Describe about the Case Study for Impact of Technology and Innovation in the Business Development Process.
Nowadays, the business development process is largely dependent on the communication process. Most of the business analysts have agreed with the fact that the healthy business communication process not only facilitates the organization to expand its business across the global platform but also contributes to developing its business execution process in an effective manner (Baltzan 2012). During the mid-century, the large organizations had faced several challenges to expand the business into the foreign market due to the lack of business communication. In the modern era, technical advancement has facilitated organizations to develop its business opportunities in an efficient manner (Somsuk, Wonglimpiyarat and Laosirihongthong 2012). By discussing the advantages of technology in the business communication processes, different factors can be highlighted including financial savings, expediency, and specialized employment. On the other hand, some of the benefits of the technology in business are such as automation, enhanced sharing information, easier storage, easy marketing and promotion of the product, etc. However, organizations often face challenges in implementing the enhanced technology into the business due to lack of financial resources (Palo and Tähtinen 2013). In this context, the different beneficial aspect of the innovative technology will be discussed in an appropriate manner. Different point of views of authors on this particular research topic will be highlighted.
According to Davenport (2013), business communication and business development process are related to each other. Without developing the business communication process, organizations would not be able to obtain profitable outcome. On the contrary, Schoenherr (2012) has argued that the business communication process depends on different perspectives. With the involvement of the enhanced technology, organization could be able to increase its business opportunities within a short time frame. Dunning (2013) has discussed the fact that the lack of implementations of technology in the business, would create major difficulties for the organizations to retain the business growth in the competitive market.
Onetti et al. (2012) have shared his views that the exponentially advancing technologies including sensors, networks, artificial intelligence, robotics, synthetic biology, 3D printing etc have been causing disruptive growth in the business. Consequently, these advanced technologies have been transforming the global business in an effective manner. On the contrary, Jussila, Kärkkäinen and Aramo-Immonen (2014) have highlighted the fact that the small and medium enterprises have been facing challenges in enhancing the business opportunity by adding the improved technology. According to a market survey, most of the small and medium enterprises are unable to deliver high performance in the business due to ineffective technological implementation. It has been seen over 60 percentage of the small industries have been facing challenges in developing the business opportunity due to the lack of financial resources. Hopkins (2012) has argued that without identifying the proper technology, organizations would not be able to implement that into the business.
According to Bijker et al. (2012), during the mid-century, most of the organizations had faced challenges in enhancing the business effectiveness due to the traditional form of promotional activities. The traditional advertising was inexpensive and hence, it facilitates the small and medium organizations in promoting their brands across the global platform. On the contrary, the traditional advertising process is unable to expand the product information within a short timeframe. The technological advancement has facilitated the organizations in enhancing the promotional activity. Onetti et al. (2012) have discussed that the modern form of technology has shaped up the advertising process in an effective manner. It has been seen that without implementing the advanced promotional process, the organizations would not be able to improve their sales revenue. If an organization can obtain the high sales revenue from the business, it can easily include the new and enhanced technology in the business.
Soetanto and Jack (2013) have discussed different beneficial outcomes of the technology and innovation in the business. The advanced business technology can be categorized into two sections including the advanced software for business and improved hardware technology for business. Most of the small businesses have been utilizing the business software for developing their business opportunities in an effective manner. Some popular business software includes accounting software, time tracking software, planning software, business intelligence software, human resource management software, inventory management software, customer management software and supply chain management software (Duffy and Jonassen 2013). By involving these types of software, organizations can reduce the business problems as well as execute the tasks. The invention of business accounting software has facilitated the organizations in developing their business execution process in an effective manner.
Over the past few years, a growing tide of journals, articles, and books are highlighting the impact of technology and innovation on the business development process. Most of the multinational organizations have been focusing on their market analysis process, as it allows them to identify the appropriate technology for the enhancement of the business. The effective business communication process indeed facilitates the organizations in developing their foreign relation. Consequently, organizations can extend their business to the large domestic market as well as the foreign market. Clarkson et al. (2013) have identified the fact that the limited global presence of the organizations is responsible for their limited market share. Due to the limited market share, the organizations often face challenges in including enhanced business technologies in the execution process. The market survey has identified the fact that the biggest advantage of the improvement of the technology in business communication is the financial savings. The particular process facilitates the small organizations to compete with large multinational companies in the global platform. For instance, before the voice of internet protocol, the organizations had faced several challenges in placing the long distance call. Organizations often try to improve their business development process through the implementation of the accounting software. The particular accounting software has improved the accounting department in an effective manner. Block and Keller (2015) have discussed that the financial management software improves the business efficiency and performance by simply focusing on different activities. In recent days, most of the organizations have been focusing on sales force enhancement for improving the business revenues. For enhancing the sales revenues, the organizations need to include the customer management software in the business. Lehoux et al. (2014) have discussed that the different types of CRM software have been facilitating the organization in enhancing the customer management process. Without improving the customer management process, the organization would not be able to increase customer engagement and productivity in the business. Moreover, it boosts the rates and revenues in the business.
