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Small and Medium Enterprises (SMEs) which play substantial role in the development of any economy have been on the rise in the recent periods. Consequently, these enterprises are faced with a myriad of challenges which could potentially be solved through adoption of technology. Nonetheless, it has been observed that the new technological uptake among SMEs remains limited with the majority of them opting to maintain the status quo with regards to technology awareness and innovation strategies.
In a literature review, this paper explores three major dynamics curtailing adoption of new technologies by SMEs in the manufacturing: Knowledge absorptive capacity and management factors, organisational structures as well as technological awareness. Firstly, with regards to knowledge absorptive capacity and management factors, this study shows how these factors drive innovation potentials in SMEs.
Secondly, with regards to technological awareness factors, this study documents how perceived usefulness, costs, network and infrastructure, education and skills, training and attitude as well as knowledge influence adoption of new technologies among SMEs in the world. Lastly, the study concludes by analysing how organisational structures drive innovation potentials of SMEs in the wake of swift and profound technological changes in the market.
The relevance of technology knowledge in digital transformation especially in small and mediumsized enterprises (SMEs) that are still largely dependent on physical human capital has become increasingly obvious. This is due to the rapid revolution in business environment coupled with increased living examples of firms disrupted by advancement in technological knowledge. Consequently, we find it progressively vital for SMEs to spot and mitigate both threats and take advantage of opportunities arising from digital transformation dynamism.
Our study aims at exploring the relevance of technology knowledge in SMEs for digital transformation to uncover the opportunities, roadmaps, and models that SMEs can take advantage of in the digital transformation and gain a competitive edge.
We conclude that irrespective relevance of technology knowledge for digital transformation coupled with its low costs and accessibility, SMEs are yet to realize the full potential of technological knowledge. This is mainly due to technologies appearing, changing and also vanishing so rapidly in the digital age, that gaining proper understanding without dedicated resources is utterly difficult for SMEs - making them less competitive as incumbent large firms in the market.