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This paper explores the relationship between digitalization and the performance of small and medium-sized enterprises (SMEs), analyzing key drivers and barriers to digital transformation. The study is based on a comprehensive literature review, synthesizing the latest research relevant to the topic. The objective of this workpaper is to provide an insight into the factors influencing the success of digitalization processes, highlighting the role of technology adoption, organizational readiness, regulatory frameworks, and financial constraints. In addition, this workpaper aims to offer recommendations that strengthen business resilience and support the implementation of national digital transformation plans. These recommendations align with the objectives of the EU Digital Compass (2021), emphasizing the need for targeted support mechanisms, improved digital infrastructure, and strategic investments in digital skills. Finally, this paper contributes to the ongoing discourse on fostering SME digitalization in an increasingly digital and competitive economy.
ABSTRACT
This paper explores the relationship between digitalization and the performance of small and medium-sized enterprises (SMEs), analyzing key drivers and barriers to digital transformation. The study is based on a comprehensive literature review, synthesizing the latest research relevant to the topic. The objective of this workpaper is to provide an insight into the factors influencing the success of digitalization processes, highlighting the role of technology adoption, organizational readiness, regulatory frameworks, and financial constraints. In addition, this workpaper aims to offer recommendations that strengthen business resilience and support the implementation of national digital transformation plans. These recommendations align with the objectives of the EU Digital Compass (2021), emphasizing the need for targeted support mechanisms, improved digital infrastructure, and strategic investments in digital skills. Finally, this paper contributes to the ongoing discourse on fostering SME digitalization in an increasingly digital and competitive economy.
Keywords: digitalization, SMEs, technology adoption, EU Digital Compass
1. INTRODUCTION AND THEORETICAL FRAMEWORK
Digitalization and digital transformation (DT) are the most frequently discussed concepts among entrepreneurs and managers today (Von Leipzig et al., 2017). It is highly unlikely that any successful entrepreneur or manager has not contemplated what digital transformation means for their organization (Burilovic, 2020). Academic and industry experts emphasize the profound impact of DT on performance. Westerman, Bonnet and McAfee (2014) argue that DT is not about implementing new technologies but about rethinking strategies for creating competitive advantages. Similarly, Matt, Hess and Benlian (2015) highlight that successful DT requires a strategic alignment between technology, organizational culture, and leadership. For SMEs, digitalization and DT present both opportunities and challenges. Vial (2019) stresses that while digital transformation can drive efficiency, innovation, and customer engagement, it also demands adaptability and a clear vision from business leaders. Bharadwaj et al. (2013) further explains that companies embracing digital capabilities gain an advantage in rapidly growing markets. Ultimately, DT 1s not an option but a necessity to remain relevant and competitive in the digital age.
1.1. Definition of Digitalization and Digital Transformation
Digitalization and DT are frequently used in both academic and professional literature. Some authors, like Melo et al. (2023) proposed a framework for measuring the performance of SMEs undergoing the DT process, based on the theoretical results of their systematic literature review. Over the past decade, and especially following the COVID-19 crisis, digitalization of business processes and DT have played a crucial role in business existence and further development. The study on a sample of 247 managers confirms that DT and innovation positively affect SMEs' performance during the pandemic (Surahman, 2023).
However, despite their significance, these terms are often defined in various ways, sometimes lacking a universally accepted meaning. For the purpose of this paper, the following definitions is considered: Gartner's IT Glossary defines digitalization as "the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business" (Gartner Glossary, 2025). Similarly, Pellicelli (2022) describes digitalization as "a process that utilizes digital technology to streamline work processes, enhancing efficiency in areas such as reporting, data collection, and analysis". Digitalization improves existing business operations without fundamentally altering their nature or creating new business models. On the other hand, DT represents a more profound shift. It involves changing the way business is conducted and, in some cases, creating entirely new types of businesses by leveraging innovative technologies and reimagining traditional processes (Pellicelli, 2022). One key aspect of DT is Industry 4.0, the fourth wave of industrialization, which is driven by the digitalization of manufacturing. This transformation is achieved through the seamless integration of information and communication technologies (ICTs) with production systems. Such interconnection enables machines, products, and devices to communicate and operate autonomously, fostering efficiency and innovation in industrial processes (Sarbu, 2021). The push for digital transformation is largely fueled by the belief that emerging technologies hold significant potential to drive innovation and enhance competitive advantage. As a result, businesses and industries are increasingly adopting digital solutions to streamline operations, improve efficiency, and remain competitive in a rapidly evolving market (Solberg, Traavik and Wong, 2020).
