Business transformation has become an imperative for growth-minded SMEs. To compete with global rivals—including larger firms—they must do things differently than in the past. That means adopting technologies that once were out of their reach. It means rethinking business models and go-to-market strategies to enhance growth prospects. And it may mean enduring some growing pains.
This survey of 2,100 SMEs in 21 countries, conducted in the second quarter of 2013, clearly indicates that transformation has become a strategic necessity and, for many companies, a key to survival. (Transformation is defined here as a major change in approach to a firm’s business model, technology, products, and markets, not simply upgrading or adding technology.)
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