Assignment DBP [PDF]

Zitiervorschau

BTEC LEARNER ASSESSMENT SUBMISSION AND DECLARATION When submitting evidence for assessment, each learner must sign a declaration confirming that the work is their own. Learner Name:

Trinh Hai Dang

Assessor Name:

Martin Ortega Azurduy

BTEC Programme Title:

Pearson BTEC Level 5 Higher National Diploma in Business (Accounting and Finance)

Unit or Component Number and Title: Assignment Title: Date Assignment Submitted:

Unit 14: Digital Business in Practice DBP1: Digital Business Approaches (1 of 2) 11/11/2021

Please list the evidence submitted for each task. Indicate the page numbers where the evidence can be found or describe the nature of the evidence (e.g. video, illustration). Assessment Criteria P1 Explain the range of digital approaches taken by organisations.

Page no 1

Evidence submitted Sector 2.1 Paragraph 1

P5 Explore the relationship between contemporary approaches to digital business and their impact on meeting KPIs successfully.

5

Sector 2.4 Paragraph 2, 3, 4

M1 Evaluate the importance of digital business to organisations in a global context.

4

P3 Investigate a range of digital technologies used by organisations to achieve business objectives.

2

Sector 2.3

Sector 2.2 Sector 2.2

M2 Assess the effectiveness of the use of digital technologies on business objectives in a range of global organisations.

.2

D1 Critically evaluate a range of digital business approaches within global organisations to promote new business growth.

5

Sector 2.4 Paragraph 4

Learner declaration I certify that the work submitted for this assignment is my own. I have clearly referenced any sources used in the work. I understand that false declaration is a form of malpractice. I am aware that any case of plagiarism will be handled according to school policy.

Learner signature:

Dang

Date:

1

Contents

PART 1: INTRODUCTION ........................................................................... 1 PART 2: MAIN CONTENTS .......................................................................... 1 2.1.

Explain the range of digital approaches taken by organizations. .................... 1

2.2.

Explore a variety of digital technologies and assess how well they are being used by

a variety of global organizations to achieve business goals.................................... 2 2.3.

Show the advantages, drawbacks, and importance of digital business in a global

context. ............................................................................................ 4 2.4.

Analyze a variety of digital business approaches in order to promote new business

growth within global organizations. ............................................................ 5 Part 3: Conclusion ................................................................................. 6 References .......................................................................................... 7

2

PART 1: INTRODUCTION Nowadays, the demand for high-quality human resources in the modern digital business is huge and is spread throughout the world. So that many companies are getting increasingly interested in digital business. This is also the reason why many universities in Viet Nam have been built foreign training cooperation programmes to catch up with the world's advanced education. As a result, studying Digital Business is more and more popular. What is a digital business? Digital business is defined as the development of new business models that connect people and businesses to the things that drive revenue and efficiency and connect people and businesses to the things that drive revenue and efficiency. Traditional company models can't give new business prospects or value chains, but digital businesses can. In relation to the topic of digital business, we have a related concept known as digital transformation. In order to achieve success, All countries must appreciate the digital transformation environment and trends

PART 2: MAIN CONTENTS 2.1. Explain the range of digital approaches taken by organizations. The essential push for digital approaches is the combination of cloud computing, big data, AI, and the Internet of Things. A company must be able to maximize these technologies and turn itself into a vibrant, enthusiastic digital business in order to succeed; otherwise, it will be out of date. and they were taken away. A company may undertake digital transformation for a variety of reasons. The most likely explanation, though, is that they must: It's a matter of life and death. The capacity of a company to react quickly to supply chain interruptions, time to market pressures, and rapidly changing consumer expectations has become important in the aftermath of the pandemic. There are three essential sites that I describe in this assignment: Transactional e-commerce sites, Serviceoriented relationship-building websites, Brand-building sites, Publisher or media sites and social network sites. The first one, Transactional e- commerce sites is a website that allow for online goods purchases. The site's major source of revenue comes from the selling of these items. The websites also help the business by offering information to customers who like to buy things in person. Retail sites, travel sites, and online financial services are among them. It functions that is consumers can find for, order, and pay for products online, and customers can call the company for the after service. Transactional sites can be organized or be on and can perform full end-to-end purchases through the website; allow consumers to find for, order, and make payments online; and allow customers to contact the company for after-sales service. The majority of transactional websites save time and money by connecting the transaction process with side services include accounting, inventory, order administration, delivery and fulfilment, marketing, customer relations, web analytics, and many others. Some example of this sites are: Amazon, Agoda, Tiki , Abay and Shoppe. The second one, Service-oriented relationship-building website provides information to encourage purchases and establish connections. The majority of products are not ready for purchase 1

