Utilization of New Technology for Boosting Revenues at Merlin Attractions

Analyse The External And Internal Influencing Factors Which Are Related To Your Chosen Issue

Discuss Good Practice In Relation To The Management Of Your Chosen Issue Referring To Academic Literature And Case Studies/Reports About Other Organisations.

The business management strategy is a specific tool for successful business strategic planning, which is extremely helpful for making higher level business related decisions about setting of long term goals and even allocation of resources within the subsequent direction of the deployment of the policies as well as proper achievement of the objectives (Martins, Oliveira and Popovič 2014). Technology utilization is considered as the most significant and important strategies for business management in all types of businesses to ensure that maximum success and competitive advantage is obtained without much complexity. It is also needed to boost the revenues of the business to a high level and the business is benefitted majorly. The following report outlines a brief discussion on the utilization of new and emerging technology for boosting revenues in the Merlin attractions in London with relevant details like external and internal factors, management of the issue with recommendations for improving Merlin experiences.

Technology is being utilized in several methods for ensuring better effectiveness and efficiency in the business (Williams, Rana and Dwivedi 2015). It is often considered as one of the most popular and significant strategies for business management regarding understanding the efficiency of operations and maintaining a proper culture and class relation of the business. Security of the data and information is being ensured with this utilization of technology in the most effective manner. Technology is also helpful for the businesses to keep their ideas away from huge competition.

Merlin Attractions London, like many other organizations have been using the new and emerging technologies in their business for boosting revenue and bringing out maximum success and profit eventually. They have made a proper plan, so that management is possible under every circumstance (Merlin Digital Guest Journey. 2019). The main Merlin attractions in London include The Coca Cola London Eye, Madame Tussauds Attractions, Alton Towers Resort, and Chessington World of Adventures Resort, The Blackpool Tower and many more. Since, they have ensured maximum popularity and success in the attraction centres, it was important to include technologies in their business in a wider variety. For this purpose they have involved various types of technologies in the business and have gained high competitive advantages.

Utilization of New and Emerging Technology for boosting Revenue in Merlin Attractions London

However, in spite of having such effectiveness and efficiency, there had been issues related to technology for boosting their overall revenue. The most significant issue that is being faced by the Merlin attractions, due to involvement of technology in boosting of revenue is huge expenses. Maintenance of technology in the business, often takes up high expenses and the business is unable to manage them eventually. As a result, there could be high involvement of expenses in the business (Baptista and Oliveira 2015). The next popular issue that is quite common for such involvement would be high chances of data leakage and cyber threats.

The environmental analysis of the organization is being done after identification of the internal and external influencing factors (Venkatesh, Thong and Xu 2016). A detailed SWOT analysis for identifying the internal factors in the Merlin attractions in London is provided below:

The external factors that influence the impact of usage of technology in the business of Merlin attractions in London could be determined by PEST analysis. A detailed PEST analysis for identifying the external factors in the Merlin attractions in London is provided below:

Political: The political background of London has always been extremely stronger for the businesses and organizations and hence several companies gain high popularity while doing their businesses in this city (Lazar, Thompson and Demiris 2014). The government of the United Kingdom has provided support to these companies and as a result several tourist places or attractions have been doing business for longer period of time. Similarly, the growth of Merlin attractions in London have got political support from the government and they have used the new and emerging technology in their business for gaining success.

Economic: The second significant factor of PEST analysis is economic. Technology requires huge investments and maintenance costs for successful implementation and usage. As a result, the business might face losses in their economic background in a high level. Moreover, since the maintenance costs are high and these attractions deal with customers, the organization has to ensure that a periodical maintenance is done almost regularly, especially for the amusement rides.

Social: The third significant factor of PEST analysis is social. The Merlin attractions in London are extremely popular and significant and are also doing for several businesses for all types of customers of different age groups (Aagaard 2015). The social impact is extremely high and due to such high popularity, they have been involving new and emerging technologies in their business to make the attractions even more innovative and creative, as compared to the rest.

Analysis of the Internal and External Influencing Factors for the Issue of Using Emerging Technology

Technological: The impact of technological factor is extremely high in the business of Merlin attractions in London. As each and every amusement ride or attraction is being completed with the help of technologies, the organization has to ensure that better effectiveness and efficiency is being gained under every circumstance. Moreover, the advantage of involving technologies is also included in their business. However, these technologies incur huge costs and expenses as investments and maintenance and hence it could be a major problem for business.

Technology is being developed for meeting any problem or opportunity. These businesses utilize technology in extending their core abilities and serving their customers. The owners of the business comprise of the core vision in recognition customer demands and devising methods in meeting them (Eyyam and Yaratan 2014). However, the business management would require to utilize technology in accomplishing few of the goals and also hire experienced technical people for implementing the ideologies. Competitive advantages are being obtained for the business without even utilization of technology. This type of strategy is being planned for management of the business activities at the maximum possible level within an organization.

