Whether it’s improving customer experience as well as automating data collection and streamlining workflows, advanced technology can be a benefit for companies of any size. However the cost of implementing new technology solutions can often be prohibitive for businesses with budgets that aren’t as big. It’s crucial that small business owners are aware of the low-cost and efficient technologies that can help them grow.

Disruptive technologies:

Disruptive innovation can be a great method for small businesses to establish themselves in markets previously dominated by established, large companies. For instance streaming services such as Amazon and Netflix were initially new entrants to the market, and today generate substantial revenues for their parent companies. This kind of technological development depends on three essential factors being an innovative product, business models that support the disruptive innovation, and a network downstream and upstream of partners who are supportive of the disruptive technology.

Modern technology:

Modern technology tools have become more affordable and easy for small businesses to integrate, providing new opportunities to enhance their daily operations. For instance, RPA (robotic process automation) software can help businesses cut down on time by automatically complete certain tasks, for example, processing sales orders.

Other technology advancements could make employees more efficient by eliminating repetitive, manual processes. GradeScope for instance, utilizes machine learning to grade students’ work more quickly than a traditional teacher by studying their handwriting and determining the correct answers. Other technology is helping increase equality at work by uncovering differences in pay and gender biases such as Textio which analyzes job advertisements and then rephrases them in a way that is more appealing to women.