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How To Implement Digital Transformation Is Small and Medium Enterprises ( SMEs )

The IDC estimates that 40% of technology spending will go toward digital transformation by 2020, with companies of all sizes spending more than $2 trillion by 2019. IT can act as if a digital transformation is underway, driven by clear roadmaps backed by business leaders and dedicated employees. New technological innovations underpinned by cloud computing can benefit enormously. Sources: 5

Many small and medium-sized enterprises are already concentrating on the digitization of products in order to stand out from the market. SMEs are likely to be the biggest beneficiaries of this change. As they can more easily develop and implement new IT structures from scratch, they will be able to implement the digital transformation faster than larger companies. Sources: 3
New data from Techaisle shed light on the extent to which digital transformation is taking hold in small and medium-sized enterprises. A survey of more than 1,000 small and medium-sized enterprises (SMEs) found that only 18 percent do not have a digital transformation initiative. On the contrary, companies across all industries are using technology to change how their employees do their jobs and interact with their colleagues, change the customer experience, improve their business processes, and reduce their exposure to hackers and other security risks. The number of companies considered “digital transformation leaders” in their industry grew by 14 percent in the first quarter of 2016, more than double the previous year’s growth rate. Sources: 1
In the telephone survey, only 15% of the companies surveyed were in favor of exclusively electronic methods. Businesses are the biggest obstacle to digital transformation. A study entitled “Digital Transformation in Small and Medium-Sized Enterprises: a Focus Group Discussion” found that more than two-thirds of business managers participating in the focus group consider digitalization to be an important strategy, with a majority (72%) believing that switching from printed documents to digital formats is the first step in the digital transformation. A majority (73% and 72%) also expect digital transformation to save costs and improve business processes while addressing issues such as lack of access to information and the high cost of data. Sources: 4
Start-ups and small businesses tend to avoid digitization and therefore carry out poor information management. Most companies store data for later use. But when data can be digitally generated, processed, and managed on computers, companies can significantly reduce paperwork. Sources: 2
How well prepared would a company be to use machine learning to optimize and redefine its business processes? Let us not forget that the ultimate goal of the digital transformation is to adapt the business model to a new model where SMEs need the right tools, mindsets, advice, and guidance if they are to do so. Digital transformation can be monitored using measurements of the machine’s readiness to learn. A goal defined before acquiring evaluable models is still slow and tedious but can be used as a good proxy for the level of digital transformation. Internal transformations are about how companies can use processes that analyze and use data. Even though aesthetics and ergonomics play a role, internal changes are not just about aesthetics or ergonomics. Sources: 6
Digital transformation is not exclusive to large companies and necessarily requires huge investment in consulting and technology; instead, it is a process that begins with personal transformation and requires leadership change and management. Leading digital transformations imply a firm belief in the benefits of digitalization, but the real differential element that enables a company to make a real transformation, and that it succeeds, is personal transformation. Sources: 6
Therefore, the people who use the systems and processes are involved in the project. The willingness of employees and management to embrace these changes can be complicated, as technological change itself is easy to implement, but the clear and vocal support of the leadership team will help to ensure that the changes are replicated throughout the organization. Sources: 5
SMEs need to work with established workers to minimize resistance and drive the behavioral changes needed to integrate digitization. While the need for digital transformation is typically driven by the customer, partnerships are essential to developing competencies that support the more holistic customer experience. Not creating a digital island: Integration into the ecosystem-based world. The transformation is too complex to carry out in silos. Sources: 0
Instead, digitization is a critical entrepreneurial enabler that can be embedded to enable companies to create new business opportunities, user experiences, and vastly improved offerings. SMEs facing digital change are being fobbed off with the focus on the short-term benefits of digitization. One of the most difficult challenges is finding the right talent for the next generation of business leaders in the digital economy. In emerging markets such as Southeast Asia, where digitalization outstrips the supply of talent it can provide, people with the skills are rare. Sources: 0
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