It takes up one of the centralized roles for development of the business management strategy and then implement the procedure of business management (Teo and Noyes 2014). It eventually focuses on the establishment of a proper underlying framework for the activities of business management via organization, direction and control of the business implementation. Technology subsequently affects the core ability of a firm for the core purpose of communicating with their customers and it allows the business in interacting with their customers and also creating a strong public image. This technology has both tangible and intangible advantages, which would help out in making money for producing the outcomes as per customers’ demands (Beckman, Bennett and Lockyer 2014). The overall technological infrastructure is responsible for affecting the culture, efficiency as well as relationships of the business. It even impacts on the security of the confidential and sensitive information or trade benefits.

It is being analysed that around 77% of the total population in the city of London purchases admission tickets on their devices and more than 1.1 million people have downloaded the applications of Merlin attractions in the year of 2018. It refers to the fact that there is a high popularity of the utilization of new and updated technologies within the business of Merlin in London. Amongst these 1.1 million people, around 30% of the users have signed up in active marketing from Merlin. Regarding revenue, it is being observed that 32% of the total revenue is being delivered online and the organization is able to increase their revenue by involvement of more customers. The three most vital and significant aspects that are being considered in the organization of Merlin, London are as follows:

Good Practice in Relation to the Management of the Selected Issue with Case Study

Driving Revenue Growth: The first and the most significant aspect, to be considered in Merlin attractions, London is driving revenue growth through online features, trading and even involvement of short breaks (Gay et al. 2016). The entire business would be able to deal with the complexities and issues easily and promptly and also ensure that better effectiveness is being gained under every circumstance. As a result, the organization would get high success in their business.

Supporting the Productivity Agenda: They are also supporting the agenda of productivity in the business through ensuring creativity and innovation with technology. The implementation of new and updated technologies is responsible for bringing out high innovation and also removing the complexities related to productivity to a high level.

Improvement in the Customer Satisfaction: Moreover, technology is also included for ensuring better improvement in the customer satisfaction (TosuntaÅŸ, KaradaÄŸ and Orhan 2015). Such distinct satisfaction is possible through the completion of digital journey and hence Merlin should invest more in the digital technology and marketing.

There would be three important strategic priorities for technology in the business. The first is to strengthen the foundations through electronic commerce, F&B, short breaks and correct infrastructure. These foundations would be responsible for ensuring that the business is providing maximum advantages to the customers. The second strategic priority is to protect their business by GDPR, PCI compliance and regional data centres (Westerman, Bonnet and McAfee 2014). These would ensure that the data and information is safe and secured from any issue. The final priority is supporting their customer satisfaction through CRM, Wi-Fi and websites. Merlin should consider these aspects through technology, so that the services are error free and effective.

One of the most popular examples of usage of technology in business is for Salesforce. They have implemented CRM solution in their business, which utilizes machine learning for building comprehensive data based customer profiles and also identify the opportunity scopes (Innovation case studies. 2018). As a result, they have gained maximum success in their business.

Suitable recommendations are required for the core purpose of improving the business management and chance of getting more success and profit in the business. Two most suitable and appropriate recommendations for bringing improvement in the business of Merlin attractions, London are as follows:

Creation of a Web site with Other Languages: The United Kingdom is a diversified linguistic country that comprises of citizens from various parts of the world with different backgrounds. However, since the majority of the total population has preference for English language, the official website of this Merlin attractions is in English. As a result, several citizens from other parts of the world are unable to interact with the web site as they do not have knowledge for English. Hence, it is highly recommended for the business of Merlin attractions, London to create a web site with other languages such as Chinese, German, Spanish and French. It would be covering almost all the popular and distinct languages in the world and the number of total customers would be increased. Moreover, it would be creating a brand image of the company and also create more business eventually.

More Investment on the Digital Technology: The second important and significant recommendation for the business of Merlin attractions, London would be ensuring more investments on the digitalized technologies. These technologies are such systems and tools, which are responsible for generating, storing as well as processing of the confidential data. The most well-known examples of these technologies involve social media, multimedia, involvement of mobile phones and online games. Since, the Merlin attractions in London are responsible for attracting more customers, especially for the youth generation and children. As a result, it would be important for them to ensure more investment in the digital technologies, so that more innovativeness and creativity would be enhanced to a high level.

Conclusion

Therefore, from the above discussion, a conclusion can be drawn that proper utilization of new and emerging technologies is required for boosting of revenue in the Merlin Attractions London. Technology is being used in all types of business for improvement of care, human resource management, transportation and business communication. It even improves the services and products as the major methodology to gain competitive advantages in the business. The above provided report has provided a detailed analysis of the usage of new and emerging technology in boosting revenue within Merlin Attractions London.

References

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