Access to appropriate budget is a key element to driving digital transformation in the mid market, according to the SAP Digital Transformation Executive Study, with 21 per cent of small and midsize enterprises as their biggest hurdle.
This was followed by lack of time (15 per cent) and lack of sophisticated technologies (15 per cent).
Only 8 per cent of SMEs said they lack employee know-how, compared with 25 per cent of large enterprises, who say their biggest challenge in digitalisation is lack of employee expertise. This indicates widespread digital knowledge among SME staff, as only 3 per cent of SMEs said they have dedicated teams to manage their digital transformation projects, compared to 24 per cent of large enterprises.
The study also found that among companies considered ‘digital leaders’, 73 per cent said that their digital efforts aid in attracting and retaining top talent.
Looking at the next two years, more than half (57 per cent) of all SMEs surveyed see a shorter time to market as the biggest profit driver for their companies, followed by an increase in brand awareness (39 per cent), an increase of employee engagement (38 per cent), and the development of new products and services (36 per cent).
