ECON1555 Business Data Analytics Assignment Sample

• Subject Code : ECON1555
• University : RMIT University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Economics

Internet in Australian Business

Background to The Research

The research background is an essential part of any research, be it scientific or research on contemporary life situations. It gives a clear understanding of the purpose of the study, driving forces for the research and the targeted outcome from the study. Primarily, the research background explains which problem needs to be addressed by the study and how effective the result will be after the analysis—a consulting firm in Melbourne city that has loomed a competent client to do consultative research. The research is based on the application and use of the information technology in the day to day running of the business in Australia and its effects. The researcher is mostly interested in analyzing and identifying which areas in the running of the business in Australia need improvement and the ones that pose strengths and need to be reinforced.

The government of Australia is urging businesses to accept and adopt the use of technology to stand a high chance of having a competitive advantage. The data collected also focus on SMEs and how the application of technology will improve the way the businesses are conducted (Lobo, Samaranayake & Subramanian 2012). The consulting firm has, therefore, selecting an expert in the field of data analytics and a piece of vast knowledge and experience in managing this project. The dataset contains the data that is collected and presented for analysis, and the findings deduced that make part of the information and data for decision making. The client has, therefore, signposted that the report focuses on data analytics within the research procedure. Thus, the scene for this research report focuses and explains the importance of the application of the internet in the day to day running of the business and the areas of weaknesses and those of strengths (Guaragni, Schmidt & Paetzold 2016).

The department of industry, innovation, and science in the government of Australia put great emphasis on the urge that Australia should consider applying technology and embracing the digital economy in the way businesses are run. As a result, the application of the internet or the use of technology in the production and marketing of companies is of substantial importance for the businesses in Australia to ensure competence and help increase their returns contributing to the country’s economy. The Australia government also insists on the development and incorporation of technology in the businesses in some areas such as digital skills and data-driven approaches in managing and administrating activities. The Australian government again emphasizes on accessing digitally centered infrastructure that includes aspects of information technology like the internet (Lee 2016).

Data collection and analysis are of substantial significance in the businesses that want to prosper and do well in the field they operate at the expense of their competitors. Therefore, the consultant firm has emphasized the collection of data from several businesses to analyze them and provide well-evaluated discussions that are critical for decision making. The data collected and analyzed in this research offers researchers and consultant firm a grip on understanding all the areas of strengths and those that are facing weaknesses and needs some improvements. Following current problems faced by companies and SMEs in Australia, the government has prescribed the application of the internet to digitize how the businesses are conducted.

Since the data is essential in the running of businesses, the researcher gave the mandate to do the research has chosen to collect data from the Australia Bureau of Statistics and indicated a data set that shows that SMEs in Australia contributes a lot to the country’s economy. Therefore, the data collected is analyzed and deduced from it that companies that apply technology and run their processes digitally stand high chances of having a competitive advantage over their peers. Digitization of businesses will enable various activities in Australia to adopt online marketing strategies whereby they can place their offers on their respective websites. Acquiring competitive advantage in the prevailing market helps capture customer satisfaction, and hence the acquisition of businesses returns.

According to previous research done by Deloitte in Australia, taking a sample size of SMEs in Australia geared towards measuring the extent of digital involvement bears informing fruits. Such responsibility includes businesses that have their websites where they can advertise their goods and services to attract potential customers and retain existing customers. Online advertisements and product promotion conducted by the businesses in Australia will help capture customer attention through the creation of awareness of new products, among others. From this research, the deductions are that the firms that embrace the use of the internet stand a high chance of prosperity and mostly enjoy good business outcomes and realize high returns on their investments as compared to those that do not embrace change.

For instance, small businesses in Australia are urged to consider using online strategies in marketing, which will enable them to prosper and escape digital disruption in the future (Graham, Hjorth & Lehdonvirta 2017). Therefore, this study is carried out to investigate and find out the application of the internet solely and the digital economy in Australian businesses, both large and small. Identification of the weaknesses and strengths is the central aspect that revolves around this research.

Objectives of the research project

• General objectives

To identify the role of the internet and online presence in Australian businesses, both large and small, and the areas of strengths and weaknesses.

