Affordable and Effective Technologies for Business Growth
Advanced technology can be excellent asset for any company regardless of size. It can improve customer experience, improve data collection, or even streamline processes. The cost of implementing technology solutions can be prohibitive for small companies that have a limited budget. It is therefore crucial that small business owners are aware of low-cost and efficient technologies that can aid in their growth.
Disruptive technology:
Innovation in disruptive ways can assist small businesses in gaining a foothold in markets that were once dominating by large, established companies. Amazon and Netflix for instance were relatively new to the market, but they now have significant revenue. This type of technology development relies upon three key factors: an innovative product and business models that are in support of the disruptive technology, and a network downstream and upstream of partners who are supportive of the disruptive technology.
Modern technology
Modern address tech tools are becoming more affordable and easy to integrate with each other and open up new opportunities for small-scale businesses to improve their daily operations. RPA (robotic processes automation) software, for instance can help businesses reduce time through automating certain tasks, such as processing sales orders.
Other technological advancements can improve the efficiency of employees by removing repetitive manual processes. For instance, a company named GradeScope utilizes machine learning to help students’ work much faster than a teacher by deciphering handwriting and identifying correct answers. Other technologies are helping to increase equality at work by revealing differences in pay and gender biases such as Textio which analyzes job ads and rephrases them to be more appealing to women.