Digital transformation: A roadmap to leverage businesses for SMEs

Abstract

COVID-19 has been a critical turning point for businesses worldwide, compelling them to adopt digital technologies to sustain their economic activity. However, with limited resources such as budget constraints, transforming business strategies to integrate digital technologies is tedious. As the global market continues to evolve into a dynamic digitalised landscape, adopting digital transformation has become essential for businesses, especially start-ups and small- and medium-sized enterprises (SMEs), to remain competitive. Consequently, this study presents a roadmap for start-ups and SMEs to guide them in looking for support in digital technologies to leverage their businesses. The methodology includes a review of the industry’s best practices and case studies based on successful implementation, while fostering a customer-centric approach. Visits to trade fairs and interviews with small business owners were conducted (1) to understand the challenges faced by SMEs and (2) to identify their need to use digital technologies. The results show that one of the main challenges SMEs face is that apart from the lack of proper infrastructure, they lack confidence in adopting technology in their business. They require knowledge of digital technologies to properly define their requirements and use digital platforms. A framework mapped on the hierarchy of effects model is proposed to assist SMEs embarking on digital transformation systematically to learn, adapt, evolve, and sustain their businesses based on their needs and pace. This research contributes to the strategic roadmap, which provides step-by-step guidelines to support SMEs that could be part of their respective countries’ economic growth.