Technology advancement can be a an asset to any business regardless of size. It can improve the customer experience, streamline data collection, and streamline workflows. The cost of implementing technology solutions can be prohibitive for small-scale businesses with limited budgets. That’s why it’s essential for small business owners to be aware of affordable and effective technologies that could aid them in growing their businesses.

Disruptive technologies:

Disruptive innovation is a fantastic method for small businesses to establish themselves in markets previously controlled by established, large corporations. For instance streaming services such as Amazon and Netflix started as new entrants into the market and today generate substantial revenue for their parent companies. This kind of technology development is based on three primary factors: an innovative product and an effective business model that can accommodate the disruptive innovation and an array of upstream and downstream partners who are in support 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 which opens up new possibilities for small businesses to enhance their daily operations. RPA (robotic processes automation) software, for instance can help businesses cut down time by automatizing certain tasks, like processing sales orders.

Other technology advancements could make employees more efficient by removing repetitive manual processes. GradeScope for data safety instance, uses machine learning to evaluate students’ work more quickly than a traditional teacher, by deciphering their handwriting and identifying the correct answers. Other technology helps increase gender equality in the workplace by revealing biases and pay gaps for instance, Textio which analyzes job ads and rephrases them in order to make them more appealing to females.