2. RESEARCH OBJECTIVES AND METHOD
This research is conducted with the following two objectives:
Ol. To analyze the literature on influential studies in SMEs, focusing on authors, topics, contexts, methodologies, and how digitalization impacts performance across various aspects such as financial, operational, and others.
O2. To explore studies on the role of digitalization and digital transformation in SMEs, examining the effects on performance from multiple perspectives, including financial, operational, and other relevant dimensions.
This article is a review paper aimed at highlighting the latest research developments on the chosen topic. The methodology in this study consists of a data collection and article analysis approach. To ensure a comprehensive and up-to-date review, a structured search strategy was utilized to gather relevant academic sources from databases such as Scopus and Web of Science. Peer-reviewed journal articles, conference proceedings, and reports published within the last five years were prioritized to maintain the relevance and timeliness of the findings. The data collection process involved keyword-based searches. Following data collection, a thematic analysis was conducted to identify themes, trends, and gaps in literature. Overall, this methodological approach ensures a comprehensive review of the existing literature, providing valuable insights into the latest research advancements while identifying areas for future investigation.
3. RELATIONSHIP BETWEEN DIGITALIZATION AND SMES PERFORMANCE
SMEs account for 90% of businesses and 50% of global employment (SMEs Finance. https://www.worldbank.org, 10 March 2025). SMEs also play a significant role as consumers of strategic technologies, including digital tools. Within the digital landscape, their adoption of key enabling technologies like АТ, cloud computing, and cybersecurity is crucial.
The European Commission's digital transition goals rely on SMEs becoming proficient users of these technologies. Furthermore, their engagement as consumers is vital for sustaining the domestic market for these innovations and driving their advancement (Katsinis et al., 2024). New digital technologies like AI, ToT, big data and Cloud computing are reshaping how SMEs innovate and compete what could have a big influence on firm performance (Clarysse, Fang He, and Tucci, 2022). By 2030, the EU aims for over 90% of SMEs reach a basic digital intensity, and 75% of companies use cloud computing, big data analysis, or Al. By 2022, 70% of EU businesses reached a basic digital intensity, with SMEs at 69%, 20 percentage points below the 2030 target, while large businesses were at 98% (Digitalisation in Europe - 2023 edition, https://ec.europa.eu). Digital technology underpins DT, with a strong positive link between its adoption and firm performance (Chen, Zhang and Wang, 2023). Through an empirical analysis of 201 Chinese SMEs, Wang and Zhang (2025) found out that digital push the relationship between digital adoption and innovation performance. Also, other studies show that digital transformation enhances operational, financial, and innovation performance of SMEs (Wang, Zhang, 2025). But still, despite the potential benefits, OECD report The Digital Transformation of SMEs (2021) shows that SMEs are lagging in DT. This is primarily due to "low awareness, insufficient internal resources, skill deficiencies, and financial limitations" (OECD. https://www.oecd.org, 09 March 2025). This report discusses the established-standing barriers to the digital transformation of SMEs, such as limited access to reliable, fast, and affordable digital infrastructure, and lack of digital skills. According to the OECD (2021), the technology adoption gap among SMEs becomes more pronounced as technology complexity increases or economies of scale become more significant. The largest disparities are observed in the integration of processes (ERP, CRM, SCM), the use of strategic planning tools such as big data analytics, and the procurement of cloud computing services.
Luu et al. (2023) examine the impact of digitalization on the financial performance of SMEs in Vietnam (2005-2015). They find that investments in computers, email systems, internet, and etrading significantly boost financial performance, productivity, and sales without increasing costs. The positive effects are particularly strong during the 2007-2009 global economic crisis, highlighting digitalization's role in mitigating economic shocks. Merin-Rodrigafiez, Dasi and Alegre (2024) find that digital transformation boosts SME performance. Teng, Wu, and Yang (2022) analyze digital transformation in 319 listed Chinese SMEs (2007-2020) using Excel and Stata.
