In terms of improving customer service by automating data collection or streamlining workflows, advanced technology can be a boon to businesses of all sizes. The cost of implementing technology can be prohibitive for small-scale businesses that have a limited budget. Therefore, it is crucial that small-scale business owners are aware of the cost-effective and affordable technologies that can aid in their growth.

Disruptive technology:

Disruptive innovation can be a great way for small businesses to gain access to markets that were previously dominating by established, large companies. Amazon and Netflix, for example were both newcomers to the market but now have significant revenue. This kind of technological development relies upon three key factors that include an innovative product and business model that can support the disruptive technology and a broader network downstream and upstream of partners who support the disruptive technology.

Modern technology

Modern tech tools are more affordable and easier for small businesses to integrate, providing new opportunities to improve their daily operations. For instance, RPA (robotic process automation) software can help businesses to save time by automatically accomplishing certain tasks, for example, 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 students’ work more quickly than a traditional teacher through reading their handwriting and then determining the correct answers. Other technology is helping improve workplace equality by revealing the existence of pay gaps and biases, like Textio which analyzes job advertisements and then rephrases them in a way that is more attractive to women.