Data Unleashed: Empowering Small and Medium Enterprises (SMEs) for Innovation and Success

by World Economic Forum

Small and medium-sized enterprises (SMEs) are the foundation of the global economy, representing 90% of all businesses and accounting for nearly 70% of global jobs and GDP. These businesses power the supply and distribution chains of key industries. SMEs also play a central role in society, helping to strengthen economic inclusion, supplying goods and services to poor and underserved markets and providing employment to many women entrepreneurs. These companies are also key drivers of innovation, offering fresh ideas and new products, being able to adopt change more quickly than large companies and having high growth potential.

However, many of these companies are struggling to embrace the Fourth Industrial Revolution and face associated challenges, such as a scarcity of skilled employees or lack of access to capital. These limitations hamper SMEs’ capacity to effectively manage and unlock the true value of their data resources and make well-informed and data driven strategic decisions, which can significantly affect their opportunities for survival, prosperity and resilience in an ever-evolving business environment.

Recognizing the vital role of SMEs for the economy and job creation, as well as the data to drive the growth and expansion of these businesses, the World Economic Forum’s Centre for the Fourth Industrial Revolution conducted a survey from February-May 2023 to explore the key challenges and opportunities that SMEs face regarding data readiness. Based on the survey results and complementary analysis of secondary resources, the present publication provides recommendations to support SMEs to effectively use and manage data to achieve their business goals, advance their digital transformation, innovate, expand into new markets and strengthen their green growth and resilience for the future.

Read the full report here.