It’s about improving customer experience as well as automating data collection and streamlining workflows, cutting-edge technology can be a boon for companies of any size. However, the cost of the implementation of new technology solutions can sometimes be prohibitive to small companies with budgets that aren’t as big. Therefore, it is crucial that small business owners are aware of the cost-effective and affordable technologies that can help them grow.
Innovation in disruptive ways can help small businesses get an advantage in markets previously dominated by large, established companies. Amazon and Netflix for instance, were newcomers to the market, but today have significant revenue. This kind of technology development is based on three primary factors: an innovative product and a business model that supports the disruptive innovation and a network of downstream and upstream downstream partners that are supportive of the disruptive technology and stand to gain from its success.
Modern technology tools are more affordable and easy for small companies to integrate, opening new opportunities to improve their everyday operations. RPA (robotic processes automation) software, for instance can help businesses cut down time by automatizing certain tasks, like processing sales orders.
Other advanced technologies can help employees be more productive by removing repetitive manual tasks. GradeScope is one example. It makes use of machine learning to grade student’s work faster than a traditional teacher, by studying their handwriting and determining the correct answers. Other tech helps improve gender equality in the workplace by uncovering pay gaps and biases such as Textio which analyzes job advertisements and then rephrases them to make them more attractive to females.