Advanced technology can be beneficial asset for any business regardless of size. It can improve the customer experience, speed up data collection, or streamline workflows. The cost of implementing technological solutions can be prohibitive for small businesses with limited budgets. Therefore, it is crucial that small business owners are aware of the affordable and effective technologies which can help them grow.
Disruptive technology:
Disruptive innovation is a great way for small businesses to gain entry into markets that were previously dominated by established, large corporations. Amazon and Netflix, for example were both newcomers to the market but now bring in significant revenues. This kind of technological development is based on three primary factors: a revolutionary product and an effective business model that can accommodate the disruptive innovation and a network of upstream and downstream partners that support the disruptive technology and stand to benefit from its success.
Modern technology:
Modern tech tools have become more affordable and easy for small companies to integrate, opening new opportunities to improve their everyday operations. For instance, RPA (robotic process automation) software can help businesses save time by automatically performing certain tasks, for example, processing sales orders.
Other advanced technologies can boost productivity of employees by eliminating repetitive manual processes. For example, a company called GradeScope uses machine learning to help students’ work much faster than a teacher. It does this by deciphering handwriting and identifying correct answers. Other technologies are helping to increase equality at work by uncovering gender pay gaps and biases such as Textio which analyzes job ads and rephrases them to be more attractive to women.
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