Module (FY028) Inquiry Based Learning Assignment Sample

Introduction: Module (Fy028) Inquiry Based Learning

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Digital transformation is a process by which digital technologies mainly create a new and existing business process, culture and experience to meet their changing business and market requirements. On the other hand, digital transformation significantly impacts the business in developing the efficiency of business operation procedures. Also, it has implications for large-scale automation for minimising the operational cost of organisational business performance. Digital transformation also brings new technology for increasing the business strategy. Further digital transformation minimises the operating expenses and inefficiency for achieving the future ambition of the business (Zaki, 2019). Apart from that, digital transformation also operates the business model for reducing the massive cost of business operations. This report highlighted the impacts of digital transformation on the business operation. Further,

The report's main aim is to determine the impact of digital transformation in the operation process of the business and also examine how digital technologies transform the traditional business model and strategy.

Objectives:

• To determine and evaluate digital technologies and innovations that can be implemented in business models and operations.
• To determine the impact of digital technologies and innovations in transforming business processes and models
• To evaluate the challenges that can be faced in the implementation of digital technologies and innovations in the business process and models
• To provide recommendations by which the identified challenges in implementing digital technologies can be minimised.

Research question

Q1: What digital technologies and innovation can be implemented in the business models and operations?

Q2: How does digital technology impact the transforming business process?

Q3: What challenges can be faced in implementing digital technologies and innovations in business processes and models?

Q4: What are the recommendations by which the identified challenges in implementing digital technologies can be minimised?

Literature review

Implementation of Digital technologies and innovation in business models and operations.

Digital innovation is an application of digital technology to reduce existing business problems. Further, the new digital technology innovation developed business efficiency, systems and product and services (Bouncken et al., 2021). Some of the innovative data of digital technology also maintains the employee business record, helps the business operation to reduce the enormous cost, and enables business growth very rapidly. Aki, (2019) opines those digital technologies and their innovation mainly impact the data-driven business models for creating a capture value by which the markets and the business operations both are rapidly changed. On the other hand, for increasing new business models and operation processes, the innovation of new digital technologies builds a new network system by which a business can run smoothly.

Moreover, in the data-driven business model, the innovation of the new digital technology helps the business model to develop its productivity. Also, it saves the cost of their business running process. Apart from tatpuru?a (2019) contradicted that digitalization mainly increased the business operation value by the implantation of the new intensive data, which achieves sustainable benefits of the business value. Moreover, innovation of the latest digital technology increased revenue and sales profits of the business operation.

Impact of digital technologies and Innovations in Transforming the business processes and Models

Positive impact

Digital transformation changed the way of the organization's business operation process. According to Ziyad et al. (2020), innovative digital technology like artificial intelligence and audio-visual technology changes the existing workflow and culture of the business. Also, it gives new business culture by gathering valuable data for the company's growth. Moreover, digital technology innovation also ensures that business operations achieve their more efficient power and profitability when the total operation procedures are executed correctly. On the other hand, digital transformation also allows the business to radically change its business process by innovating new business models, such as artificial intelligence and audio-visual technology. Implementing artificial intelligence increased the speed and the consistency of the business operation process by taking an appropriate decision regarding the business operation and models. Moreover, the implementation of artificial intelligence also supports the organization in minimizing the errors of the existing business operation process. It acts to achieve the specific goals for transforming the business process.

Negative impact

According to Dey and Das (2019), the main complexity of digital transformation increases due to data fragmentation. It has been stored in multiple locations and also impacted the storage capabilities of the business operation. Apart from that, innovation of new technology like data fragmentation also increased the security risk of the business for storing all valuable data regarding the company ruining process. On the other hand, according to the author's suggestions, for example, robotic process automation also creates a barrier in the business process or models. As a result, secure data is also hacked. Moreover, this innovative digital technology also impacts the employee working process and changes the whole system process of the business by updating the new software.

Challenges faced for the implantation of digital technologies and innovations in the business process and models

Through digital transformation, the Organizational change management system increased the organization's business culture. On the other hand, according to Baeyer et al. (2020), needing the organizational change management strategy, the business operational functions run very slowly. Further, implementing new digital technology, like corporate change management systems, also impacted the business structure and business model. Apart from that, due to the need for a change management strategy, the whale business process of the organization cannot achieve their business goals. On the other hand, Tam (2021) opines that implementing new digital technology, like the Cyber Security Maturity Model, ensures the organization's cyber security control process. According to Garzon et al. (2020), contradicting the lack of the cyber security maturity model, the adequate amount of data can be protected in the systems, and as a result, the high risk of hacking chance is increased. The overall business operational process and models also impact this. Moreover, Chania et al. (2019) opined that implementing the payment card industry data security standard increased customer payment card data. Moreover, lacking this technology, the customer payments card Dara process is also hampered. Moreover, due to the insufficient customer data payment process, the online translation process of the business was also minimized. As a result, the data security risk also increased.

Methodology

Research Philosophy

Research philosophy is a process associated with the assumption of the knowledge and nature of the study. Moreover, this philosophy mainly improved the researcher's ability in a specific way. On the other hand, interpretivism research philosophy was chosen in this study (Bouncken et al., 2021).

