Technology advancement can be a an asset to any business, regardless of its size. It can enhance customer experience, speed up data collection, and streamline workflows. The cost of implementing technology can be prohibitive for small-scale businesses that have a limited budget. Therefore, it is crucial that small business owners are aware of inexpensive and efficient technologies that can aid in their growth.

Disruptive technology:

Disruptive innovation can help small businesses get a foothold in markets that were once controlled by established, large companies. For instance streaming services like Amazon and Netflix were initially new entrants to the market and now bring in significant revenues for their parent companies. This type of technology development is based on three main factors including an innovative product, business models that support the disruptive technology, and a network both downstream and upstream of partners who support the disruptive technology.

Modern technology:

Modern tech tools are becoming more affordable and easier to integrate with one another and open up new opportunities for small-scale businesses to improve their daily operations. RPA (robotic processes automation) software, for example, helps businesses save time through automating certain tasks, like processing sales orders.

Other technologies can improve the efficiency of employees by removing repetitive manual processes. GradeScope, for example, utilizes machine learning to grade student’s work faster than a traditional teacher through deciphering their handwriting and identifying the correct answers. Other tech is helping to improve workplace equality by revealing the existence of pay gaps and biases, such as Textio which analyzes job advertisements and then rephrases them in a way that is more appealing to women.

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