a retail sector Mark & Spencer emphasised on selecting social media techniques which help them to enhance their communication channel. Therefore, it help in rendering developing and better performance and effectiveness of company at marketplace. New technology is also essential and valuable for the enterprise to attract different number of clients easily. In order to promote and advertise new products at market company apply social media and many other concepts such as Marketing mix. On the other hand Charles Jr, Schmidheiny and Watts, 2017.These element support the company to easily enlarge their business operations and functions in an appropriate manner. New technology is also support to business entity to attract maximum number of customers as well as increase their turnover in an effective and efficient manner.

Introduce an innovative products and services: Digitalisation is also support the business organisation to introduce their new services and products in marketplace. For this, company try to provide home deliver and many other beneficial services to the clients. They also innovate in their products which attract wide range of customers in systematic manner. The preference and choice of clients are changed according to market demands. Thus, it is the role and responsibility of marketing manager to conduct research program which assist to innovate new products and services by satisfying basic wants and requirement of people. With the help of innovative products and services business organisation easily accomplish their long term objectives and targets in given time duration. According to the Costen and Salazar, 2011digital technology is essential and valuable for the enterprise to establish their better image and goodwill in market. In this business entity conduct research and development programme which support to analysis needs and demands of the customers easily. So that company is aware about customer requirement and they easily satisfy. Thus, it assist to maximise their growth as well as sales also.

Develop an innovative market segment: Digitalisation also support the company to develop a new market segments. It is mainly based on the customer needs and wants. Beside this, M&S wants to enlarge their business functions and operation at innovative place where they highly required to maximise customer base. So in this they need to classified marketplace as per the wants and requirement of clients. It is done with the assist of digitalisation and innovation in the products and services. It is also a necessary component which develop value in enlargement of organisation and its activities or functions at large scale. In the modern and complex era M&S are widely interest on capturing large number of market share in regard to accomplishing high success and development at marketplace. According to the Davenport and Short, 2011 concluted that market segment is mainly based on the customer needs and wants that easily attract maximum number of customers towards business process, methods, products and services. It also support them to increase sales and turnover in allotted time duration.

Digitalisation of organisation culture: Digital technology is essential and beneficial for the M&S to change their culture. It assist in the attraction of large number of clients and maximisation of sales and revenues. With the help of social media, M&S easily introduced changes in their culture. Thus, customers are aware about this and gain competitive advantages easily. Digitalisation also support business manager to provide effective training and development to their workforce so that they work with happily and effectively. It support them to maximise revenues and turnover systematically as well as effectively.

Digital transformation:Digital technology is also beneficial and essential for the M&S to save their cost and time. Both are important part of the enterprise to increase their sales and turnover in an effective and efficient manner. It is also useful for the company to improve their productivity and profitability in given time period.

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The effect of applying or using technologies on increasing the profitability and turnover of Mark and Spencer at market place

In the dynamic business era the main motive and objectives of the company is to accomplishing higher success and progress at market via obtaining attention of maximum clients towards the enterprise. On the other hand Dunning, 2015concluded that Digitalisation has more effects on the development ad growth of organisation at market. The implementation and development of new technology support the business entity to maximise their sales and revenues in limited time period. With the help of digital tool, business manager easily develop their new services and products. Therefore, it assist to achieve long term and pre-determined goals and objectives in given time period. Appropriate technologies and tools assist in producing highly featured as well as innovative products to enhancing sales and performance of clients. M&S using digitalisation in their products, services, methods and process which help them to increase their effectiveness and performance within an enterprise. As a famous and large business organization Mark & Spencer is promptly using digitalisation in regard to producing innovative goods and developing consciousness among the large number of person regarding the offered services and products of organisation at market place. On the other hand Ghobakhloo, Arias-Aranda and Benitez-Amado, 2011 concluted that digital technology help business organisation to maximise their revenues as well as goodwill in market that show better image for the company at market. Further, with the use of digital tool each and every enterprise easily develop long term growth and success at market. Therefore, it render better response of the customers which turn to attain predetermined goals and target in allotted time duration. Management information tool is more essential and significant element for the organisation to achieve long term growth and success at market.

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RESEARCH METHODOLOGY

For draw valid conclusion and to ensure completion of research in adequate manner, methodology is use by investigator. This consists major tools, methods and techniques use for collect and interpret data. Major methods use by researcher consist qualitative and quantitative research method. Data related with number and figures is collected and analysed by researcher in case of quantitative research method. For draw meaning with this type of information statistical tools are use by investigator (Keeble and Wilkinson, 2017). Observation and survey are the two major methods that are use for this type of research method. In qualitative research methods, elements such as attitude and behaviour of respondents is examine by researcher in order to carry out research. Main advantage of this type of research method is that it support researcher in gather huge amount of data. Present research is based on qualitative research method.

