Affordable and Effective Technologies for Business Growth

Advanced technology can be great asset for any company, regardless of its size. It can enhance customer experience, automate data collection, and streamline processes. However, the cost of implementing new technology solutions can sometimes be prohibitive to small companies with limited budgets. It’s therefore important that small business owners are aware of the affordable and effective technologies which can aid in their growth.

Disruptive technology:

Innovation that is disruptive can allow small businesses to gain a foothold in markets previously dominated by large, established companies. For example streaming services such as Amazon and Netflix began as new entrants into the market and today generate substantial revenue for their parent companies. This kind of technology development relies on three key things: an innovative product retrievedeleteddata.net/proton-vpn-review and a business model that supports the disruptive innovation, and a network of upstream and downstream partners that are supportive of the disruptive technology and stand to gain from its success.

Modern technology

Modern technology tools are becoming more affordable and easier to integrate with one another, opening up new possibilities for smaller businesses to improve their day-to-day operations. RPA (robotic processes automation) software, for example can help businesses cut down time by automatizing certain tasks, such as processing sales orders.

Other advanced technology could make employees more efficient by removing manual, repetitive processes. For instance, a firm called GradeScope makes use of machine learning to grade students’ work much faster than a teacher, by decoding handwriting and identifying the correct answers. Other technologies aid in achieving equality at the workplace by revealing pay gaps and biases, such as Textio which analyzes job ads and rephrases to make them more attractive to females.