Modern technology can be a beneficial asset for any business regardless of size. It can enhance customer experience, streamline data collection, or even streamline workflows. The cost of implementing technological solutions can be prohibitive for small companies that have a limited budget. Therefore, it is crucial that small business owners are aware of the affordable and effective technologies which can aid in their growth.
Disruptive technology:
Innovation that is disruptive can allow small companies to gain an advantage in markets previously controlled by established, large companies. For example streaming services like Amazon and Netflix were first introduced as new players into the market and today bring in significant revenues for their parent companies. This kind of technology development is based on three primary elements: an innovative product and an economic model that is supportive of the disruptive innovation, and a network of upstream and downstream partners that are supportive of the disruptive technology and stand to benefit from its success.
Modern technology:
Modern tech tools are less expensive and easier for small businesses to integrate, resulting in new opportunities to improve their everyday operations. For instance, RPA (robotic process automation) software helps businesses cut down on time by automatically performing certain tasks, like processing sales orders.
Other technologies can make employees more efficient by removing manual, repetitive processes. For example, a company called GradeScope employs machine learning to help students’ work faster than a teacher through decoding handwriting and identifying correct answers. Other technology helps increase the equality of workplaces by identifying pay gaps and biases for instance, Textio which analyzes job ads and rephrases to increase their appeal to females.
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