By analyzing the previous literature review, it can be assessed that the business development includes some tasks and processes aiming at implementing and developing growth opportunities within the organizations. Ross (2016) has identified that the business development is a long-term process for enhancing the organizational performance in an efficient manner. The business development process includes different business requirements including sales, finance, marketing, managers and acquisitions, legislations, strategic management, etc. With the involvement of the enhanced technology, most of the discussed business requirements can be fulfilled in an effectual manner. Sometimes, organizations face challenges in understanding the current market demand. Consequently, they often invest in wrong technology. On the other hand, Haeussler, Patzelt and Zahra (2012) have argued that the larger and well-established companies involved in the technology related industry often focus on setting-up and managing strategic relationships, as it would facilitate them in building healthy relationships with third-party companies. Azma and Mostafapour (2012) have highlighted that the technological enhancement in the business facilitates in obtaining sustainable growth. Consequently, small and medium enterprises often face challenges in achieving the sustainable growth due to lack of implementation in the technology. Nowadays, some business development organizations have started facilitating the small companies in selling the complex products and technical supports for achieving their business growth objectives. Ross (2016) has suggested that the organizations facing financial crisis should obtain facilitation from other organizations. It has been seen that the organizations are often unable to target their audience properly. Consequently, they do not obtain high growth in the business. An effective business promotional strategy might be able to facilitate the organization in identifying the audiences for the business. hence, it can be assessed that the technological advancement could provide a wide range of ideas for enhancing the sales in the business.
Conclusion:
It can be summarized that the organizations obtain huge beneficial aspects by involving the innovative technology in the business. Nowadays, most of the organizations have been facing challenges in implementing the innovative technology in the business due to lack of market research and financial planning. In this context, different point of views of the authors has been discussed on the particular research topic. The particular literature review has highlighted the different factors of the business development process. Besides, the process of implementing the technology into the business has also been analyzed in this particular literature review. During the mid-century, most of the organizations had faced several challenges in the business execution process due to the lack of innovative approaches. In this literature review, the challenges and opportunities for implementing new and enhanced technology in the business have been discussed in an effectual manner.
Introduction:
Over the past few decades, the developed countries have been enhancing their productivity performance through the implementation of technology in the business (Ritala and Sainio 2014). However, there are some significant gaps in the marketing process. Nowadays, technological advancement has been facilitating the organizations to improve their business communication in an effectual manner. Most of the business analysts have agreed with the fact that the ever-evolving technology has been driving and transforming the business every day. For instance, the innovative technology has been facilitating the organization in executing the payment method in an easier way (Bruneel et al. 2012). The implementation of innovative accounting software has been fruitful for the organizations to enhance the business opportunities. Hence, it can be assessed that the technological change has facilitated in enhancing the business communication process, which indeed facilitates in developing the business within a certain timeframe.
In this particular proposal, the importance of technology on business will be discussed in a detailed manner. Research questions and objectives will be formed for analyzing the research topic in a systematic manner. Moreover, a brief methodology will be provided that would consist of different tools and techniques.
The research questions are formed based on the research topic about the impact of technology and innovation on the business development process. The research questions are provided as follows:
The research objectives facilitate in executing the research activities in a systematic manner. With the involvement of the objectives, the research can be analyzed in a detailed manner. The research objectives are as follows:
The overall research content will be well established in this particular assignment through conducting the in-depth analysis. In the recent years, most of the organizations have been facing the difficulties of implementing new and enhanced technologies into the business due to the lack of financial resources. The technological advancement has brought a radical change to the global industry (Gadde, Hjelmgren and Skarp 2012). During the mid-century, most of the multinational organizations were facing challenges for expanding the business into the foreign market due to the lack of business communication. On the contrary, the traditional form of business has also facilitated the organizations in experiencing the profitable growth. Most of the business analysts have agreed with the fact that the technological advancement has been responsible for the enhancement of business communication. On the other hand, the innovation has also shaped up the promotional activity in an effective manner.
