For established SMBs, the path to digital transformation is not yet clearly defined, but if they choose to do nothing, disaster looms. SMBs account for over 90% of businesses globally, up to two-thirds of employment, and more than 50% of GDP, with some estimates going as high as 70%. SMBs also account for over 90% of businesses globally. In other words, SMBs are the economy—they don’t just support it.
According to Adam Grainger, Chief Information Officer at Baker Tilly International, the goal of these organizations’ digital transformation should be to become flexible and adaptable in the face of constantly changing external factors. Small and medium-sized businesses, according to Mr. Grainger, “play a critical role in driving innovation and competition in their markets.”