It’s about improving customer experience by automating data collection or streamlining workflows, advanced technology can be beneficial to companies of any size. 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 about affordable and effective technologies that could help them grow their businesses.
Disruptive technology:
Innovative technology can allow small businesses to gain an edge in markets that were previously dominating by large, established companies. For instance streaming services such as Amazon and Netflix were initially new entrants to the market, and today generate substantial revenues for their parent companies. This type of technology development is dependent on three essential factors: an innovative product, a business model that supports the disruptive innovation and an array of upstream and downstream partners who support the disruptive technology and stand to benefit from its success.
Modern technology
Modern tech tools are becoming more affordable and simpler to integrate with each other and offer new possibilities for small businesses to enhance their day-to-day operations. For example, RPA (robotic process automation) software can help businesses to save time by automatically complete certain tasks, like processing sales orders.
Other technologies that are more advanced will help employees become more productive by eliminating repetitive manual processes. GradeScope, for example, utilizes machine learning to grade students’ work more quickly than a traditional teacher by studying their handwriting and determining the correct answers. Other technology is helping improve equality at work through uncovering pay gaps and biases, such as Textio, which analyzes job ads and then rephrases them in a way that is more attractive to women.
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