“Emerging technologies and innovation
(Social Media Technology)”
The project topic is role of social media in the successful business. In today’s, technology plays an important role in each field. The power of innovation improves the lives of people (Fu et al., 2011).
However, the emerging technology also brings innovation in the market. The increasing advancement of technology contributes huge benefits for the organisation as it makes the business operation easy and simple.
Likewise, there are different ways that are also used by the firm to promote the products in the market and to target the customers but at the same time, manually handle the all process of the promotion and the marketing is quite challenging task for the firms.
Because of this concern, the use of social media is one of the new and emerging concepts that help the firms to perform well and to do the marketing and promotion of the products.
Problem Domain: The problem arises with the social media technology is the increasing number of cyber crime in the global platform. However, the security is the main concern area for the companies as it is identified that with the recording of company information in the software or system creates the chances of accessing the system (Chesbrough, 2010).
The thefts and accessing the information becomes the common problem in the today’s emerging technology world. In context to organisation, there is security problem related to accessing the personal information about the customers through social media tools. Likewise, it is increasing trend that companies sell the customer information just for the sake of money.
This practice considers as an unethical. Hence, the security is the problem domain in the emerging technology and innovation.
Purpose and Justification: The purpose of project is to identify the importance of emerging technology for the organisation (Jenter et al., 2011). However, the development of the project would be helpful for the researcher to understand that how the use of emerging technology (social media) contributes towards the business growth and the success of the firm.
The project also indicates that how the use of social media helps the firms to get the success in the market and how it makes easy the process of advertising and promotion.
This section of project defines the sponsor of technology and it also shows the supervisor that assist in obtaining the technology.
Sponsor: Government, Private Company and Research and Development institutions are the main sponsors of technology (Larson & Gray, 2013).
Supervisors: IT department considers as a best supervisor for the bringing the technology into the business operations.
However, if an organisation wants to install any system or pursue the technology then IT department supervise the organisation (Lewis, 2015). In regards to study, it is stated that IT manager provides best recommendation in the area of technology.
The research questions include the following:-
- How the emerging technology (social media) would be helpful for the company?
- What sort of opportunities companies gain with the use of technology (social media)?
- How technology (social media) helps the business to increase the customer satisfaction?
- What are the issues in the emerging technology (social media) that are faced by the firm?
The technology has change the market scenario as it impacts the lives of people and company way of doing the business. Currently, companies concentrate more on the technology rather than use of conventional activities.
It uses the technology in each field whether to record the document, communicate the product information to target group (Silverman, 2016). For instances, digital platform becomes the popular technological innovation. Business uses largely to connect with its consumers so basically it helps to build the long term relationship with customers.
The use of social media is one of the major example of this because it makes easy the firms to major the all marketing operations and to target the customers in less time and effective manner.
But at the same time, the technology also creates the issue related to the cost, employees’ engagement, etc by the firms. It is because due to the continuous change in the technology, it is needed for the firm to adopt the new technology that makes the cause of extra cost and some internal issues.
- Research and system development method
There are two types of research method which is random and non-random sampling. Under the random sampling, the chances of selection are equal while non-random sampling follows the pattern to select the target market.
In context to this study, the random sampling will be used by researcher for analysing the effectives of technology in references to companies that are using the social media technology (Pawlowsky‐Glahn et al., 2015).
In concern to this study, the company’s manager will be selected randomly with the aim to identify that what type of changes it achieves after use of social media technology.
Thus, this contributes towards the achievement of valid research result as the exact the use of the social media technology in the success of the firm.
- Data collection or systems design methods:
In context to research study, LoBiondo-Wood and Haber (2017) mentioned that a researcher needs to collect data and measuring it. A researcher uses two main types of data as primary data collection and secondary data collection.
Primary data collection is original data which collects first hand and secondary data collection is that data which are not collected first hand besides of this, it is already collected.
Secondary data is cost effective but as per emerging technology and innovation, the researcher will use primary data collection due to its research study topic that is very critical.
