In terms of improving customer service as well as automating data collection and streamlining workflows. Technology advancements can be beneficial for companies of any size. However, the cost of adopting new technology solutions could sometimes be prohibitive for small businesses with small budgets. That’s why it’s important for small-scale business owners to be aware about affordable and efficient technologies that will aid them in growing their businesses.
Disruptive technologies:
Innovative technology can allow small companies to gain an edge in markets previously dominating by large, established businesses. Amazon and Netflix for instance were brand new to the market, but they now bring in significant revenues. This kind of technological development relies upon three key factors being an innovative product and business models that are in support of the disruptive technology and a broader network upstream and downstream of partners who support the disruptive technology.
Modern technology:
Modern tech tools have become more affordable and easy for small businesses to integrate, resulting in new opportunities to improve their daily operations. RPA (robotic processes automation) software, for example helps businesses save time by automatizing certain tasks, like processing sales orders.
Other technologies can make employees more efficient by eliminating repetitive, manual processes. GradeScope for instance, uses machine learning to evaluate students’ work more quickly than a traditional teacher through studying their handwriting and determining the correct answers. Other tech is helping to improve equality at work through uncovering the existence of pay gaps and biases, like Textio which analyzes job advertisements and rephrases them to be more appealing to women.
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