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12 Oct 2023

It’s about improving customer experience as well as automating data collection and streamlining workflows. Technology advancements can be a boon to any company of any size. The cost of implementing technology can be prohibitive for small companies with limited budgets. This is why it’s crucial for small business owners to be aware about affordable and effective technologies that could help them expand their businesses.

Disruptive technology:

Disruptive innovation can be a great opportunity for small-scale businesses to gain a foothold on markets that were previously controlled by established large corporations. Amazon and Netflix, for example were relatively new to the market but are now able to generate substantial revenue. This type of technology development is dependent on three essential factors: an innovative product, a business model that supports the disruptive innovation and an array of upstream and downstream partners that are supportive of the disruptive technology and stand to gain from its success.

Modern technology:

Modern technology tools have become more affordable and easier for small businesses to integrate, creating new opportunities to improve their everyday operations. RPA (robotic processes automation) software, for example helps businesses save time by automatizing certain tasks, like processing sales orders.

Other advanced technologies can help employees be more productive by removing repetitive manual tasks. For instance, a company called GradeScope utilizes machine learning to grade students’ work quicker than a teacher, by decoding handwriting and identifying the correct answers. Other technologies are helping to improve equality at work by revealing pay gaps and biases, such as Textio which analyzes job advertisements and rephrases them to be more appealing to women.