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Small business awareness and adoption of state-of-the-art technologies in emerging and developing markets, and lessons from the COVID-19 pandemic

Small business awareness and adoption of state-of-the-art technologies in emerging and developing... Abstract Many challenges continue to hinder digital technologies' adoption by small and medium scale enterprises (SMEs) in developing economies. Comparatively, there are more success stories by SMEs in emerging markets. However, most SMEs operating in the informal sector in the emerging markets and developing economies (EMDEs) face similar challenges that inhibit the adoption of advanced technologies and innovations needed to improve business operations and re-engineer processes. This article evaluates the implementation and use of state-of-the-art technologies by SMEs in EMDEs to improve operations performance and create sustainable competitive advantages. Further, the papers in this Special Issue identify FinTech and analytical algorithms as some of the current technologies employed by SMEs in EMDEs to improve operations and processes in the manufacturing and service industries. The recognized technologies and technical innovations that seem novel in EMDEs have long existed in the advanced economies. Most state-of-the-art technologies, including cloud computing, 'big data', and predictive analytics that can improve operations and strategic decisions, are yet to make inroads in most EMDEs. Also, disruptive computing technologies, data analytics, and the Internet of Things (IoT) required to engineer new business models, reduce overheads, enhance competitive advantages, and digitize SMEs' business operations remain untapped. The absence and non-adoption of digital technologies in EMDEs explain why business activities in most EMDEs remain shut during the outbreak of SARS-CoV-2 and the community lockdown to contain the COVID-19 pandemic. The strategies to survive the 'new normal' imposed by COVID-19 and fierce global competition includes a successful adoption of advanced technologies. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Small Business & Entrepreneurship Taylor & Francis

Small business awareness and adoption of state-of-the-art technologies in emerging and developing markets, and lessons from the COVID-19 pandemic

Small business awareness and adoption of state-of-the-art technologies in emerging and developing markets, and lessons from the COVID-19 pandemic

Journal of Small Business & Entrepreneurship , Volume 34 (2): 18 – Mar 4, 2022

Abstract

Abstract Many challenges continue to hinder digital technologies' adoption by small and medium scale enterprises (SMEs) in developing economies. Comparatively, there are more success stories by SMEs in emerging markets. However, most SMEs operating in the informal sector in the emerging markets and developing economies (EMDEs) face similar challenges that inhibit the adoption of advanced technologies and innovations needed to improve business operations and re-engineer processes. This article evaluates the implementation and use of state-of-the-art technologies by SMEs in EMDEs to improve operations performance and create sustainable competitive advantages. Further, the papers in this Special Issue identify FinTech and analytical algorithms as some of the current technologies employed by SMEs in EMDEs to improve operations and processes in the manufacturing and service industries. The recognized technologies and technical innovations that seem novel in EMDEs have long existed in the advanced economies. Most state-of-the-art technologies, including cloud computing, 'big data', and predictive analytics that can improve operations and strategic decisions, are yet to make inroads in most EMDEs. Also, disruptive computing technologies, data analytics, and the Internet of Things (IoT) required to engineer new business models, reduce overheads, enhance competitive advantages, and digitize SMEs' business operations remain untapped. The absence and non-adoption of digital technologies in EMDEs explain why business activities in most EMDEs remain shut during the outbreak of SARS-CoV-2 and the community lockdown to contain the COVID-19 pandemic. The strategies to survive the 'new normal' imposed by COVID-19 and fierce global competition includes a successful adoption of advanced technologies.

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References (95)

Publisher
Taylor & Francis
Copyright
© 2020 Journal of the Canadian Council for Small Business and Entrepreneurship/Conseil Canadien de la PME et de l’entrepreneuriat
ISSN
2169-2610
eISSN
0827-6331
DOI
10.1080/08276331.2020.1820185
Publisher site
See Article on Publisher Site

Abstract

Abstract Many challenges continue to hinder digital technologies' adoption by small and medium scale enterprises (SMEs) in developing economies. Comparatively, there are more success stories by SMEs in emerging markets. However, most SMEs operating in the informal sector in the emerging markets and developing economies (EMDEs) face similar challenges that inhibit the adoption of advanced technologies and innovations needed to improve business operations and re-engineer processes. This article evaluates the implementation and use of state-of-the-art technologies by SMEs in EMDEs to improve operations performance and create sustainable competitive advantages. Further, the papers in this Special Issue identify FinTech and analytical algorithms as some of the current technologies employed by SMEs in EMDEs to improve operations and processes in the manufacturing and service industries. The recognized technologies and technical innovations that seem novel in EMDEs have long existed in the advanced economies. Most state-of-the-art technologies, including cloud computing, 'big data', and predictive analytics that can improve operations and strategic decisions, are yet to make inroads in most EMDEs. Also, disruptive computing technologies, data analytics, and the Internet of Things (IoT) required to engineer new business models, reduce overheads, enhance competitive advantages, and digitize SMEs' business operations remain untapped. The absence and non-adoption of digital technologies in EMDEs explain why business activities in most EMDEs remain shut during the outbreak of SARS-CoV-2 and the community lockdown to contain the COVID-19 pandemic. The strategies to survive the 'new normal' imposed by COVID-19 and fierce global competition includes a successful adoption of advanced technologies.

Journal

Journal of Small Business & EntrepreneurshipTaylor & Francis

Published: Mar 4, 2022

Keywords: Small business; innovations; state-of-the-art technologies; Internet of Things; global health pandemic; COVID-19; SARS-CoV-2; Petite entreprise; innovations; technologies de pointe; Internet des Objets; pandémie sanitaire mondiale; COVID-19; SRAS-CoV-2

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