Technology advancement can be a excellent asset for any company, regardless of its size. It can enhance the customer experience, streamline data collection, or streamline processes. The cost of implementing technology can be prohibitive for small-scale businesses with limited budgets. It’s therefore important that small-scale business owners are aware of the inexpensive and efficient technologies that can help them grow.
Disruptive technology:
Innovation in disruptive ways can allow small businesses to gain an edge in markets that were previously controlled by established, large businesses. For example, streaming services like Amazon and Netflix began as new entrants to the market, and today generate substantial revenue for their parent companies. This kind of technological development is dependent on three essential things: an innovative product, an effective business model that can accommodate the disruptive innovation, and a network of downstream and upstream downstream partners who support the disruptive technology and stand to gain from its success.
Modern technology:
Modern tech tools have become less expensive and easier for small businesses to integrate, resulting in new opportunities to improve their daily operations. For example, RPA (robotic process automation) software helps businesses to save time by automatically completing certain tasks, for example, processing sales orders.
Other technologies that are more advanced will help employees become more productive by eliminating repetitive manual processes. GradeScope for instance, makes use of machine learning to grade students’ work faster than traditional teachers by studying their handwriting and determining the correct answers. Other tech is helping to improve equality at work by revealing differences in pay and gender biases model of data security like Textio, which analyzes job advertisements and changes them to be more appealing to women.