Nowadays, a tide of articles, books, and online research are conducted based on the topic of technology and innovation and its implementation into the business. With the involvement of this particular research topic, the students could identify different aspects of technology and innovation. Hence, it can be assessed that the research topic is quite interesting due to its impact on the global business. From a student’s point of view, this particular research topic would facilitate in enhancing the knowledge about the global business development process. On the other hand, the students could enhance their individual knowledge on the technological changes through analyzing the particular research topic. Hence, it can be assessed that the particular research topic is an interesting topic from an academic and practical perspective.
There are some problem statements for this particular research topic. The prime issue to the organizations is that they are unable to implement enhanced technology into the business due to the lack of financial resources (Sun, Huang and Wu 2012). Small and medium enterprises face challenges in enhancing the business communication process through the implementation of new and innovative technology. Besides, the organizations need to arrange a developed training session for understanding the new technology. Consequently, it needs extra financial resources. On the other hand, organizations need to invest adequate time for obtaining an enhanced outcome from the implemented technology. Before implementing the new technology, organizations need to analysis the existing market so that they could identify the demand for bringing innovative solutions into the business (Davenport 2013). Without understanding the marketing needs, organizations would not be able to identify the right solutions for the business.
The rationale of the topic indicates the process of justifying the research issues. The above-discussed issues are affecting most of the small and medium enterprises, as they are often unable to arrange the financial resources for implementing the innovative technology into the business. During the mid-century, most of the organizations had been facing issues in developing the business due to lack of technological changes (Schoenherr 2012). Despite having enhanced technology, most of the organizations still are unable to develop their business due to lack of planning and implementation. Hence, it can be assessed that a gap has been remaining in the process of business development.
There are different aspects of the research topic. In this context, the importance of technological changes in the business development process will be highlighted. Besides, the challenges for implementing innovating technologies would also be discussed in an effective manner.
Despite having some research barriers, the investigator will try to put reliable data for enhancing the quality of the particular research proposal. The literature review will highlight the different point of views of authors. Moreover, the investigator will utilize several online data. Hence, it might create barriers to the investigators, as the online data may not be reliable. The aim of the research topic is to evaluate the importance of technology and innovation in the business development process. In this particular research proposal, the research objectives are included which relates the research topic. On the other hand, the research questions will be developed based on the research objectives. Hence, it can be assessed that the research objectives and questions are related to each other.
The research methodology includes different tools and techniques for analyzing the particular research topic in an effectual manner. There are three types of the research philosophy including positivism, realism, and interpretivism. Positivism research philosophy is highly structured. It includes large samples. By including positivism research philosophy, the research topic can be analyzed in a detailed manner (Mackey and Gass 2015). On the other hand, the realism philosophy is chosen while preferred methods need be fitted in the subject. In this context, the positivism research philosophy will be selected for analyzing the research topic in a structured way. On the other hand, the positivism research philosophy will facilitate in utilizing the quantitative and qualitative data analysis techniques. By including the mixed-data, a huge number of data can be accumulated which would facilitate in enhancing the quality of the research.
Research design can be categorized into three parts including explanatory, exploratory and descriptive. In the exploratory research design, the investigator generates the insight about the situation. On the other hand, the explanatory research design facilitates in explaining the research issues in an appropriate manner (Taylor, Bogdan and DeVault 2015). However, the descriptive research method contributes in analyzing the topic in a detailed manner. In this context, the descriptive research design will be utilized. The particular research design would facilitate in identifying the new and enhanced technology for the development of the business.
In this particular research paper, the deductive research reasoning will be applied, as the particular reasoning will facilitate in testing the hypothesis in an appropriate manner. The deductive reasoning needs to be conducted through a particular process including some steps such as theory, hypothesis, observation or confirmation or rejection (Silverman 2016). In this context, the hypothesis can be developed to assess the impacts of technology and innovation over the business.
The particular proposal will be researched followed by a logical and cohesive structure. In this assignment, the structure has been developed based on the research topic. without following a proper structure for the assignment, the analysis could not be conducted within a particular timeframe. In this context, the aims, objectives, and questions have been provided along with methodologies and data analysis process. Hence, it can be assessed that the structure of the particular proposal has been successfully formed.