online. The website and e-newsletters give information to help customers make informed buying decisions. The key contribution to the business is to encourage offline sales and to generate requests or leads from new clients. Existing consumers benefit from such sites since they provide specific information to assist them in their daily lives, whether at work or at home. The example of those sites are: Accenture, PricewaterhouseCoopers. The third one, Brand-building sites are the sites that promote the brand by providing an experience. The majority of products aren't accessible for purchase online. Their primary goal is to help the brand by creating an online experience for it. They're common in low-cost, rising fastmoving consumer products brands. Example of this sites are : Vauxhall, Tango and Guinness ( beers) . The fourth one, Publisher or media sites provide a variety of subjects with information, news, or entertainment. The term 'portal' refers to an information gateway. This includes both material on the site and connections to other websites. Advertising, commission-based sales, and the selling of customer information are just a few of the revenue-generating alternatives available to portals (lists). Because they are frequently ad-supported, social networks can also be regarded in this category. Santander , CopperPoint, UAB Medicine and Grants.gov are the example of this site. The final one, Social network sites is a website that allows users to build a public profile and communicate with other people. A new user on a social networking site will typically be able to submit a list of persons with whom they have a connection, and the people on the list will be able to confirm or reject the connection. Following the establishment of connections, the new user can search the networks of connections for other connections. Some of social network sites are: Facebook, Snapchat, Instagram and Tumblr. 2.2. Explore a variety of digital technologies and assess how well they are being used by a variety of global organizations to achieve business goals. This part will show digital technologies, affect the effectiveness of the digital business in the world. Nowadays we are live in the industry 4.0, with the leading role of new. There are five typical technologies in this century:

About Robotic automation is gaining traction in a variety of industries, including welding, assembling, and product designing. Manufacturing organisations may achieve maximum efficiency, safety, and a competitive edge in the market using robotic automation. A research produced by the International Federation of Robotics (IFR) shows the development of robotics, estimating that 1.7 million new industrial robots will be deployed in companies throughout the world by the end of

2

2020. Robots reduce costs, time, and work processes quickly and make the production process better. The example: Assembly Automation Application TPA company designs and develops the Assembly Automation Applications for a variety of industries, including automotive, pharmaceutical, electrical electronics, food and beverage, consumer goods, and many others. With a team of experts with extensive experience in the field of automation, they can supply everything from stand-alone equipment to fully automated lines. Bringing automation solutions with leading technology and the best reliability to help your business always have a competitive edge in the industry and unrivalled dependability to ensure your company maintains a competitive edge in the industry. The products are designed and installed entirely by Vietnamese engineers. We are committed to accompanying customers throughout the operation and production process. (Tự Động Hóa Công Nghiệp Là Gì? Một Số Ứng Dụng Tự Động Hóa Phổ Biến Hiện Nay, n.d.) About Additive manufacturing, often known as 3D printing, constructs items by layering materials. It was initially designed for prototyping, but technology has advanced to the point that any item made of metal, plastic, or mixed material now can be produced on a greater scale. And over two-thirds of US companies deploy 3D printing, according to PWC. It will be one of the most important technologies, allowing you to develop items with much less material, faster, and more flexibility. You may save money on product development by not exporting tasks to third parties when you use 3D printing. The example: During a fashion show of Victoria's Secret 2013, many sparkling jewellery accessories were used by the models. More specifically, they are created from 3D printing technology. According to fashion designer Iris van Herpen, in the near future we will be able to use 3D scanners and use 3D printing technology to create sets. Clothes that fit each person's size in no time. This will be the most impressive breakthrough to change the fashion and fashion accessories industry. (Công Nghệ in 3D Là Gì? Vì Sao Đây Là Tương Lai Của Thế Giới?, n.d.) About The Internet of Things (IoT) is a collection of internet-connected technological gadgets that can receive and share data without the need for human or computer intervention. As a result of industrial IoT, the manufacturing industry is witnessing substantial change. Machine breakdowns can be avoided using IoT-enabled preventative analysis. For example, Smart Home with Amazon Echo and Google Home: AI voice assistants like the Amazon Echo and Google Home are among the most successful smart devices in the household IoT. Users may ask voice commands with Alexa for assistance with a range of tasks, such as playing songs, checking the weather forecast, getting football scores, booking a Taxi, and much more. (Internet of Things Devices & Examples in 2021, n.d.) About Augmented Reality (AR) and Virtual Reality (VR) in manufacturing have the potential to be unlimited when it comes to using. These technologies have the greatest influence on sectors such as training and maintenance. For training, AR-VR technology may be combined with sensors and cameras, resulting in a much safer and less risky approach. These technologies enable maintenance professionals to do tasks from a distance. AR and VR both improve efficiency by giving deeper insights and access into various operations. 3