Research philosophies: This aspect of research methodology highlight the belief on which all information related with the main topic of research is collected and analysed. Mainly there are two main philosophies of research one is interpretivism and other one is positivism. Interprevitism research philosophy help researcher in offer different options which support investigator (Melville, Kraemer and Gurbaxani, 2014). Positivism research philosophy provide validity to the research which help in draw valid conclusion. Present research study is based on interprevitism research philosophy.

Type of research study: This factor indicate the process and structure follow by researcher for carry out investigation and to collect information. Mainly this reveal all the major steps involve in complete research. Various type of research design are there which can be use by researcher. Most popular research designs are descriptive, experimental and exploratory. In addition to this research designs are mainly divided into five categories as given in the following points:

  • Descriptive: Under this investigator does not manipulate the information gather for the main purpose of carry out research. This make the researcher able to about the real market conditions which help in draw valid conclusion. Overall this research design help in determine the true picture.
  • Exploratory: As the name indicate, under this research design various efforts are done investigator to explore a problem or issue. When researcher explore various factors then it help him in better understand the cause behind that problem and all this help in find a effective solution.
  • Causal: This research design provide an opportunity to investigator to analyse more than two variable which further support in understand the relationship between cause and effect.
  • Prescriptive: This research design is use by investigator to find an effective solution of research problem.
  • Forecasting: Available past information is collected and analysed by researcher for predict the future trends.

Data sampling: For carry out research, investigator collect data and for gather data it is not easy to gather views of whole population. In this situation, a group of individuals known as sample is collect and use by researcher to gather information. Two major methods are there for select a sample known as probabilistic sampling and non probabilistic sampling (Vahlne and Johanson, 2017). A sample of 50 respondents is choose for this study.

Data collection: Primary and secondary are the two major methods of data collection. Primary method of data collection help researcher in collect up to date data and help in draw valid conclusion. Under secondary method of data collection, already available data is gathered and analysed by researcher. This method of data collection is costs effective and time saving.

Ethical consideration: Various step are follow by researcher for carry out research in adequate manner and to achieve desired outcomes. Every researcher face some kind of problems and issues during investigation and deal with all problems in right manner is very important as this increase effectiveness of whole research (Bayo-Moriones, Billón and Lera-López, 2013). It is very important for researcher to keep the personal data of all individuals include in the research confidential. No unauthorised party should have a chance to access that data.

Activities and timescales: As research is a lengthy process, so various steps are involve in this. To ensure execution of all activities in right manner a written plan can be formulate by researcher as this guide and direct him to carry out research. Main steps involve in the process of research are as follows:

  • Determine research topic
  • Formulate research aims and objectives
  • Literature review
  • Develop questionnaire
  • Collection and analysis of information
  • Conclusion and recommendation

REFERENCES

  • Aydalot, P. and Keeble, D., 2018. High technology industry and innovative environments: the European experience. Routledge.
  • Bayo-Moriones, A., Billón, M. and Lera-López, F., 2013. Perceived performance effects of ICT in manufacturing SMEs. Industrial Management & Data Systems. 113(1). pp.117-135.
  • Bozeman, B., Rimes, H. and Youtie, J., 2015. The evolving state-of-the-art in technology transfer research: Revisiting the contingent effectiveness model. Research Policy. 44(1), pp.34-49.
  • Charles Jr, O.H., Schmidheiny, S. and Watts, P., 2017. Walking the talk: The business case for sustainable development. Routledge.
  • Costen, W. M. and Salazar, J., 2011. The impact of training and development on employee job satisfaction, loyalty, and intent to stay in the lodging industry. Journal of Human Resources in Hospitality & Tourism. 10(3). pp.273-284.
  • Davenport, T.H. and Short, J.E., 2011. The new industrial engineering: information technology and business process redesign.
  • Dunning, J.H., 2015. Reappraising the eclectic paradigm in an age of alliance capitalism. In The Eclectic Paradigm (pp. 111-142). Palgrave Macmillan, London.
  • Ghobakhloo, M., Arias-Aranda, D. and Benitez-Amado, J., 2011. Adoption of e-commerce applications in SMEs. Industrial Management & Data Systems. 111(8). pp.1238-1269.
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