There are various kind of technological development which are taking place within the company in modern scenario due to which entire process and operations are getting better and ease. There is a platform of opportunities on which there are ample of activities which takes place which can help in enhancing the growth of company. Moreover, digital technology mainly helps out in managing various kin of activities like gathering, analysing and thus storing up of data for taking up the steps in better and effective manner (Chesbrough, 2010). There are various kind of tools and techniques which can be utilised for mainly communicating within the customers regarding the services. Company taken for this report is Equilibrium Asset Management LLP which mainly deals in giving out the friendly expertise on the wealth along with investment management, pensions and estate planning strategies. There are various factors which will be discussed within this report is like drawing out the valid conclusion along with recommendations. Moreover, there is project management plan which will be also discussed within this report along with defining up of certain aims and objectives.
P1 Aims and objectives of the project
Within present situation, it is highly essential for company to adopt and utilise the innovative and technologies with motive of enhancing their level of performance. There are various kind of needs of clients which is highly essential to fulfil with help of digital technology. There are certain kind of positive impacts which can be made on certain activities of business for attaining the competitive advantage (Ahmed Dine Rabeh, Jimenez-Jimenez and Martínez-Costa, 2013). Equilibrium Asset Management LLP mainly has utilised the cloud technology as the online database which is being mainly utilised for saving up of database which are being used to clients. This helps out company to have ease access for the essential files anywhere at anytime which can be utilised for showing to clients. This helps in giving out positive impact on the mind set of the customers which in turn can influence them to utilise the services in future time. Social media is the tool which can be mainly utilised by the company to draw the attention of customers towards the services provided by company. Major motive of adopting the digitalisation within process is to improvise the level of production along with increasing the level of customers fort long period of time. There are various kind of benefits which are being provided by digital technology is the operations which are being conducted becomes much more effective and better outcomes and thus can impact on the ratios in positive way.
Topic: To apply digitalisation with motive of transforming the business process.
Background of project:
Every kind of business mainly emphasise their focus upon the level of performance by bringing positive changes within the activities as per the advancement within current situations. There are certain transformation which are taking place within the companies through digital technology . This in tun will give ample of opportunities for business expansion along with competitive place within market (Gebauer, Edvardsson and Bjurko, 2010). There are various kind of benefits which cloud technology will give to secure up the data along with declining up of interference up of external factors. This will bring improvisation within the services of the company and thus modify them as per the desires of customers. Hence it is highly essential for a business to make the aims and objectives before starting the new project for having better kind of results.
Aims: Implementation of digital technology for bringing changes within business activities.
- To find out the effectual execution of digital technology in a company.
- To determine the actual wants of business for activities arrangement.
- To criterion the entire effectualness of digital technology on business process and its changes.
- How digital technology can be applied within business process?
- Why it is highly essential for company to transform the business activities?
- What are outcomes of bringing changes within business activities?
P2 Project management plan
Project management plan is on the essential activities which can be utilised and conducted by every kind of business working within marketplace. There are certain aims and objectives which are being made to give out the better way of direction which will help in executing the business activities in effectual manner. There is the project management plan which should be made by company in order to attain the certain targets and that too in allocated period of time (Trimi and Berbegal-Mirabent, 2012). Major benefit which can be availed is that it making the project management plan which in turn will mainly execute the entire level of business activities which in turn will lead to long term benefits. Moreover, it will help in giving out the guidance which can mainly define the scope of project like cost, resources, quality and other risk factors. This in turn mainly will help out in making the project much more successful and thus the company like Equilibrium Asset management LLP will accomplish the objectives by using out the effective tools and techniques. It is highly essential for a manager to have deep research about the all types of factors which can make impact upon the decision of final project. Below described are the factors:
- Scope of project: In current situation, clients needs and needs are change in quick speed and innovation improvement is likewise happen in business. It give different chances to the organization to give quality items and administrations according to clients request . With the assistance of this undertaking additionally grow their business exercises in new area in which they accomplish better outcomes by conveying their administrations in advertise (Jones and Lubinski, 2012). In this, Equilibrium Asset management LLP grow their online business in which they give their administrations on online stage which help in augmenting their benefit level in suitable way. The extent of this task is wide in which organization achieve different chances to accomplish accomplishment at commercial centre.
- Management of risk: Before executing the various kind of activities it is highly essential for a manager to have a look upon the risk management factors. In aspect of the mentioned company, it is the famous company which has effective services to be given to clients. Services provided by this company will help out in attracting large amount of customers. Along with this, company of the manager will mainly look out in various kind of risk factors while making implementation of various activities for having maximum outcomes in proper manner.
- Quality control: This is one of the vital factor which is being utilised to attain the aims and objectives in allocated period of time. High quality of services will help out in increasing the profit ratios within the marketplace along with obtaining competitive advantage in effective manner (Smith, 2011). It is highly essential for the manager to maintain the quality while giving out services. In present situation,there are various kinds of services which are being provided to the target customers which can mainly provide the various kind of advantages to the company which can bring strong position within marketplace. This in turn will help out in enhancing the level of performance and thus mainly improve the level of performance along with increasing the base of customers within the company.
- Cost: This kind of factor is highly essential while formulating plans for the project as this will decide the prices of outcomes and services. So more effective will be the strategies , then more will be the better prices of services. There are better results which are being obtained along with executing the services in better and effective manner.
- Time: It is highly essential to have this kind of factor within the project management plan. This kind of factor mainly decides that in what tenure the implementation will be done and it will be become successful in nature. Completing on time gives positive feedback upon the mind set of customers. In aspect of Equilibrium Asset Management LLP which can mainly ensure that the various kind of activities which in turn can mainly complete the activities on time.