The methodology sections need to be included proper tools and techniques. In this particular proposal, all sections have been included properly so that the research could bring appropriate outcomes. Based on the aims and objectives of the topic, the research questions have been formed. Besides, the data analysis and methodology sections have been included, which will facilitate in outlining the entire process of data accumulation for the particular research topic (Panneerselvam 2014). In this context, the literature review will be connected with the research objectives for analyzing the research topic in an appropriate manner. Different theoretical approaches will be included in the assignment for outlining the importance of technology and innovation in the business development process.
In this particular research assignment, the primary research method will be employed. With the involvement of the primary method, the reliable data can be accumulated from different sources. On the contrary, the secondary data will be avoided due to lack of data reliability. The topic is based on the technology and innovation, which is a most discussed current research topic. Hence, the primary method will facilitate in identifying the proper issues of the topic. Besides, the primary data will facilitate in evaluating the current challenges facing by the small and medium enterprises in implementing innovative technology in the business (Flick 2015).
There are two sampling techniques including probability and non-probability sampling technique. In this context, the non-probability sampling technique will be utilized. By following the particular sampling technique, the biased responses can be reduced (Neuman and Robson 2012). Consequently, the data analysis will be more valid, and it will produce an effective outcome. Besides, the random sampling also facilitates in identifying the respondent or participants within a small timeframe. In this context, the target population would be employees and the management of a particular organization. For conducting the quantitative data analysis, the survey process will be followed. Some of the potential employees will be selected for the survey process. On the other hand, the quantitative analysis will be conducted followed by the interview process, where some key professionals of the particular organization will be approached for being the participants. In this research paper, the small sample size will be employed. For instance, 50 employees and 5 key professionals of the organization will be selected for conducting quantitative and qualitative analysis respectively.
This particular research proposal will highlight the linkage between the literature review and research objectives and research questions. The aim of the research project is to evaluate the importance of the technology and innovation in the business development process. Onetti et al. (2012) have discussed the fact that the small and medium enterprises are facing huge issues in implementing innovating technology in the business due to lack of financial resources. However, the technological advancement has been facilitating the large organizations in developing their business communication in an efficient manner. Bijker et al. (2012) have discussed in the literature review section that there are several challenges in implementing innovating technology in the business. For instance, the organizations need to analysis the demand of the existing market so that they could identify the appropriate technology for their particular business. Duffy and Jonassen (2013) have recommended that the organizations need to provide an enhanced training session to the existing employees so that they could grab the knowledge of the new technology.
In this context, both qualitative and quantitative methods will be included for obtaining the enhanced data on the research topic. With the involvement of the qualitative analysis technique, the investigator will understand the impact of innovative technology on the business development process. On the other hand, the quantitative analysis technique will shed light on the new technology and its implementation process in the business.
The research will be accomplished within a particular timeframe. In this context, the research needs to be accomplished within 24 weeks or six months. Hence, different research activities will be arranged according to that time bound so that the research can be accomplished in a systematic manner.
In this research assignment, the reliable data will be utilized for analyzing the research topic. The primary research method will be discussed for the particular assignment. Consequently, the investigator will obtain reliable data from the respondents as well as the participants. For enhancing the data reliability, the investigator will select the non-probability sampling technique to choose the sample. The particular sampling technique will facilitate in diminishing the biased answer from the research (Pickard 2012).
Some ethical issues must be considered while conducting the research. The prime ethical issue is that the investigator often uses the accumulated data for other purposes. The accumulated data must be protected in an appropriate manner. On the other hand, the respondents and the participants should not be pressurized for providing accurate data and information on the research topic (Miller et al. 2012). Sometimes, human subjects are not aware of the research outcomes. Hence, the respondents must be guided by all information about the research topic. Moreover, there should not be any hidden clause in the survey process or the interview session.
The research outcome will be based on the research execution process. There would be a clear understanding of the research activities. The research process will be executed in a systematic manner. The outcome of the research would facilitate the organizations to understand the importance of technology and innovation in the business development process. On the other hand, the organizations facing issues in implementing innovative technology would identify effective solutions from this particular assignment. Hence, it can be assessed that the outcomes of the research would facilitate in executing the future research project in an effectual manner.
The time horizon will facilitate in accomplishing the research process within the given timeframe. In this context, 24 weeks of time will be approved for the accomplishment of the entire research. The timetable is given below:
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12-16 Weeks |
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Secondary data accumulation |
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Layout making |
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Review of Literature |
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Proposed Research Plan |
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Selection of research technique |
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Analysis of data |
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conclusion |
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Figure: Gantt Chart
(Source: Created by author)
Conclusion:
It can be concluded that the particular research proposal will highlight the importance of technology and innovation for the business development process. In this context, aims, objective and research questions have been discussed in a detailed manner. On the other hand, different tools and techniques have been highlighted in the methodology section, which might be utilized in the future research work. Hence, it can be assessed that the particular research proposal has successfully highlighted all aspects of the research.
