Advanced technology can be an asset to any business regardless of size. It can improve customer experience, improve data collection, or even streamline processes. However, the cost of the implementation of new technology solutions can sometimes be prohibitive for small companies with small budgets. That’s why it’s important for small-scale business owners to be aware of affordable and effective technologies that can help them expand their businesses.
Disruptive technologies:
Disruptive innovation can help small businesses get an advantage in markets previously dominated by large, established businesses. Amazon and Netflix, for example were both newcomers to the market, but they now have significant revenue. This kind of technological development relies upon three key factors: an innovative product and business model that can support the disruptive technology, and a network both downstream and upstream of partners who are supportive of the disruptive technology.
Modern technology
Modern tech tools are becoming more affordable and simpler to integrate with one another, opening up new possibilities for small businesses to enhance their daily operations. RPA (robotic processes automation) software, for instance can help businesses cut down time through automating certain tasks, like processing sales orders.
Other advanced technology could make employees more efficient by removing repetitive manual processes. For instance, a company named GradeScope utilizes machine learning to help students’ work quicker than a teacher. It does this by deciphering handwriting and identifying correct answers. Other technologies help improve gender equality in the workplace by uncovering pay gaps and biases such as Textio which analyzes job advertisements and rephrases them in order to increase their appeal to females.
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