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In terms of improving customer service, automating data collection or streamlining workflows, cutting-edge technology can be a benefit for companies of any size. However the cost of implementing new technology solutions can at times be prohibitive for companies with limited budgets. It’s therefore important that small-scale business owners are aware of low-cost and efficient technologies that can aid in their growth.
Disruptive technologies:
Disruptive innovation is a great way for small companies to gain access to markets that were previously dominated by established, large corporations. For example streaming services such as Amazon and Netflix were first introduced as new players into the market and today generate substantial revenue for their parent companies. This type of technology development relies upon three key factors including an innovative product and business models that are in support of the disruptive technology and a network that is upstream and downstream of partners who support the disruptive technology.
Modern technology:
Modern tech tools are becoming more affordable and easy to integrate and offer new possibilities for small businesses to enhance their day-to-day operations. For example, RPA (robotic process automation) software can help companies save time by automating completing certain tasks, for example, processing sales orders.
Other technologies can make employees more efficient by removing manual, repetitive processes. GradeScope, for example, uses machine learning to evaluate student’s work faster than a traditional teacher through studying their handwriting and determining the correct answers. Other tech is helping to increase equality at work by revealing pay gaps and biases, like Textio, which analyzes job advertisements and then rephrases them in a way that is more appealing to women.