Technology advancement can be a beneficial asset for any business, regardless of its size. It can enhance customer experience, streamline data collection and improve processes. However the cost of installing new technology solutions can often be prohibitive for companies with small budgets. It’s the reason it’s so important for small-scale business owners to be aware of cost-effective and effective technologies that could help them grow their businesses.

Disruptive technologies:

Innovation that is disruptive can assist small businesses in gaining an advantage in markets that were once dominating by large, established businesses. Amazon and Netflix for instance, were newcomers to the market, but they now generate significant revenue. This kind of technology development relies on three key elements: an innovative product, an enterprise model that can support the disruptive innovation, and a network of upstream and downstream partners who support the disruptive technology and stand to gain from its success.

Modern technology:

Modern technology tools are becoming more affordable and easier to integrate with each other and offer new possibilities for small-scale businesses to improve their day-to-day operations. RPA (robotic processes automation) software, for instance helps businesses save time through automating certain tasks, like processing sales orders.

Other advanced technology can improve the efficiency of employees by removing repetitive manual processes. GradeScope, for example, uses machine learning to grade students’ work more quickly than a traditional teacher, by reading their handwriting and then determining the correct answers. Other technologies are helping to improve equality at work by revealing gender pay gaps and biases like Textio, which analyzes job ads and rephrases them to be more appealing to women.