For example: AR is revolutionising the way logistics firms function, allowing them to deliver goods on time and efficiently. Warehouse employees wear AR glasses to access a digital checklist in warehouses. It also shows them the quickest path. AR devices may also be used to inspect things for damage, pack cargo into properly sized crates, and maximise freight loading space. (12 Examples of Augmented Reality in Different Industries | Circuit Stream, n.d.) About Cloud computing is a collection of internet-connected remote data storage, management, and processing services. Manufacturing is changing, and organisations must not just be more efficient, but also quick and flexible. They require a cloud platform to manage their business and production data in order to stay up with changing client needs, contemporary production, and the production lines. Investing in a cloud platform lowers operating costs, improves speed, and allows for more accurate data. About The success of manufacturers is based on Predictive Maintenance. It foresees potential failures and reduces manufacturing delay. Companies may use it to optimise maintenance chores in real time and reduce downtime. Overall maintenance expenses are reduced, and system uptime is increased. Producers should use artificial intelligence to forecast equipment health and usage trends, resulting in proactive maintenance. For example: The quality of any food storage or cooking appliance in a restaurant is essential to the business's profitability. Predictive maintenance technology might assess the operation of a restaurant's freezer and notify restaurant personnel to any difficulties if it was beginning to malfunction or required any sort of upgrade. To measure asset performance, a sensor would be able to analyse aspects of the fridge such as temperature and vibration. With this prior information, the restaurant would be able to address the possible issue before it became a downtime issue. (What Is Predictive Maintenance? (+Benefits, Cost, & Examples), n.d.) 2.3. Show the strength, weakness, and importance of digital business in a global context. Strength Although digital transformation is a new idea, data thus far has indicated that the outcomes obtained via the use of digital technology in enterprises are quite promising, with numerous projected benefits such as: • Enhanced data collection • Greater resource management • Data-driven customer insights • New products/services, • Precise market segmentation, • Global customer experience • Cut down the costs, • Improve customer strategy, Eg: Nike was one of the most famous sports brands in terms of shoes and clothing, but they started to lose customers and their way of selling their products no longer worked. Nike has transformed its business through the application of digital transformation to its mindset, supply chain and brand, 4

