In the era of the digital economy, digital transformation (DT) has become a new approach for firms to gain competitive advantages in a context of intense and dynamic market competition. Companies in almost all industries have undergone or are currently undergoing DT. Due to limited resources and capabilities, the digitalization process of small and medium-sized enterprises (SMEs) is relatively slow, so it is critical to ascertain the key factors and paths that affect the success of DT for SMEs to optimize the allocation of resources. However, there is very little research on the DT of SMEs. In response to this literature gap, the purpose of this study is to discover the key factors of the DT in SMEs and explore their interaction mechanisms. From a holistic perspective, this study has identified six key factors from three dimensions of technology, organization, and environment, and based on the resource-based view and resource-dependence theory, constructed an action mechanism model. Structural equation modeling was used to analyze the data collected from 180 SMEs in China. The results show that technological and environmental factors have a positive impact on organizational capabilities, and then promote the success of DT of SMEs. Organizational capabilities play an intermediary role in the influence of technological and environmental factors on DT. In addition, employee skills positively moderate the relationship between organizational capabilities and the success of DT. This study contributes to the conceptual framework and management implications in the DT field. Our study provides practitioners with profound insights into the enterprise’s DT and suggests that enterprises attach importance to the improvement of organizational capabilities, and use strategy and talents as important resources to promote the success of enterprise DT.

PurposeIn the context of the digital economy, information technology (IT) investment has become a necessary way for enterprises to transform digitally. However, why and how IT investment can enhance digital transformation is lacking in the literature. Based on the resource-based view (RBV), this study explored the impact mechanism of IT infrastructure on the digital transformation of enterprises from the perspective of the digital transformation strategy. Further, this study examined the moderating role of top management on the relationships between IT infrastructure and digital transformation strategy and between digital transformation strategy and enterprise's digital transformation.Design/methodology/approachThrough a questionnaire survey of Chinese enterprises, 180 sample data were collected, and the partial least squares-structural equation modeling (PLS-SEM) method was used to test the hypothesis.FindingsDigital transformation strategy fully mediates the relationship between IT infrastructure and enterprise digital transformation. Furthermore, top management has a significant positive moderating effect on the relationship between IT infrastructure and digital transformation strategy, as well as the relationship between digital transformation strategy and digital transformation.Originality/valueThis study explores the moderating role of top management in the relationship between IT and enterprise performance, as well as the mediating role of digital transformation strategy in the relationship between IT infrastructure investment and digital transformation performance. As a result, the study adds significantly to the body of knowledge on IT business value, digital transformation and strategic management. The authors' findings can help update managers' perceptions of IT value and provide theoretical guidance on deriving digital transformation performance from IT infrastructure investments.

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