Digital transformation is increasingly understood as a matter of survival for small and midsize companies. Most are planning to make the sweeping, technology-driven organizational changes that define digital transformation, and a growing majority say these adjustments will be essential to their competitiveness in the near future.
As part of a growing business, most SMEs appreciate the need to invest in advanced technology. It’s key to their digital transformation — which itself is key to competing in today’s economy.
The Transformation Imperative for Small and Midsize Companies
New research from Oxford Economics shows that many companies overlook the essential “people” side of digital transformation.
Among the research findings:
- More than 80% of small and midsize companies feel that digital transformation is key to their very survival.
- One-quarter of these firms are still in the planning stages of transformation, while 58% have initiatives underway.
- They cite effective management as the single most important factor in the success of their transformation efforts.
The research by Oxford Economics is based on a survey of over 3,000 executives in 17 countries, including more than 1,300 companies with revenues below $500 million.
They also analyzed responses from companies with $500 million to $1 billion in revenue to better understand how digital transformation efforts change as companies grow.
To learn more about digital transformation—and how technology can help firms grow and profitably deliver value to their clients — read the research presented by Oxford Economics and SAP (PDF).