Whether it’s improving customer experience as well as automating data collection and streamlining workflows, modern technology can be beneficial to companies of any size. The costs of implementing technology can be prohibitive for small businesses with limited budgets. That’s why it’s important for small business owners to be aware about affordable and efficient technologies that can aid them in growing their businesses.
Innovative technology can assist small businesses in gaining a foothold in markets previously dominating by large, established businesses. For example streaming services such as Amazon and Netflix started as new entrants into the market and today generate significant revenue for their parent companies. This type of technology development depends on three essential factors: an innovative product and business models that are in support of the disruptive innovation, and a network upstream and downstream of partners who support the disruptive technology.
Modern tech tools have become less expensive and easier for small businesses to integrate, creating new opportunities to improve their everyday operations. For instance, RPA (robotic process automation) software can help businesses cut down on time by automatically performing certain tasks, like 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 uses machine learning to grade students’ work quicker than a teacher by deciphering handwriting and identifying the correct answers. Other technologies aid in achieving gender equality in the workplace by revealing pay gaps and biases like Textio which analyzes job advertisements and rephrases them in order to increase their appeal to females.