Survey reveals 88% of SMEs have a digitalisation strategy in place

A survey by Capterra has revealed that 88% of SMEs have a digitalisation strategy in place

The survey, rolled out to 435 respondents from small and medium-sized enterprises (SMEs) and enterprises, revealed that an overwhelming 88% of the participants confirmed having a digitalisation strategy in place. This trend underscores the growing awareness of the benefits of digital transformation and explains the widespread adoption of operational digitalisation plans among businesses.

To develop an efficient digitalisation strategy, the first step identified by the survey is crafting a clear digital transformation plan that aligns with the corporate objectives of SMEs. This process involves outlining intended outcomes, identifying critical areas for digital adoption, and creating a comprehensive implementation plan. For instance, in the case of a retail company, the strategy may entail determining which segments of the fabric sourcing/manufacturing process to digitalise, evaluating associated costs, and forecasting the impact on overall revenue.

Sukanya Awasthi, Content Analyst for Capterra India and the Digitalisation of Indian SMEs survey, emphasised the importance of this shift, stating, “The Covid-19 pandemic has led to a shift in consumer sentiment and behaviour across the world. Technologies such as blockchain, IoT, 5G, cloud computing, AI, and Data Science have changed the global economy, and being a cornerstone of this economic development, SMEs have also realized the need to digitalise their business models.”

The survey revealed that an impressive 82% of SME decision-makers consider digitalisation to be either “very important” or “critical” for their business growth. An additional 17% view it as “moderately important,” while only one percent see it as “minimally important.” The survey further delved into the specific reasons driving the adoption of digitalisation across various business segments.

Among the key motivations reported by respondents were:

1. Improving Customer Service and Satisfaction: 46% of businesses aimed to enhance customer service through digitalisation.
2. Simplifying Operations and Workflows: 40% recognised the need to streamline their operations and workflows.
3. Exploring New Business Models and Revenue Streams: 36% sought to tap into new business models and revenue sources.
4. Minimising Human Errors: 32% focused on reducing human errors in their processes.
5. Ensuring Compliance with Data Security Regulations: Another 32% used digitalisation to maintain compliance with data security regulations.

The survey also highlighted some examples of successful digitalisation initiatives. One notable example was the introduction of chatbots to improve customer service and satisfaction. The adoption of generative AI tools was also identified as a potential game-changer in catering to customer queries through chat windows driven by artificial intelligence.

In response to improved or implemented digitalised processes, respondents reported various benefits, including increased efficiency (42%), improved customer satisfaction (41%), higher profits (34%), improved employee satisfaction (33%), enhanced cybersecurity (32%), and more.

This survey offers valuable insights into the current state of digitalisation among SMEs and enterprises, revealing its growing importance as a critical factor for business growth, efficiency, and customer-centricity. As the world continues to embrace digital transformation, businesses are recognising the value of leveraging innovative technologies to remain competitive and meet evolving customer demands.