Affordable and Effective Technologies for Business Growth
Advanced technology can be a great asset for any company regardless of size. It can enhance the customer experience, automate data collection, or streamline processes. However, the cost of the implementation of new technology solutions can at times be prohibitive for businesses with small budgets. Therefore, it is crucial that small business owners are aware of the affordable and effective technologies which can aid in their growth.
Disruptive technology:
Disruptive innovation can allow small companies to gain an edge in markets that were previously dominating by large, established businesses. Amazon and Netflix for instance were both newcomers to the market but now generate substantial revenue. This type of technology development is based on three main factors being an innovative product and business model that supports the disruptive innovation and a network that is both downstream and upstream of partners who support the disruptive technology.
Modern technology
Modern tech tools are more affordable and easier for small businesses to integrate, creating new opportunities to improve their everyday operations. RPA (robotic processes automation) software, for instance, helps businesses save time through automating certain tasks, such as processing sales orders.
Other technological advancements can improve the efficiency of employees by removing manual, repetitive processes. For instance, a company named GradeScope employs machine learning to help students’ work quicker than a teacher, by decoding handwriting and identifying correct answers. Other tech helps improve gender equality in the workplace by identifying pay gaps and biases such as Textio which analyzes job advertisements and rephrases to increase their appeal to females.
