Digital transformation: An information technology tool for small and medium-scale enterprise development in Nigeria

Abstract

As businesses adopt cutting-edge technologies to remain competitive and relevant, there has been a noticeable trend in the last several years toward digital transformation (DT). Small and medium-sized businesses (SMEs) are essential for fostering economic expansion and development in many developing nations, including Nigeria. But in a fast-paced, aggressive business world, small businesses frequently encounter a variety of difficulties. This study investigates how important DT is as an information technology (IT) tool for the growth of SMEs in Nigeria. The study shows the possible advantages and opportunities that DT can present to SMEs through an in-depth investigation of the available literature, case studies, and empirical data. The study begins by examining the current situation of SMEs in Nigeria and highlighting the common barriers to their development and prosperity. The Imperative areas in exploring the Transformation of SME’s in Nigeria were explored, with a focus on how it might improve customer experience, streamline company operations, and stimulate innovation. Additionally, the study probes particular IT tools and technologies with potential for SMEs in Nigeria. Cloud computing, data analytics, the Internet of Things (IoT), artificial intelligence (AI), and other tools are some of these. The report also discusses the difficulties and potential hurdles that SMEs may encounter when implementing DT. The Success factors for implementing DT in Nigerian SME’s were highlighted for SME’s development in Nigeria.