• Specific objectives

1. To identify the current situations for the businesses in Australia with the use of the internet, including SMEs and large businesses.

2. To identify the current situations for SMEs in Australia’s online presence and the use of the internet and digital platforms.

3. To identify some of the strengths of the businesses in Australia about the use of the internet, including small and medium enterprises.

4. To identify some of the areas that have weaknesses and need improvement in the businesses in Australia about the use of the internet for both large and small businesses.

Research questions

In this research, several research questions need to be addressed at the end of the study, and the best answers are supplied after the analysis of the findings (Christensen & Lægreid 2017). These questions are:

1. What are the current situations for businesses in Australia with the use of the internet, including SMEs and large businesses?

2. What are the current situations for SMEs in Australia’s online presence and the use of the internet and digital platforms?

3. What are some of the strengths of the businesses in Australia about the use of the internet, including small and medium enterprises?

4. What are some of the areas that have weaknesses and need improvement in the businesses in Australia about the use of the internet for both large and small businesses?

Methodology

Research is an essential aspect of everyday life since it adds new knowledge to the existing pool of knowledge by different academics and scholars. The research methodology is the systematic study, the definition of the problem under research, formulation of reasonable hypothesis, data collection and analysis, and deduction of relevant findings and conclusions (Pillai & Kaushal 2019.). It is primarily the systematic way of providing a solution to a problem in research. It is essential in choosing research methods, tools, and relevant techniques for solving the research problem. Quantitative analysis is used in the data analysis in this project, and data visualization using bar graphs applies to present data in a manner that conveys meaningful information to the commissioning firm.

Visualization is essential for quantitative analysis, and it was conducted using excel. The variables are plotted against each other according to the data collected for analysis. For data collection, samples of the top management in the selected areas were supplied with questionnaires, and the feedback was collected for analysis. The quantitative data was chosen because it presents facts and figures that are relevant for the research study. Therefore, this section is relevant because it provides an overview of how the research was conducted.

Analysis of the data set

Data analysis, according to table one of the data collection and the visualization using the bar graph for presentation.

Figure 1: all businesses

Figure 2: Active Innovation business

Figure 3: non-innovation active business

Data analysis, according to table two of data collection and the visualization using the bar graph for presentation.

Figure 4: All businesses

Figure 5: Innovation active businesses

Figure 6: Non-innovation keen businesses

Findings

The findings on table one show that many of the Australian businesses have already adopted the use of online strategies in carrying out businesses. A high percentage of businesses in Australia use have got internet access, websites where they post their offers. Finally, they use various social media platforms to foster their marketing techniques. However, the innovative active businesses that place their orders via the internet are 75% compared to non-innovative-active businesses, which is 49.6% low. According to this data, it is evident that the digitization of businesses goes hand in hand with creativity and innovation. Therefore, to ensure that the adoption of an online marketing strategy is useful, there must be the presence of quality business ideas that will help venture in various business opportunities.

As a result, the non- innovative- active businesses in Australia should focus on the application of innovation to nurture online marketing gaps, enhancing convenience and customer satisfaction leading to the country’s economic contribution. Following the findings in table one, only a few businesses that have an employment size of more than 200 people that have a high percentage in digitization. For instance, this shows that the available business resources to enhance productivity and prevail in the market are significant. SMEs in Australia seem to be developing day to day with advancement in technology, especially online marketing strategy.

In the industry sector in Australia, as portrayed in table one, it is clear that all businesses in agriculture, forestry, and fishing have a high percentage of internet access. However, the findings show that both the innovative-active businesses and non-innovative-active businesses all report low rates in the use of social media and web presence.

Therefore, this clear as both innovative-active businesses and non-innovative-active businesses place many orders on their online marketing platforms but only receive a few requests from their respective customers. As a result, there needs to more innovation and improvement in agriculture, forestry, and fishing, as this sector seems to be lagging. On the other hand, the mining industry is showing that almost all the businesses in Australia have adopted the use internet, and 67.15% of businesses have websites. Innovative-active companies have reported a 100% use of the internet.

