CHARTING THE COURSE THROUGH DIGITAL TRANSFORMATION: AN EXAMINATION OF SMALL AND MEDIUM-SIZED ENTERPRISES

Abstract

Digital transformation is a vital process for modern businesses seeking to adapt and thrive in the digital age. It involves more than just adopting new technologies; it necessitates a fundamental shift in business models and practices. This transformation leverages digital tools to enhance or replace existing resources, fostering innovation, agility, and efficiency. It spans all aspects of IT across industries, encompassing cloud technologies, mobile applications, and the adoption of "resources as a service." To remain competitive and meet customer and employee expectations, businesses must make strategic technology investments. This entails embracing cutting-edge techniques for data storage, analysis, automation, and management. As innovations build upon one another, technological advancements lead to process improvements, ultimately enhancing products and services. In today's digital age, customers have come to expect seamless, tech-driven experiences. Meeting these expectations is not only a market necessity but also a natural progression in economic development. To succeed, businesses must fully embrace digital transformation and harness the potential of digital technology.