Digital Transformation and Risk Management for SMEs: A Systematic Review on Available Evidence

Abstract

Small and medium enterprises (SMEs) are acknowledged as key drivers to economic growth and social development worldwide. Digitalization brings opportunities as well as challenges to SMEs. Therefore, it is of great significant for SMEs to identify, assess and manage potential risks in digitalization. This study aimed to provide a systematic literature review (SLR) of available research evidence on risk management in SMEs under the digital transformation. Through SLR, a search on Web of Science (WOS) as well as Scopus resulted in the acceptance of 67 peer-reviewed papers published from 2017 to 2023. The results showed that SMEs are mainly concerned with covid-19 crises and supply chain risks, technological and security risks and organizational risks. By adopting various methods to testify risks, management strategies such as strengthening organizational learning, technological and resilient capabilities, implementing cybersecurity governance and IR compliance, adopting safety management tools, participating public support and initiating educational training courses are suggested for SMEs to achieve a successful digital transformation. This research may help researchers as well as practitioners deepen their knowledge in SMEs risk management under digitalization.

The Digital Evolution Strategies for Overcoming Cybersecurity and Adoption Challenges in French SMEs

“…Effective government intervention is critical for ensuring that SMEs can navigate the digital age safely and securely, making the benefits of digital transformation accessible across the business community. This support not only mitigates the challenges SMEs face but also strengthens their resilience and competitive advantage in the rapidly evolving digital economy [55].…”