It is difficult for SMEs to store, manage, analyse, and transform data into insights for business decision making. With digital technologies, companies tend to create and store critical data – structured as well as unstructured. Managing the Data and creating a Back-Up Plan It also puts a lot of strain on their capital with respect to purchasing the latest smart devices, availing the services of the best internet and cloud service providers, and hiring skilled employees to manage this transformation. Hence, the resistance with respect to adopting digital technologies to augment business. Dynamic Nature of Digital Technologiesĭigital Technologies keep evolving to empower customers with newer, faster, and more convenient ways of doing business. The inertia to get an external consultant or even consider it important might be high too. SMEs do not often come with inherent technology expertise and it becomes difficult for them to create a Digital Transformation Roadmap all by themselves. Hence, the decision to embrace a Digital Transformation roadmap is often delayed or not taken at all. There are SMEs who are not aware of the impact that Digital Transformation can have on business enablement and acceleration as well as customer retention and loyalty. Lack of Awareness of “Digital Transformation Impact” Thus, technology adoption and digital transformation are often put on the backburner. Hence, they often do not seem to have sufficient growth capital. They work with cost and margin pressures and focus more on sales and sustenance. SMEs comprise a few proprietors who bring in limited capital with respect to their equity. Let us look at a few of these challenges.
However, there are challenges that the SMEs must overcome to embrace technology and embark on the path of digital transformation. Digital Transformation creates a democratic level playing field for SMEs. However, the digital era that we live in today enables every sector to undergo a radical transformation across areas such as sales, marketing, financial management and customer engagement by leveraging the power of digital technologies.
It is important to note that sectors such as manufacturing and services adopt technology slower than the other sectors.
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