References:
Azma, F. and Mostafapour, M.A., 2012. Business intelligence as a key strategy for development organizations. Procedia Technology, 1, pp.102-106
Baltzan, P., 2012. Business driven technology. McGraw-Hill/Irwin.
Bijker, W.E., Hughes, T.P., Pinch, T. and Douglas, D.G., 2012. The social construction of technological systems: New directions in the sociology and history of technology. MIT press.
Block, F.L. and Keller, M.R., 2015. State of innovation: The US government’s role in technology development. Routledge.
Bruneel, J., Ratinho, T., Clarysse, B. and Groen, A., 2012. The Evolution of Business Incubators: Comparing demand and supply of business incubation services across different incubator generations. Technovation, 32(2), pp.110-121.
Clarkson, P.J., Coleman, R., Keates, S. and Lebbon, C., 2013. Inclusive design: Design for the whole population. Springer Science & Business Media.
Davenport, T.H., 2013. Process innovation: reengineering work through information technology. Harvard Business Press.
Duffy, T.M. and Jonassen, D.H. eds., 2013. Constructivism and the technology of instruction: A conversation. Routledge.
Dunning, J.H., 2013. Multinationals, Technology & Competitiveness (RLE International Business) (Vol. 13). Routledge.
Flick, U., 2015. Introducing research methodology: A beginner’s guide to doing a research project. Sage.
Gadde, L.E., Hjelmgren, D. and Skarp, F., 2012. Interactive resource development in new business relationships. Journal of Business Research,65(2), pp.210-217.
Haeussler, C., Patzelt, H. and Zahra, S.A., 2012. Strategic alliances and product development in high technology new firms: The moderating effect of technological capabilities. Journal of Business Venturing, 27(2), pp.217-233.
Hopkins, M., 2012. Corporate social responsibility and international development: is business the solution?. Earthscan.
Jussila, J.J., Kärkkäinen, H. and Aramo-Immonen, H., 2014. Social media utilization in business-to-business relationships of technology industry firms.Computers in Human Behavior, 30, pp.606-613.
Lehoux, P., Daudelin, G., Williams-Jones, B., Denis, J.L. and Longo, C., 2014. How do business model and health technology design influence each other? Insights from a longitudinal case study of three academic spin-offs.Research Policy, 43(6), pp.1025-1038.
Mackey, A. and Gass, S.M., 2015. Second language research: Methodology and design. Routledge.
Miller, T., Birch, M., Mauthner, M. and Jessop, J. eds., 2012. Ethics in qualitative research. Sage.
Neuman, W.L. and Robson, K., 2012. Basics of social research: Qualitative and quantitative approaches.
Onetti, A., Zucchella, A., Jones, M.V. and McDougall-Covin, P.P., 2012. Internationalization, innovation and entrepreneurship: business models for new technology-based firms. Journal of Management & Governance, 16(3), pp.337-368.
Palo, T. and Tähtinen, J., 2013. Networked business model development for emerging technology-based services. Industrial Marketing Management,42(5), pp.773-782.
Panneerselvam, R., 2014. Research methodology. PHI Learning Pvt. Ltd..
Pickard, A., 2012. Research methods in information. Facet publishing.
Ritala, P. and Sainio, L.M., 2014. Coopetition for radical innovation: technology, market and business-model perspectives. Technology Analysis & Strategic Management, 26(2), pp.155-169.
Ross, D.F., 2016. Introduction to e-supply chain management: engaging technology to build market-winning business partnerships. CRC Press.
Schoenherr, T., 2012. The role of environmental management in sustainable business development: a multi-country investigation. International Journal of Production Economics, 140(1), pp.116-128.
Silverman, D. ed., 2016. Qualitative research. Sage.
Soetanto, D.P. and Jack, S.L., 2013. Business incubators and the networks of technology-based firms. The Journal of Technology Transfer, 38(4), pp.432-453.
Somsuk, N., Wonglimpiyarat, J. and Laosirihongthong, T., 2012. Technology business incubators and industrial development: resource-based view.Industrial Management & Data Systems, 112(2), pp.245-267.
Sun, X., Huang, D. and Wu, G., 2012. The current state of offshore wind energy technology development. Energy, 41(1), pp.298-312.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons.
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