The Relevance of Technology Knowledge in SMEs for Digital Transformation

The relevance of technology knowledge in digital transformation especially in small and medium-sized 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.