Affordable and Effective Technologies for Business Growth

If it’s improving the customer experience by automating data collection or streamlining workflows, cutting-edge technology can be an asset to businesses of all sizes. The cost of implementing technology solutions can be prohibitive for small businesses with limited budgets. It is therefore crucial that small business owners are aware of the low-cost and efficient technologies that can aid in their growth.

Disruptive technology:

Innovation that is disruptive can allow small companies to gain an advantage in markets previously dominated by large, established businesses. Amazon and Netflix, for example were both newcomers to the market but are now able to generate substantial revenue. This kind of technological development is based on three primary factors: a revolutionary product, an effective business model that can accommodate the disruptive innovation, and an ecosystem of upstream and downstream partners who are in support of the disruptive technology and stand to gain from its success.

Modern technology

Modern technology tools are becoming more affordable and easy to integrate which opens up new possibilities for small-scale businesses to improve their day-to-day operations. For example, RPA (robotic process automation) software can help businesses to save time by automatically accomplishing certain tasks, such as processing sales orders.

Other technologies that are more advanced can boost productivity of employees by eliminating repetitive manual processes. For instance, a company named GradeScope makes use of machine learning to grade students’ work more quickly than a teacher through decoding handwriting and identifying the correct answers. Other tech is helping to increase equality at work by uncovering pay gaps and biases, such as Textio which analyzes job advertisements and changes them to be more appealing to women.

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