Affordable and Effective Technologies for Business Growth

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  • Affordable and Effective Technologies for Business Growth

Modern technology can be a an asset to any business regardless of size. It can improve the customer experience, automate data collection and improve processes. The cost of implementing technology can be prohibitive for small-scale businesses that have a limited budget. It’s therefore important that small-scale business owners are aware of the low-cost and efficient technologies that can aid in their growth.

Disruptive technologies:

Disruptive innovation can assist small businesses in gaining a foothold in markets that were once dominated by large, established companies. Amazon and Netflix for instance, were newcomers to the market but now bring in significant revenues. This kind of technology development relies on three key things: an innovative product, an enterprise model that can support the disruptive innovation and a network of downstream and upstream downstream partners who support the disruptive technology and stand to benefit from its success.

Modern technology:

Modern tech tools are becoming more affordable and easier to integrate with one another, opening up new possibilities for small businesses to enhance their day-to-day operations. RPA (robotic processes automation) software, for example, helps businesses save time through automating certain tasks, such as processing sales orders.

Other technologies that are more advanced will help employees become more productive by eliminating repetitive manual processes. For example, a company called GradeScope makes use of machine learning to grade students’ work faster than a teacher. It does this by deciphering handwriting and identifying correct answers. Other tech is helping to increase equality at work by revealing differences in pay and gender biases such as Textio which analyzes job advertisements and then rephrases them in a way that is more attractive to women.