Affordable and Effective Technologies for Business Growth

If it’s improving the customer experience or automating data collection, or streamlining workflows, cutting-edge technology can be a boon to any company of any size. The cost of implementing technology solutions can be prohibitive for small businesses with limited budgets. It’s the reason it’s so important for small-scale business owners to be aware of affordable and efficient technologies that will help them expand their businesses.

Disruptive technology:

Disruptive innovation is an excellent method for small businesses to establish themselves in markets previously dominated by established, large corporations. For example streaming services like Amazon and Netflix were initially new entrants into the market and today generate substantial revenues for their parent companies. This kind of technological development is based on three primary elements: an innovative product, an enterprise model that can support the disruptive innovation and a network of downstream and upstream downstream partners who are in support of the disruptive technology and stand to benefit from its success.

Modern technology:

Modern technology tools are cheaper and easier for small businesses to integrate, providing new opportunities to improve their daily operations. RPA (robotic processes automation) software, for example helps businesses save time through automating certain tasks, like processing sales orders.

Other advanced technology could make employees more efficient by eliminating repetitive, manual processes. GradeScope, for example, uses machine learning to grade student’s work faster than a traditional teacher through understanding their handwriting and identifying the correct answers. Other technology is helping improve workplace equality by uncovering the existence of pay gaps and biases, like Textio, which analyzes job ads and rephrases them to be more appealing to women.

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