Digital Transformation of Small and Medium Sized Enterprises (SMEs): Current Status, Dilemmas, and Strategies

Siyu Pan

doi:10.54254/2754-1169/68/20241401

Research Article

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Published on 5 January 2024

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Pan,S. (2024). Digital Transformation of Small and Medium Sized Enterprises (SMEs): Current Status, Dilemmas, and Strategies. Advances in Economics, Management and Political Sciences,68,214-220.

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Digital Transformation of Small and Medium Sized Enterprises (SMEs): Current Status, Dilemmas, and Strategies

Siyu Pan *^,1,

¹ Nanjing University of Finance & Economics

* Author to whom correspondence should be addressed.

https://doi.org/10.54254/2754-1169/68/20241401

Abstract

With the rapid advancement of information technology, the digital transformation of SMEs has emerged as a critical topic in the development of the digital economy. The advantages offered by digital technology provide novel opportunities for SME growth. Digital transformation not only serves as a pivotal route for fostering innovation and high-quality development within businesses but also stands as an imperative choice in addressing market competition and uncertainties. However, compared to large corporations, SMEs encounter an array of unique dilemmas and obstacles during their digital transformation journey. These dilemmas frequently include a lack of digital awareness, insufficient funding, weak foundations, and talent shortages. This paper begins by examining the current status of SME digital transformation in terms of exploration phase, geographical distribution, and industry distribution. It then delves deep into the reasons behind the dilemmas faced during the digital transformation of SMEs and proposes a set of countermeasures in response.

Keywords

SMEs, Digitalization, Transformation, Current Status, Strategies

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References

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Cite this article

Pan,S. (2024). Digital Transformation of Small and Medium Sized Enterprises (SMEs): Current Status, Dilemmas, and Strategies. Advances in Economics, Management and Political Sciences,68,214-220.

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About volume

Volume title: Proceedings of the 3rd International Conference on Business and Policy Studies

Conference website: https://www.confbps.org/

ISBN：978-1-83558-267-1(Print) / 978-1-83558-268-8(Online)

Conference date: 27 February 2024

Editor：Arman Eshraghi

Series: Advances in Economics, Management and Political Sciences

Volume number: Vol.68

ISSN：2754-1169(Print) / 2754-1177(Online)

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