Technology advancement can be a excellent asset for any company regardless of size. It can enhance customer experience, speed up data collection, or streamline processes. However the cost of implementing new technology solutions can sometimes be prohibitive to small businesses with budgets that are not as large. That’s why it’s important for small-scale business owners to be aware of low-cost and effective technologies that could help them grow their companies.

Disruptive technology:

Disruptive innovation is an excellent method for small businesses to gain a foothold on markets that were previously dominating by established, large companies. Amazon and Netflix, for example were both newcomers to the market but are now able to have significant revenue. This kind of technological development is dependent on three essential factors: an innovative product, a business model that supports the disruptive innovation and an ecosystem of upstream and downstream partners who are in support of the disruptive technology and stand to gain from its success.

Modern technology:

Modern tech tools have become cheaper and easier for small businesses to integrate, resulting in new opportunities to improve their everyday operations. For instance, RPA (robotic process automation) software can help businesses to save time by automatically accomplishing certain tasks, such as processing sales orders.

Other technological advancements can help employees be more productive by removing repetitive manual tasks. For instance, a company named GradeScope makes use of machine learning to grade students’ work more quickly than a teacher. It does this by deciphering handwriting and identifying the correct answers. Other tech helps improve gender equality in the workplace by revealing pay gaps and biases like Textio which analyzes job advertisements and rephrases to make them more attractive to females.

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