Affordable and Effective Technologies for Business Growth

In terms of improving customer service or automating data collection, or streamlining workflows. Technology advancements can be a boon for companies of any size. The cost of implementing technological solutions can be prohibitive for small companies that are limited in budget. That’s why it’s important for small-scale business owners to be aware of cost-effective and efficient technologies that will help them grow their companies.

Disruptive technology:

Innovative technology can help small businesses get an edge in markets that were once dominated by retrievedeleteddata.net/advanced-electronic-data-room large, established businesses. Amazon and Netflix, for example were relatively new to the market but now generate substantial revenue. This kind of technological development depends on three essential factors that include an innovative product and business model that supports the disruptive innovation and a broader network downstream and upstream of partners who support the disruptive technology.

Modern technology

Modern technology tools have become less expensive and easier for small businesses to integrate, creating new opportunities to improve their daily operations. For example, RPA (robotic process automation) software can help businesses cut down on time by automatically performing certain tasks, such as processing sales orders.

Other technological advancements can boost productivity of employees by removing repetitive manual tasks. GradeScope for instance, utilizes machine learning to grade student’s work faster than a traditional teacher by understanding their handwriting and identifying the correct answers. Other technologies are helping to improve equality at work through uncovering gender pay gaps and biases such as Textio which analyzes job ads and rephrases them to be more appealing to women.