Affordable and Effective Technologies for Business Growth

Modern technology can be a beneficial asset for any business, regardless of its size. It can improve the customer experience, automate data collection, or even streamline workflows. However the cost of implementing new technology solutions can at times be prohibitive for companies with small budgets. This is why it’s crucial for small-scale business owners to be aware of cost-effective and efficient technologies that can aid them in growing their businesses.

Disruptive technologies:

Disruptive innovation is an excellent opportunity for small-scale businesses to gain access to markets that were previously controlled by established, large corporations. For instance streaming services such as Amazon and Netflix started as new entrants into the market and today generate substantial revenue for their parent companies. This type of technology development depends on three essential factors: an innovative product and business model that supports the disruptive innovation and a broader network downstream and upstream of partners who support the disruptive technology.

Modern technology:

Modern technology tools are becoming more affordable and easier to integrate with each other and offer new possibilities for small-scale businesses to improve their day-to-day operations. For instance, RPA (robotic process automation) software helps businesses to save time by automatically accomplishing certain tasks, like processing sales orders.

Other advanced technologies will help employees become more productive by removing repetitive manual tasks. GradeScope is one example. It makes use of machine learning to grade student’s work faster than traditional teachers by understanding their handwriting and identifying the correct answers. Other technologies help improve gender equality in the workplace by revealing biases and pay gaps like Textio which analyzes job advertisements and alters them to increase their appeal to females.

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