In this study, Interpretive research philosophy helps the researcher identify the study's issue and gives greater attention to managing the issue appropriately. Apart from that, the justification of choosing interpretivism research philosophy helps the researcher investigate the impact of digital technology and its innovations on the business operation and models and identify how the innovative technology transforms the traditional business model and process.

Research approach

It is a plan and procedure that helps the researcher collect relevant data from various sources to develop the objective of the research study. Moreover, the research approach also minions the existing gaps in the knowledge of the research topic. In this study, an inductive research approach was chosen.

This research approach helps the researcher investigate the problem-associated area of the research study and minimizes the raw text data. Moreover, to justify this research, the researcher analyzed how to reduce the negative impact of digital technology in transforming business models.

Research design

Research design mainly refers to the overall strategy of the research project by answering the questions through empirical data. In this research project, the qualitative research design is chosen (Chania et al., 2019).

According to his research design helps the researcher to generate hypotheses for testing the quality of the research project. For the justification, this research design helps the researcher to identify a new way to increase the impact of digital technology on the business.

Data collection

It is a process for collecting relevant data for developing the research study. On the other hand, a secondary data collection method was chosen in this study. According to this, data is mainly collected from various sources like journals, online websites, and articles to improve the research project's quality. The justification of the secondary data collection method helps the researcher cut down the raw text data, impacting the digital transformation business process (Hanelt et al., 2021).

Data analysis

It is a technique by which the collection of relevant data increases the quality of the research topic. Further, the secondary qualitative data collection has enriched the research subject's rate. On the other hand, the secondary qualitative data also minimizes the cost of the research study. Moreover, through the thematic analysis from the secondary qualitative sources, the researcher found the gaps in the research project and increased the need for additional information, further developing the entire work process of the research study (Warner and Wäger, 2019).

According to the requirement, the thematic analysis of the secondary sources helps the researcher discover the issue of digital transformation and their impact on the business models.

Ethical considerations

The collection of secondary qualitative data gave huge relevant information about the research subjects. On the other hand, in this study, secondary qualitative data was collected. The appropriate infraction from secondary sources like journals, articles and industrial websites gave efficient results to the research to develop the aims and objective of the research project. Further from the collected information from google scholar, the researcher analysed the depth of this research study. The plagiarism procedure minimizes unethical data, which does not justify the research topic adequately.

Results and discussion

Theme 1: Artificial Intelligence plays a significant role in processing extensive data and interpreting it in the real-time

From the above analysis of the research objective and quotations, it has been examined that some digital technologies and their innovation increased the organization's business performance. On the other hand, according to Chen et al. (2020), The creation of artificial intelligence develops the effectiveness and productivity of the business process. Also, it inputs new capabilities to expand the business model in the global market. Besides that, the implantation of Artificial intelligence increased the digital transformation technology's capacity for developing the business's speeds, ruining the process. Implementing artificial intelligence also saves the company time and gives more focus to developing the problem-solving ability of the organization's employees.

Figure 1: Artificial intellect market size

Source: Chen et al. (2020)

From the above analysis of the global artificial intelligence market size report, it has been examined that the annual growth rate of AI will explode by 37.4% from 2023 to 2030. Further, in 2022, the market size value of AI technology is 136.66 billion.

Theme 2: Cloud Based Video Management system enables the communications services in the business operation

On the other hand, Jiang (2020) also suggested that the implementation of digital technology and innovation, like cloud-based video management systems increased the flexibility and stability of the virtual communication process digitally. It also increased the flexibility and strength of the business operation process. It also developed cyber-Security for maintaining the relevant data in the business systems.

Figure 2: Cloud Base Digital Transformation

Source: Jiang, (2020)

According to the IDC, cloud base technology it developed less than 23% of all DX (Digital Experience) spending in the year 2019 were. It expanded in 2022, accounting for 32% of all DX. Apart from that, this software increases the real-time data and minimises the raw data from the systems to expand the communication process on the business operations.

Conclusion

From the above discussion, it has been concluded that digital technology mentions the business's data flow and manned employee records. On the other hand, the new digital technology innovation helps the company reduce the cost of the business process. Also, it enables them to develop business growth very rapidly. Apart from that, the new technology innovation did not set the business operation process. Its negative impacts reduce the business ratio function very gradually. As a result, it has impacted the transformation process of digital technology and business models. Further, the research method based on the second study also helps the researcher to identify the gaps in the digital technology transformation process. Also, it gives enormous solutions for mining the issue of digital technology, which impacts the transforming business process and their models. Further, digital technology developed the innovation of new technology like data fragmentation and also increased the security risk of the business for storing all valuable data regarding the company's ruining process.

Recommendation

Digital transformation challenges mainly increased by the implantation of the new transforming process which cost the business process can be minimised. On the other hand, the immolation of artificial intelligence can develop the apples of the business pep cess and also increase the business culture in a very smooth way. Besides that, Garzon et al. (2020), opine that, digital technology like artificial intelligence also increased the workflow of the business. Moreover, it can also save the time for smooth runs of the business process of the global market. In the fire respect, the article interleague also can develop more power to increase the creativity of the business performance

References

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