For instance, the full use of cloud-based systems has significantly positively impacted how their clients acquire information about their offers boosting customer contact with the businesses. Contrary, non-innovative-active firms in the mining category, despite 95.5%, use the internet in placing their orders; it is clear that just a few got their websites where they can market their produce. As a result, the mining enterprises in this category should embrace improving on weak areas to help cope with the marketing environment.

97.5% of manufacturing enterprises in Australia have already adopted the use of the internet in business. Many of the manufacturing industries, as shown in the table, use various websites where they can market their products effectively. As a result, this has played a significant role in the growth of both the innovative-active and non-innovative-active manufacturing business-oriented. However, the non-innovative-active businesses, especially the manufacturing sector in Australia that uses the internet as a marketing strategy; only a few have used social media as in meeting customer needs and ensure satisfaction. All financial and insurance services in Australia especially have got full adoption of the internet.

As a result, this brought up efficiency in business transactions, money transfer, and banking, among others contributing to economic diversification in the country. On the other hand, the information media and telecommunications sector have also participated in the contribution of the Australian economy. It is significant as it plays a unique role in the provision of channels or platforms for SMEs in Australia to air their adverts and facilitate product promotion. As a result, this enables industries to create awareness on a particular product in the market. However, information media and telecommunications have borne fruits due to full internet access and websites, leading to quick information sharing and exchange of ideas.

The many businesses venturing into transport, postal and warehousing have 95% access to the internet to ensure online marketing strategy. As a result, some of the businesses in this category don not fully embrace the use of social media in marketing hence low percentage. Moreover, health care and social assistance have 99.3% internet access, where they provide information on the provision of health services. For instance, adoption of the use of technology, basically cloud-based systems, has enabled the delivery of information such as medical assistance, social assistance such as counseling and guidance on social issues, among others.

Findings in table two illustrate how various businesses in Australia use different modes of internet connection to facilitate their online marketing strategy. The most of SMEs in Australia according to table two shows that many of the businesses use digital subscriber line (DSL) to connect to the internet. However, this may be occurring due to other circumstances under the connections that would render SMEs consider the digital subscriber line. These factors may be, for example, cost, reliability, terms, and conditions for use, among others. The other modes of connectivity may be quite expensive to acquire, making the many businesses switch to (DSL), which may be relatively cheaper to subscribe to it.

On the other hand, agriculture, forestry, and fishing use a 23.1% connection to the internet via the satellite. Therefore, the satellite helps the weather departments collect data and forecast for their clients. As a result, the information provided helps mostly the clients who rely heavily on farming, keeping them notified about the future prediction about weather.

Businesses in Australia in the mining and manufacturing category have got a higher percentage on the use of digital subscriber lines than other types of connections to the internet. It is evident from these analyses that the digital subscriber line is mostly preferred to different modes of contact, such as fiber optic, cable, fixed cable, among others. Again, to ensure transparency and accountability in the financial sector, financially oriented businesses in Australia have substantially adopted the use of internet connection through digital subscriber lines hence efficiency.

Financial and insurance services may be considering the type of connectivity due it is current and efficient. The businesses in Australia that specialize in retail and wholesale businesses have nothing but using cloud-based systems where they market and plan the delivery of their offers. As a result, this has been positively enhanced by tremendous internet access through digital subscriber line. Therefore, the retail can quickly post their products on their websites, and then potential clients can make their orders online.

Moreover, the idea has positively impacted customer satisfaction as the client can see the product features online and even consult customer services where necessary. For instance, it has enabled quick delivery of products. It minimizes time-consuming instead, and one gets the information about a particular commodity in question within a click of a button.

Information media and telecommunications businesses consider mostly using digital subscriber lines to connect to the internet according to the findings. Moreover, due to this type of internet connectivity is up to date, it has conveniently fostered the development of other businesses in Australia as they act as advertising platforms and product promotion. Modern healthcare and social assistance services have been entirely enhanced through internet connectivity. Many of these service providers use digital subscriber lines to access the internet. Therefore, the availability of the internet in health care and social assistance has improved service provision and quality. Transport, postal, and warehousing majorly uses digital subscriber lines to access the internet while a lower percentage is evident on other types of connections. As a result, this is crucial for delivering urgent needed products, parcels, among other commodities.

