It’s about improving customer experience, automating data collection or streamlining workflows, modern technology can be beneficial for companies of any size. The cost of implementing technology can be prohibitive for small businesses that are limited in budget. It’s the reason it’s so important for small business owners to be aware about affordable and efficient technologies that can help them grow their companies.
Innovative technology can allow small businesses to gain an edge in markets previously controlled by established, large companies. Amazon and Netflix, for example, were newcomers to the market, but they now generate substantial revenue. This kind of technology development relies on three key elements: an innovative product, an economic model that is supportive of the disruptive innovation, and an array of upstream and downstream partners who are in support of the disruptive technology and stand to gain from its success.
Modern technology tools have become more affordable and easy for small businesses to integrate, creating new opportunities to improve their everyday operations. RPA (robotic processes automation) software, for instance can help businesses reduce time by automatizing certain tasks, like boardroom software processing sales orders.
Other technologies that are more advanced can help employees be more productive by eliminating repetitive manual processes. GradeScope is one example. It uses machine learning to evaluate student’s work faster than traditional teachers by deciphering their handwriting and identifying the correct answers. Other tech is helping to improve workplace equality by revealing differences in pay and gender biases like Textio, which analyzes job advertisements and then rephrases them in a way that is more attractive to women.