Affordable and Effective Technologies for Business Growth

12-10-2023 | Property Development

Technology advancement can be a excellent asset for any company, regardless of its size. It can improve the customer experience, speed up data collection and improve processes. The cost of implementing technological solutions can be prohibitive for small businesses with limited budgets. It’s the reason it’s so important for small business owners to be aware about affordable and effective technologies that can help them grow their businesses.

Disruptive technology:

Innovation that is disruptive can assist small businesses in gaining a foothold in markets that were previously controlled by established, large firms. For example streaming services like Amazon and Netflix started as new entrants to the market, and today bring in significant revenues for their parent companies. This type of technology development is dependent on three primary factors being an innovative product and business model that supports the disruptive innovation and a broader network both downstream and upstream of partners who are supportive of the disruptive technology.

Modern technology

Modern technology tools are becoming more affordable and easy to integrate with each other and offer new possibilities for small-scale businesses to improve their day-to-day operations. For instance, RPA (robotic process automation) software can help businesses to save time by automatically accomplishing certain tasks, like processing sales orders.

Other advanced technologies will help employees become more productive by removing repetitive manual tasks. For instance, a company named GradeScope uses machine learning to help students’ work faster than a teacher, by decoding handwriting and identifying the correct answers. Other technologies help improve the level of equality in the workplace by uncovering pay gaps and biases, such as Textio which analyzes job ads and rephrases them in order to make them more attractive to females.


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