Conclusion

In conclusion, many businesses in Australia have adopted the use of technology and the internet in most of their companies ranging from small to large companies. The online strategies in carrying out their businesses have, at a great deal, helped them maximize their returns and automate their processes. From the research, it is right to conclude that the adoption of the internet and the use of websites where they post their products has expanded the customer scale as many people can view the different products and orders. It is also clear that the use of social media has improved marketing techniques and strategies.

It is also clear that the process of going digital cannot be separated from innovation and creativity in businesses. Again, the modes of internet connection by companies in Australia depend on the nature and size of the market, not forgetting the cost of connection. Many small businesses use digital subscriber line after some considerations such as cost, reliability, terms, and conditions for use, among others. The larger firms with a lot of capital to invest in the internet connection use the method of the satellite. The wireless network is convenient to be used, but some businesses could not adopt it because, in case of the network failure, it is not easy to troubleshoot and fix the problem adequately. Finally, some companies use fiber optic for the internet connection but only within the premises since it is costly and requires a lot of cabling to lay the fiber cables over vast distances.

Additional research required

There are several research gaps in the research study conducted to analyze the application of the internet in business in Australia. The research gaps allow for further research by different researchers. They would wish to further and give solutions to more new and emergent issues arising from the application of the internet in the future. The research has not mentioned anything to do with cultural barriers to the implementation of computing in the business. Some cultures do not encourage digitization as they view it as a form of westernization. Again, business persons may lack the required skills to use the internet and the platform based on the digital world in the arena of computing. In the future, if the business will want to run digital entirely, training will be the central sphere of influence and one which none would evade.

Furthermore, the researcher has not mentioned the misconceptions that people hold as far as computing, and the application of the internet in the business are concerned. People think that if the internet is applied in the market and computing upheld, they will lose their jobs. For instance, a company may adopt CCTVs to monitor operations in a business such as a supermarket. Therefore, the people Manning may fear losing their job may resist the change. Electronic payments will also use the internet hence reducing the number of cashiers operating the business. The reduction of cashiers will help in incorporating the amounts payable to salaries and plough it back to the business. Machines are considered more accurate than human resources, therefore, making fewer errors, if any. Therefore, there is a need for further research on how to better the businesses in Australia apart from running digital and adopting digital modes of running the businesses.

Finally, it is the best idea to note that this research study is not exhaustive in the way of data collection because it has not touched all aspects of businesses available in the federal state of Australia. However, the businesses picked to provide the data to represent the entire business categories in Australia, and additional research needs to be done to thoroughly mine adequate data that can be used to provide rich information.

References

Graham, M., Hjorth, I., and Lehdonvirta, V., 2017. Digital labour and development: impacts of global digital labour platforms and the gig economy on worker livelihoods. Transfer: European Review of Labour and Research, 23(2), pp.135-162.

Guaragni, F., Schmidt, T. and Paetzold, K., 2016. Traditional and agile product development in a hyperconnected world: turning weaknesses into strengths. Procedia CIRP, 52(1), pp.62-67.

Lee, J.Y., 2018. User-centric Digital Inclusion: Linking Australia’s Digital Divide Policy and Digital Exclusion Experiences (Doctoral dissertation, University of Canberra).

Lobo, S.R., Samaranayake, P. and Subramanian, N., 2019. The impact of TQM and information communication technology (ICT) as an enabler in the quality management assessment framework (QMAF) on business outcomes. International Journal of Systems Science: Operations & Logistics, 6(1), pp.69-85.

Pillai, A.A. and Kaushal, U., 2019. Research Methodology-An Introduction To Literary Studies. CENTRAL ASIAN JOURNAL OF LITERATURE, PHILOSOPHY AND CULTURE, 1(1), pp.1-11.

Christensen, T. and Lægreid, P., 2017. Introduction–theoretical approach and research questions. In Transcending new public management (pp. 13-28). Routledge.

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