Affordable and Effective Technologies for Business Growth

In terms of improving customer service by automating data collection or streamlining workflows, modern technology can be beneficial to companies of any size. However, the cost of the implementation of new technology solutions can often be prohibitive for businesses with budgets that aren’t as big. This is why it’s crucial for small-scale business owners to be aware about affordable and efficient technologies that will help them grow their companies.

Disruptive technologies:

Disruptive innovation can allow small companies to gain an advantage in retrievedeleteddata.net/advanced-electronic-data-room markets previously controlled by established, large firms. For instance streaming services such as Amazon and Netflix were initially new entrants to the market, and today generate substantial revenue for their parent companies. This kind of technology development is dependent on three essential factors: an innovative product, an economic model that is supportive of 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 tech tools are becoming more affordable and easy to integrate with one another and open up new opportunities for smaller 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 technologies will help employees become more productive by removing repetitive manual tasks. GradeScope is one example. It makes use of machine learning to grade students’ work faster than a traditional teacher by deciphering their handwriting and identifying the correct answers. Other technologies help improve the equality of workplaces by revealing biases and pay gaps such as Textio which analyzes job advertisements and then rephrases them to make them more attractive to females.