and has been able to better connect with its customer base. The company focuses on stronger data analytics, updating its e-commerce strategy, creating stronger digital marketing campaigns, and boosting direct-to-customer sales. Nike has placed digital at the heart of its strategy. The plan is to improve the digital market by promoting the direct selling model online and cutting some parts of the wholesale business. Shares of Nike recently jumped 11% in the latest earnings announcements, reflecting a surge in online orders. Starbucks has successfully grown its business through the adoption of digital transformation. Starbucks turned to digital in 2009 to re-engage customers following a dip in performance that saw the company's stock price halve. Starbucks has employed digital to reorganize its internal processes and develop a digital projects division. Starbucks began giving free Wi-Fi in its locations, as well as a digital landing page across several media, including a selection of free content, in an effort to improve how it engages with consumers. The pace of digital transactions has been enhanced by cutting every card or mobile phone transaction by 10 seconds, resulting in a total time reduction of 900.000 hours. Starbucks outlets have been upgraded to accept mobile payments, and the company now processes 3 million mobile purchases every week. The consumer will then be able to place an order immediately from their phone. Weakness However, digital transformation also has disadvantages: Competing priorities, as well as digital ineptitude leading to low implementation efficiency, are some of the challenges that digital transformation may bring. This is a new tendency, and it frequently encounters resistance to change. Furthermore, digital transformation poses a danger to the organization's present power structure, as well as resistance to risk, and this is a trend that is not always fully supported by governments and states. Data Security, a single data breach may result in a huge quantity of personal information becoming into the hands of thieves, terrorists, commercial competitors, foreign opponents, or other bad actors. 2.4.Analyze a variety of digital business approaches in order to promote new business growth within global organizations. Then, this assignment will look at how digital business methods affect business growth, as well as the link between modern digital business approaches and their influence on reaching KPIs successfully. As a result, it generates modern methods. With digital business, geographical distance is easily removed. Businesses can sell their products anywhere in the world. When a firm does not need to overlook many business expenditures, this is a highly effective and ideal method. Without the need to rent locations or establish large distribution routes, businesses may entirely extend their market. Businesses may use digital business to assess, evaluate, and adapt actions in real-time. Businesses will have strong competitiveness, stable revenue, and long-term growth because of good branding and excellent execution plans. This is exactly how digital business has influenced company outcomes. This is also how digital business has influenced company performance, allowing companies to meet KPIs more rapidly and effectively. KPI stands for Key Performance Indicator, which means job performance assessment index in English. It is a tool for measuring and evaluating work performance using statistics, ratios, and quantitative indicators to represent the performance of organizations, functions, or individuals. To meet KPIs in a timely and efficient manner. The adoption of digital business is becoming increasingly vital and crucial. As a result, the new 5

approach to digital business will strengthen digital business by employing new and sophisticated approaches to meet KPIs more rapidly, such as cloud-based techniques, AI...

Part 3: Conclusion The world is developing as it is now, with technology items continuing to advance. You can still order meals, purchase clothing, and pay bills while sitting at home and browsing the phone with a few simple steps. Convenience stores now accept a variety of payment methods, ranging from cash and credit cards to Internet Banking, scanning QR codes, and various electronic wallets such as Momo. As a result of this tendency, young people are more interested than ever in the sector of digital business. In addition, businesses and organizations must develop long-term plans and strategies to investigate digital business applications employing the most current digital techniques and methodologies. It will assist companies/organizations in achieving KPIs in a timely and efficient manner. Therefore, digital business, as a new trend, appears and develops to meet and solve the needs of today's technology development.

6

References

12 Examples of Augmented Reality in Different Industries | Circuit Stream. (n.d.). Retrieved November 11, 2021, from https://circuitstream.com/blog/examples-of-augmented-reality/ Công nghệ in 3D là gì? Vì sao đây là tương lai của thế giới? (n.d.). Retrieved November 11, 2021, from https://www.dienmayxanh.com/kinh-nghiem-hay/cong-nghe-in-3d-la-gi-1142084 Internet of Things Devices & Examples in 2021. (n.d.). Retrieved November 11, 2021, from https://www.businessinsider.com/internet-of-things-devices-examples Tự động hóa công nghiệp là gì? Một số ứng dụng tự động hóa phổ biến hiện nay. (n.d.). Retrieved November 11, 2021, from https://tpa-fas.com.vn/Tin/tu-dong-hoa-cong-nghiep-la-gi-mot-soung-dung-tu-dong-hoa-pho-bien-hien-nay What is Predictive Maintenance? (+Benefits, Cost, & Examples). (n.d.). Retrieved November 11, 2021, from https://coastapp.com/blog/predictive-maintenance/

7