Advanced technology can be an asset to any business, regardless of its size. It can improve the customer experience, automate data collection, or even streamline processes. The cost of implementing technology solutions can be prohibitive for small businesses that have limited budgets. It’s the reason it’s so important for small-scale business owners to be aware about affordable and effective technologies that can aid them in growing their businesses.
Disruptive technology:
Disruptive innovation can assist small businesses in gaining an edge in markets that were once dominating by large, established businesses. Amazon and Netflix for instance were brand new to the market but now generate substantial revenue. This kind of technological development is dependent on three primary factors including an innovative product and business models that are in support of the disruptive innovation and a network that is downstream and upstream of partners who are supportive of the disruptive technology.
Modern technology:
Modern technology tools are becoming more affordable and simpler to integrate with each other, opening up new possibilities for small-scale businesses to improve their daily operations. For example, RPA (robotic process automation) software can help companies save time by automating accomplishing certain tasks, for example, processing sales orders.
Other technologies that are more advanced can boost productivity of employees by eliminating repetitive manual processes. For instance, a firm called GradeScope utilizes machine learning to grade students’ work quicker than a teacher, by decoding handwriting and identifying correct answers. Other technology helps increase gender equality in the workplace by revealing biases and pay gaps like Textio which analyzes job advertisements and rephrases them in order to make them more appealing to females.
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