The importance of increasing SME sustainability through the implementation of information technologies

Abstract

Sustainable development is a paradigm for the development of the 21st century global economy, the overall goal of which is to balance the goals of economic prosperity with the responsibility to ensure further social development and environmental protection. In the context of sustainable development, digitalization offers a number of opportunities for small and medium-sized enterprises (SMEs) and is necessary for SMEs to remain competitive. The COVID-19 pandemic has accelerated the use of information technology by SMEs and highlighted the potential of ICT for future economic growth. Despite the significant benefits provided by ICT, the smaller size of SMEs often acts as a barrier to digital transformation, slowing down the modernization of small businesses, especially due to a lack of internal resources and knowledge or due to a lack of financing. These delays in the implementation of information technology negatively affect the performance of SMEs. The aim of this study is to review best practices in enhancing small business sustainability through digital transformation and to identify ways and means to support small and medium-sized enterprises (SMEs) to facilitate their successful development.