In primary data collection, in social media technology, survey method will be used by the researcher related to those companies which are engage with emerging technology and innovation (Amatriain and Pujol, 2015).
Survey on companies which are engaged with social media technology and innovation will conclude that how these emerging technologies and innovation are beneficial for them. It will also describe the benefits of these technologies.
- Ethical Issues:
In research study, researcher needs to collect data and measures in an ethical way. The research will be conducted with focusing the issues that will pose in ethical research (Grady, 2015).
In emerging technology and innovation project, the researcher should focus all the rules and regulations as per government norms. This research will discipline the standards of all conduct that are made by the firms to operate the business effectively.
In order to the research study of emerging technology and innovation, researcher will follow different philosophies (Redlich-Amirav and Higginbottom, 2014).
- Compliances Requirements:
This project addresses the compliances requirement in the company. It means that project indicates what all regulations company should follow before undertakes the technology.
However, company should analyse the workplace policy for adopting the social media technology (Chesbrough, 2010). At the same time, government regulation also needs to study before incorporates the technology.
Researcher identifies that compliances requirement is important to use the technology or create any innovation.
- Analysis of data
Data analysis method is used to analyse the data so that accurate and relevant information can be achieved as it supports the accomplishment of relevant research result.
In context to this study (social media technology), researcher will be used the graphical method to analyse the data (Špundak, 2014). It is best way to present the findings.
The deliverables of the project are identifying through examine the below mention key result area:-
- Increase in company sales through social media marketing
- Higher customer satisfaction through social media marketing
- Increase the customer loyalty
This area indicates the deliverables of research study.
Risk matrix will be used to analyse the risk. Under risk matrix, the following steps will be followed for analysing the risk. These are as follows:
- Identify the risk
- Evaluate the risk
- Monitoring the risk
- Review the risk
Gantt chart is a type of bar chart that shows project schedule. It includes horizontal and vertical axis. The width of the horizontal bars in the graph shows the duration of each activity (Grady, 2015).
- Identify the needs of new project
- Define the scope of project
- Identify the technology
- Define the changes in new technology
- Update the technology
- Implement the new technology
- Testing of technology
- Monitoring the project
Amatriain, X., & Pujol, J. M. (2015). Data mining methods for recommender systems. In Recommender systems handbook (pp. 227-262). Springer, Boston, MA.
Chesbrough, H. (2010). Business model innovation: opportunities and barriers. Long range planning, 43(2-3), 354-363.
Fu, X., Pietrobelli, C., & Soete, L. (2011). The role of foreign technology and indigenous innovation in the emerging economies: technological change and catching-up. World development, 39(7), 1204-1212.
Grady, C. (2015). Enduring and emerging challenges of informed consent. New England Journal of Medicine, 372(9), 855-862.
Jenter, D., Lewellen, K., & Warner, J. B. (2011). Security issue timing: What do managers know, and when do they know it?. The Journal of Finance, 66(2), 413-443.
Larson, E. W., & Gray, C. (2013). Project management: The managerial process with MS project. USA: McGraw-Hill.
Lewis, S. (2015). Qualitative inquiry and research design: Choosing among five approaches. Health promotion practice, 16(4), 473-475.
LoBiondo-Wood, G., & Haber, J. (2017). Nursing Research-E-Book: Methods and Critical Appraisal for Evidence-Based Practice. US: Elsevier Health Sciences.
Pawlowsky‐Glahn, V., Egozcue, J. J., & Tolosana‐Delgado, R. (2015). Exploratory data analysis. Modelling and Analysis of Compositional Data, 65-102.
Redlich-Amirav, D., & Higginbottom, G. (2014). New emerging technologies in qualitative research. The Qualitative Report, 19(26), 1-14.
Silverman, D. (Ed.). (2016). Qualitative research. USA: Sage.
Špundak, M. (2014). Mixed agile/traditional project management methodology–reality or illusion?. Procedia-Social and Behavioral Sciences, 119, 939-948.