DIGITAL TECHNOLOGY ACCES ENHANCEMENT FOR SMALL BUSINESS VENTURES

Abstract

Despite attempts to enhance access to and use of digital technology, small and medium-sized enterprises (SMEs) in developing nations continue to confront major obstacles. In emerging countries, there are more examples of successful small and medium-sized firms than in established economies. The majority of small and medium-sized firms (SMEs) in the informal sector of EMDEs suffer the same barriers that prevent them from adopting cutting-edge technology and innovations that may boost production and efficiency. This study examines how small and medium-sized firms (SMEs) in EMDEs are using cutting-edge technology into their operations in order to increase efficiency and establish durable competitive advantages. These articles cover how SMBs in emerging markets and underdeveloped nations are using cutting-edge technology such as FinTech and analytical algorithms to improve their production and service delivery. Much longer than EMDEs, industrialized nations have had access to cutting-edge technology and ideas. Although novel techniques like as cloud computing, "big data," and predictive analytics have the potential to increase operational efficiency and influence strategic decision making, they have not yet had any effect on the majority of EMDEs. The innovations in computing, data analytics, and the Internet of Things (IoT) are crucial for the development of new business models, the reduction of operating expenses, the enhancement of competitive advantages, and the automation of business processes, but SMEs have not yet fully capitalized on them. During the SARS-CoV-2 epidemic and the COVID-19 pandemic, the majority of EMDEs were closed due to a lack of digital technology and reluctance to use it. In order for any plan to be successful in the "new normal" produced by COVID-19 and the strong global competition, the proper use of cutting-edge technology is essential.