Affordable and Effective Technologies for Business Growth
Advanced technology can be great asset for any company, regardless of data safety its size. It can improve customer experience, streamline data collection, and streamline processes. The costs of implementing technology can be prohibitive for small-scale businesses that are limited in budget. It is therefore crucial that small-scale business owners are aware of low-cost and efficient technologies that can aid in their growth.
Disruptive technology:
Innovative technology can help small businesses get an edge in markets that were once dominated by large, established companies. Amazon and Netflix, for example were both newcomers to the market but now bring in significant revenues. This kind of technological development is based on three main factors that include an innovative product and business model that can support the disruptive innovation and a broader network that includes downstream and upstream partners who are supportive of the disruptive technology.
Modern technology
Modern tech tools are becoming more affordable and easier to integrate which opens up new possibilities for smaller businesses to improve their day-to-day operations. For example, RPA (robotic process automation) software can help companies save time by automating complete certain tasks, such as processing sales orders.
Other technological advancements can help employees become more efficient by removing repetitive manual processes. GradeScope for instance, uses machine learning to evaluate student’s work faster than a traditional teacher by deciphering their handwriting and identifying the correct answers. Other technologies are helping to improve workplace equality by uncovering the existence of pay gaps and biases, such as Textio which analyzes job advertisements and changes them to be more attractive to women.
