Advanced technology can be excellent asset for any company regardless of size. It can enhance the customer experience, streamline data collection and improve workflows. The costs of implementing technology can be prohibitive for small companies that have a limited budget. It’s the reason it’s so important for small business owners to be aware of low-cost and efficient technologies that can help them grow their companies.

Disruptive technology:

Disruptive innovation can assist small businesses in gaining access to markets that were previously controlled by established, large businesses. Amazon and Netflix for instance were both newcomers to the market but are now able to generate significant revenue. This kind of technological development is dependent on three essential elements: an innovative product and an enterprise model that can support the disruptive innovation and a network of downstream and upstream downstream partners who are in support of the disruptive technology and stand to gain from its success.

Modern technology

Modern tech tools have become more affordable and easy for small businesses to integrate, creating new opportunities to improve their everyday operations. For example, RPA (robotic process automation) software helps businesses cut down on time by automatically performing certain tasks, like processing sales orders.

Other technological advancements can help employees become more efficient by removing repetitive manual processes. GradeScope is one example. It uses machine learning to grade students’ work faster than traditional teachers by studying their handwriting and determining the correct answers. Other technology helps increase gender equality in the workplace by uncovering pay gaps and biases for instance, Textio which analyzes job advertisements and rephrases them in order to make them more attractive to females.