Small Business Digital Transformation
Small Business Digital Transformation
We live in a digital world and the rules have changed. All organizations, including small businesses and non-profits, must integrate digital technologies to remain competitive. The purpose of this section is to help you get started as well as to learn how to adapt and improve your sustainable competitive advantage. The Covid pandemic has accelerated this. According to a study by the World Bank, “more than 25% of small businesses reported closing between the months of January and May” and many now see the need for digital transformation. Furthermore, a study by Cisco reports,
- “The COVID-19 pandemic has exacerbated the digital divide that was already present in the small business market, and it is forcing companies to accelerate their digitalization. Small businesses are realizing that digitalization is no longer an option, but a matter of survival
- Nearly three-quarters (70%) of respondent small businesses are accelerating digital transformation efforts due to the coronavirus pandemic. Businesses with advanced digital maturity “can respond faster to changing market conditions and grow their revenue.” https://www.techrepublic.com/article/small-business-study-details-necessity-and-challenges-of-digital-transformation/
A few fun facts
According to Deloitte research, “digitally advanced small businesses realized significant benefits. They
- Earned two times as much revenue per employee
- Experienced revenue growth over the previous year that was nearly four times as high
- Were almost three times as likely to be creating jobs over the previous year
- Had an average employment growth rate that was more than six times as high
Digital Transformation by Functional Area
Industry-Specific Information & Resources
- Breweries/Distilleries/Wineries
- Consulting / Freelance
- Engineering
- Manufacturing
- Retail
- Restaurant