Affordable and Effective Technologies for Business Growth

Whether it’s improving customer experience, automating data collection or streamlining workflows, modern technology can be an asset to businesses of all sizes. However, the cost of adopting new technology solutions could at times be prohibitive for businesses with limited budgets. It is therefore crucial that small business owners are aware of low-cost and efficient technologies that can help them grow.

Disruptive technologies:

Innovative technology can help small businesses get an edge in markets that were once dominated by large, established businesses. For instance streaming services such as Amazon and Netflix began as new entrants into the market and today generate substantial revenues for their parent companies. This type of technology development depends on three essential factors: an innovative product and business models that are in support of the disruptive technology and a network that is upstream and downstream of partners who are supportive of the disruptive technology.

Modern technology:

Modern technology tools are becoming more affordable and easier to integrate with each other, opening up new possibilities for small-scale businesses to improve their daily operations. RPA (robotic processes automation) software, for instance helps businesses save time by automatizing certain tasks, such as processing sales orders.

Other technologies that are more advanced can make employees more productive by removing repetitive manual tasks. For instance, a company called GradeScope uses machine learning to help students’ work faster than a teacher, by decoding handwriting and identifying correct answers. Other technologies are helping to improve equality at work through revealing pay gaps and biases, like Textio which analyzes job ads and rephrases them to be more attractive to women.

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