Advanced technology can be a an asset to any business, regardless of its size. It can enhance the customer experience, speed up data collection, or streamline workflows. The cost of implementing technology can be prohibitive for small companies that are limited in budget. It’s crucial that small business owners are aware of cost-effective and affordable technologies that can help them grow.
Innovation that is disruptive can help small businesses get access to markets that were previously dominated by large, established companies. Amazon and Netflix, for example were both newcomers to the market, but today have significant revenue. This type of technology development is dependent on three primary factors including an innovative product and business model that supports the disruptive technology, and a network both downstream and upstream of partners who support the disruptive technology.
Modern tech tools are becoming more affordable and simpler to integrate and offer new possibilities for small businesses to enhance their daily operations. RPA (robotic processes automation) software, for example can help businesses reduce time by automatizing certain tasks, like processing sales orders.
Other technologies can make employees more efficient by removing manual, repetitive processes. For instance, a firm called GradeScope employs machine learning to grade students’ work is ProtonVPN safe quicker than a teacher, by decoding handwriting and identifying the correct answers. Other technologies are helping to improve equality at work through revealing differences in pay and gender biases like Textio which analyzes job ads and changes them to be more appealing to women.