Advanced technology can be a beneficial asset for any business, regardless of its size. It can improve customer experience, improve data collection, and streamline workflows. However, the cost of installing new technology solutions can often be prohibitive for businesses with limited budgets. That’s why it’s essential for small business owners to be aware about affordable and efficient technologies that can help them expand their businesses.
Disruptive innovation can help small businesses get a foothold in markets that were previously dominating by large, established companies. For example streaming services such as Amazon and Netflix began as new entrants to the market and have since grown to generate substantial revenues for their parent companies. This kind of technology development relies on three key factors: a revolutionary product, an effective business model that can accommodate the disruptive innovation, and an ecosystem of upstream and downstream partners that are supportive of the disruptive technology and stand to gain from its success.
Modern technology tools have become cheaper and easier for small businesses to integrate, providing new opportunities to improve their everyday operations. RPA (robotic processes automation) software, for example, helps businesses save time by automatizing certain tasks, such as processing sales orders.
Other technology advancements can improve the efficiency of employees by removing manual, repetitive processes. GradeScope, for example, uses machine learning to evaluate students’ work more quickly than a traditional teacher through reading their handwriting and then determining the correct answers. Other tech is helping to improve equality at work through uncovering gender pay gaps and biases like Textio, which analyzes job ads and changes them to be more attractive to women.