- Communication: It is highly essential to have better level of interaction within management and employees. There are certain kind of objectives within appropriate time scale (Incelli, 2013). There should be effective communication funnel which should be present within company so that crucial data can be shared among one another in better and effective manner.
From the above statement, it can be stated that there are various kind of elements for the project management plan which are being utilised by the managers for making the plan much more successful. By this way, positive image which can be observe within marketplace for the company and thus competitive advantage which can be gained. There is the effective project plan which can be made to implement the activities for attaining the better success.
P3 Work breakdown structure and Gantt chart
Work Breakdown Structure:
There are certain kind of roles and responsibilities within the members allocated and thus they have to divide it as per the activities. Along with this, there is limited power which is being given to them for having various kind of outcomes and maintaining long term relations. There are various kind of factors which in turn will help out in resolving various kind of issues even the complex ones (Work Breakdown Structure. 2018). The most common one which is being utilised is the work breakdown structure and this can be utilised by company for better outcomes. Numerous kind of techniques are present which are being utilised by the company like Equilibrium Assets Management LLP. There are various kind of companies which are small in scale like above mentioned company where this kind of factor can be observed less but after attaining growth, structure can be changed and this factor can be implemented.
This can expressed as one of efficacious methodology which is in effect basically used for finishing the work. Henry Gantt who is the organizer of this idea and he has expressed that the time period will be done alongside assets for culmination of undertakings (Gantt Chart. 2018). There is the device of time administration which is being used by Equilibrium Assets Management LLP for influencing an opportunity to outline who are working upon specific undertakings. Also, when this device will be used in powerful way, it will for the most part decrease the odds of mistake and undesirable variables from different sort of elements. Gantt Graph assumes vital part in assessing and checking the exercises which are being used by organization in giving out better results.
There are certain kind of activities and plans which are followed by the Equilibrium Asset Management LPP which in turn can mainly execute the certain kind of activities which can also give better results in most effective manner (Kankaanranta and Planken, 2010). By the help of this, area of operations which will be increased by the help of adopting the latest technology which in turn can mainly is much more convenient for every kind of person to avail the services in better and effective manner. By applying both kind of factors, it is easy for the top management to take the effective decisions which in turn can mainly lead to have minimising the chances of uncertainty within the company which in turn can lead to expand the area of operations.
P4 Small scale research by applying qualitative and quantitative research methods
For a researcher, it is highly essential for him to have better methods which can help in conducting the research. There are various kind of methods which can be utilised by the manager to mainly execute the entire level of activities which in turn can mainly attain the positive outcomes in effective and better manner . This in turn will mainly help the researcher to convert the data collected into effective and efficient manner which van help in analysing for better ways for attaining objectives (Introducing Research Methods. 2017.). From this point of view, There are two kind of methods which are mainly utilised by the research with motive of collecting the relevant data and they are primary and secondary methods.
Both of the methods are being utilised by the researcher for collecting the data for the research topic. This in turn will help in concluding the appropriate recommendations. In aspect to the Equilibrium Asset company, they mainly use the primary data for gathering up of data for making the better decisions for business expansion. There are various other methods which are being defined by the researcher while research execution which is being described below:
Moreover, there is the normal researcher which can mainly utilise both kind of qualitative and quantitative methods with the motive of attaining the positive results within entire process of research. All the essential methods can be utilised for the research in order to draw the better results conducted through the methods of primary and secondary methods.
Primary data: This is the most common and appropriate method which is being utilised by the manager of above mentioned company for research conduction (Lin and Chen, 2012). This is the method which mainly gathers new and raw data for defining the better research conclusion. It is highly essential for designing the effective and better questionnaire by the company which in turn can help out in gathering up of collecting the data in effectual way.
Q1) Are there any kind of benefits by digital technology to company?
Q2) Is there any kind of long term impacts for Equilibrium Asset Management LLP?
Q3) Are there any kind of impacts upon the process of business by digitalisation?
Q4) Does digital technology has importance upon the business operations?
Q5) Is the company has abilities and potential to draw the attention of customers?
Q6) What kind of impact digitalisation has made upon Equilibrium assets company ?
· Positive Impact
· Negative Impact
Q7) What way digitalisation will impact upon the future process of company ?
· Can't say
Q8) Does digitalisation will reduce the Red-Tapism ?
Q9) Which type of marketing methods should be used by organization to execute as well as undertake their promotional activities?
· Traditional marketing method
· Modern marketing method
Q10) Any recommendation for Equilibrium Assets Management LLP regarding digitalisation implementation?
Secondary data: This can mainly be stated as an effective method which is being utilised for collecting the data for research along with other information by books, articles, Journals, Magazines and many more. This kind of method mainly helps out the manager to gather around the data regarding the research topic and thus mainly evaluate the better level of decisions (Lai and Ong, 2010).
As per the case study, there are various kind of efforts which are being made which are mainly being made for adding up the values along with some kind of features within the product line along with making some kind of new services for having large number customers. Main focus of the company is on having large amount of market share for its rivals by having high quality services to its customers.
Along with this, there are various kind of new and innovative methods which can be applied within the product line and that can be done by undertaking the promotional activities on the social platform. Moreover, there is the concept of digital technology which mainly defines the positive impact upon the company which in turn can help out in making contribution fo entire success for the company on marketplace.
From the above mentioned report, it can be reasoned that innovation advancement is more basic for each organization since it give different open doors top the business association to get higher accomplishment at commercial centre. Alongside this exploration is additionally essential for business so as to gather all the significant data towards the point. With the assistance of this director effectively take fitting choice and enhance their execution level. By this organization effortlessly extend their business exercises and achieve upper hand in commercial centre.