If it’s improving the customer experience by automating data collection or streamlining workflows, advanced technology can be an asset to businesses of all sizes. However the cost of implementing new technology solutions can often be prohibitive for businesses with budgets that are not as large. It’s the reason it’s so important for small-scale business owners to be aware of cost-effective and efficient technologies that will help them grow their businesses.

Disruptive technology:

Disruptive innovation can assist small businesses in gaining access to markets that were previously dominated by large, established businesses. Amazon and Netflix for instance were both newcomers to the market but are now able to bring in significant revenues. This type of technology development is dependent on three essential elements: an innovative product and an economic model that is supportive of the disruptive innovation and a network of upstream and downstream partners that support the disruptive technology and stand to gain from its success.

Modern technology:

Modern tech tools are becoming more affordable and simpler to integrate with each other and offer new possibilities for small businesses to enhance their daily operations. RPA (robotic processes automation) software, for instance helps businesses save time by automatizing certain tasks, such as processing sales orders.

Other technologies that are more advanced will help employees become more productive by removing repetitive manual tasks. GradeScope, for example, uses machine learning to evaluate students’ work quicker than a traditional teacher by reading their handwriting and then determining the correct answers. Other tech is helping to improve workplace equality by uncovering pay gaps and biases, like Textio which analyzes job ads and then rephrases them in a way that is more attractive to women.

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