Part 9 of the “Thriving in the Digital Economy” series.
When it comes to thriving in the digital economy, there’s a lot to be excited about. Globalization, new revenue streams, market-leading innovation, and new levels of competitiveness – these are just a few of the doors being opened. But is this also true for small and midsize businesses?
Throughout this blog series, we have examined how small and midsize businesses view digital transformation and whether they can ever realize everything it promises. More important, we learned how it’s revolutionizing the competitive landscape and putting small and midsize businesses at equal footing with larger, more established brands.
According to the IDC study “Thriving in the Digital Economy: How small and midsize enterprises are adapting to digital transformation,” a worldwide majority of small and midsize businesses understand the power of digital transformation:
- 60.3% are optimistic about the performance benefits made possible by advanced technology
- 57.4% believe that the way business is being done is changing in new and exciting ways as a result of the Digital Economy
- 49.7% feel that active participation in the digital economy is a critical part of their company’s survival in the next three to five years
Are they right? Or is the digital economy a playing field just for big, more-established conglomerates?
IDC points out that digital technology – such as social media, business networks platforms, analytics, and cloud, among others – can potentially improve a small and midsize business’ ability to compete with larger firms. The key is realizing the opportunities digital transformation offers or making it a priority.
How your small or midsize business can benefit from digital transformation
The world may not be getting physically smaller, but our connections are certainly reaching across a broad range of geographies, people, and potential partners. As our connections become more direct, small and midsize companies have a once-in-a-lifetime opportunity to stay ahead of their competitors by leveraging those relationships as much as possible. However, small and midsize businesses cannot sit idle and wait for their moment to come; they must undergo their own digital transformation to seize it.
By capturing, processing, and analyzing data in real time, decision makers have access to actionable insights that lead to optimized processes and workflows and, ultimately, yield significant business outcomes. These outcomes deliver on tangible benefits such as driving customer loyalty and employee innovation in this new, fast-paced world. As they continue to streamline operations and seize new opportunities, the business is completely reimagined – all by taking full advantage of hyperconnectivity.
Are you ready to start your digital transformation journey? It’s easier than you may think.
Read the IDC study, co-sponsored by SAP, “Thriving in the Digital Economy: How small and midsize enterprises are adapting to digital transformation.”