digitalization, digital transformation, SME Small and Medium Enterprise, innovation, growth, business, new technologies, cloud computing, big data, artificial intelligence, IoT Internet of Things, leadership, digital economy
The slogan of digital transformation is not a buzz but an imperative strategic drive in this current century economy where technology is taking the centre stage of shaping business landscapes. The use of digital technologies is vital for the SMEs playing so important role in terms of making up a great part of economic activity and employment, as they are gradually being doomed to generating the innovation, boosting competitiveness, and setting up an atmosphere where economic growth facilitated. This paper endeavors to put the issue of digital transformation into perspective, highlighting its significance, goals, and the expected ramifications it would have on the larger economic framework of SMEs.
[...] Digital Transformation in Small and Medium Enterprises (SMEs): A Roadmap towards Innovation and Growth 1. Introduction The slogan of digital transformation is not a buzz but an imperative strategic drive in this current century economy where technology is taking the centre stage of shaping business landscapes. The use of digital technologies is vital for the SMEs playing so important role in terms of making up a great part of economic activity and employment, as they are gradually being doomed to generating the innovation, boosting competitiveness, and setting up an atmosphere where economic growth facilitated. [...]
[...] (2014). "Leading Digital: Turning Technology into Business Transformation." Harvard Business Review Press. Offers strategies of the transformations that would be useful for success in a digital world. - Chaffey, D., & Ellis-Chadwick, F. (2019). "Digital Marketing." Pearson. Discusses the effect of digital marketing in growth of SMEs and engaging the customer base. [...]
[...] The following illustrations will cast more light on the strategies used, challenges faced during, and benefits derived from digital transformation Conclusion Therefore, digital transformation offers a critical avenue for innovation, competition, and growth to SMEs. However, despite the challenges, the infusion of digital technologies in a strategic manner offers significant opportunities for SMEs to transform their operations, engage with the customers and position themselves to thrive in the long haul on the backdrop of the digital economy. As the online business field is changing constantly and SMEs have to be agile in always just changing their strategies and integrating new technologies and opportunities Bibliography - Digital Economy Report 2021. [...]
[...] Leadership plays a vital role in driving digital transformation by giving robust improvement, investment of training and development of employees. In addition, the phased approach in digital integration can give a room to manage costs and handle risks Benefits Attained Through Digital Transformation There are benefits attained from the process of digital transformation whereby improved operational efficiency that causes low costs among them, increased customer experience with the products provided, and expands the market reach for the small geed enterprises. [...]
[...] Shows that digital transformation is critical for economic development as well as the growth and sustainability of small and medium-sized enterprises. - Kane, G. C., et al. (2021). "The Technology Fallacy: How People Are the Real Key to Digital Transformation." MIT Press. Sheds light on human ingredients in digital transformation. - Westerman, G., Bonnet, D., & McAfee, A. [...]
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