In terms of improving customer service as well as automating data collection and streamlining workflows, advanced technology can be a benefit to companies of any size. The cost of implementing technology can be prohibitive for small-scale businesses that are limited in budget. It’s therefore important that small-scale business owners are aware of affordable and effective technologies which can help them grow.

Disruptive technology:

Disruptive innovation is an excellent method for small businesses to gain access to markets previously dominating by established, large companies. Amazon and Netflix for instance, were newcomers to the market but now generate substantial revenue. This type of technology development relies upon three key factors including an innovative product, business models that support the disruptive innovation and a network of that includes downstream and upstream partners who support the disruptive technology.

Modern technology:

Modern technology tools are becoming more affordable and easy to integrate with each other which opens up new possibilities for small businesses to enhance their daily operations. For instance, RPA (robotic process automation) software can help companies save time by automating performing certain tasks, for example, processing sales orders.

Other technologies can help employees become more efficient by removing manual, repetitive processes. For example, a company called GradeScope uses machine learning to grade students’ work faster than a teacher through decoding handwriting and identifying correct answers. Other technologies are helping to improve workplace equality by revealing pay gaps and biases, like Textio which analyzes job advertisements and alters them to make them more attractive to women.

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