Changing Role of SMEs in Global Business: Volume I: Paradigms of Opportunities and Challenges

SMEs are crucial for job creation, innovation, and competition, and technological developments are breaking down traditional constraints. This two-volume work provides a balanced perspective of SMEs across all business disciplines, focusing on internal issues such as innovation, quality, and digitization.

Format: Hardback
Length: 258 pages
Publication date: 09 November 2020
Publisher: Springer Nature Switzerland AG

Small and medium-sized enterprises (SMEs) play a vital role in creating jobs and driving innovation and competition across various economic sectors. In recent years, technological advancements have disrupted traditional constraints faced by SMEs, such as geographical limitations. As a result, these businesses are experiencing a transformation, redefining their aims, competencies, strategies, management, practices, and scope.

This two-volume work, consisting of scientific chapters on SME business theory and practice, aims to provide a comprehensive perspective of SMEs' present and future across various business disciplines, including management, strategy, marketing, economics, and finance. While Volume II delves into external factors such as contextual forces, the impact of the financial crisis, and macro-economic effects, this first volume focuses on the individual SME and internal issues such as innovation, quality, and digitization.

SMEs are known for their agility and ability to adapt quickly to changing market conditions. They often serve as the backbone of local economies, providing employment opportunities and contributing to the growth of communities. However, they also face unique challenges, such as limited resources, funding constraints, and a need for specialized expertise.

In recent years, technological advancements have opened up new opportunities for SMEs. The rise of the internet, mobile technologies, and digital platforms has enabled these businesses to reach a global audience, expand their operations, and improve their efficiency. SMEs can now leverage technology to streamline their processes, enhance customer experiences, and develop innovative products and services.

One of the key challenges facing SMEs is the need to innovate and stay competitive in a rapidly changing business environment. To achieve this, SMEs must invest in research and development, embrace new technologies, and continuously improve their products and services. They must also focus on quality, customer satisfaction, and sustainability, as these factors are increasingly important to consumers and stakeholders.

In conclusion, SMEs are significant job creators and drivers of innovation and competition in most economic sectors. Their transformation due to technological advancements is redefining their aims, competencies, strategies, management, practices, and scope. By investing in innovation, quality, and digitization, SMEs can position themselves for success in the future and contribute to the growth of the global economy.

Weight: 466g
Dimension: 219 x 156 x 21 (mm)
ISBN-13: 9783030458300
Edition number: 1st ed. 2020