Findings show a positive link with operational performance, an inverted U-shape with innovation performance, but no significant U-shape with financial performance. In the context of SMEs and DT, older generations may favor traditional hierarchies and values, while younger generations, influenced by global trends and DT, are more inclined to embrace modern leadership styles. These newer leadership behaviors often prioritize tolerance, freedom, and flexibility, which can drive innovation and adaptability within SMEs undergoing digital transformation (Bulog et al., 2024). Skare et al. (2023) find that DT enhances European SMEs' ability to address key business challenges, improving flexibility and reducing concerns about customers, competition, finance, costs, external shocks, and regulations. Pfister and Lehmann (2023) highlight the positive effects of data analytics solutions in German SMEs, revealing five key benefits: increased revenue, improved customer and employee satisfaction, and enhanced efficiency and productivity. The study presents 25 significant positive ROIs across various use cases, showing how data analytics improves revenue and reduces costs. Kadarova et al. (2023) analyze 135 observations from 27 European countries over five years using linear regression. The study finds that integrating digital technologies and increasing digital intensity significantly drive digitalization in European SMEs, leading to improved performance, like productivity improvement and customer experience. Smaguc et al. (2024) highlight digital entrepreneurship as a new research context, where digital technologies offer a novel framework to explore and enhance understanding of entrepreneurial processes, emphasizing the need for qualitative research to build new theoretical insights. Roman and Rusu (2022) find that basic digital technology adoption can drive SME growth and performance. However, technologies with higher costs may reduce performance in the short term. Finally, several very recent studies have explored the impact of digitalization on SME performance, focusing on the drivers, barriers, and implications for digital transformation. Omowole et al. (2024) in their research paper provides a conceptual analysis of the barriers and drivers of digital transformation in SMEs. They identified key obstacles such as limited financial resources, insufficient digital skills, resistance to change, and data security concerns. Their study also proposes strategies to help SMEs "navigate the digital transformation process, including fostering a digital culture, upskilling employees, and leveraging external funding". Restrepo-Morales et al. (2024) in their research study investigated the barriers and drivers of digitalization in SMEs, employing a fuzzy logic approach to analyze the factors influencing digital adoption. Omrani et al. (2024) in their study aim to identify and analyze factors influencing the adoption of digital technologies in SMEs. They highlight enabling factors from three distinct perspectives and propose hypotheses regarding their relationship with digital technology adoption. Zhao et al. (2024) found out that "that digitalization is not a one-size-fits-all phenomenon".
4. RELATIONSHIP BETWEEN DIGITALIZATION AND CROATIAN SMES PERFORMANCE
SMEs play a pivotal role in Croatia's economy, contributing to employment and GDP. Recent studies have highlighted the growing integration of digital technologies among Croatian small and medium-sized enterprises (SMEs), underscoring both advancements and areas needing attention. In 2022, SMEs employed approximately 759,193 individuals in Croatia (Number of people employed by SMEs in Croatia 2008-2022. statista.com 09 March 2025). This figure underscores the sector's substantial impact on the national labor market. The Croatian economy has demonstrated robust growth in recent years. After a GDP increase of 3.1% in 2023, the economy continued its positive trajectory in 2024, with quarterly growth rates of 4% in Ol, 3.5% in Q2, and 3.9% in Q3. Projections for the entire year anticipate a GDP growth rate of 3.6%, outpacing the EU and euro area averages of 0.9% and 0.8%, respectively (How the Croatian economy performed in 2024. croatiaweek.com 09 March 2025). Employment growth is expected to accelerate to 3.1% in 2024, driven by robust economic activity, which is projected to reduce the unemployment rate to 5.1% (Economic forecast for Croatia. economyfinance.ec.europa.eu 09 March 2025). This positive trend reflects the resilience and dynamism of the Croatian labor market. Despite these advancements, challenges persist in the realm of DT among SMEs. In 2023, 56% of Croatian SMEs had adopted digital technologies, a 6.3% increase from the previous year, yet still slightly below the EU average of 57.7% (Croatia 2024 Digital Decade Country Report. Digital Strategy, 09 March 2025). While Croatia excels in certain areas, such as enterprises using data analytics (51.7% compared to the EU average of 33.2%) (Croatia 2024 Digital Decade Country Report. Digital Strategy, 09 March 2025) there remains a need to enhance digital literacy and fully integrate digital business models across all SME operations. Addressing these digitalization challenges is crucial for maintaining the competitiveness of Croatian SMEs. By fostering comprehensive digital literacy and embracing advanced digital business models, SMEs can further bolster their productivity and continue to be a driving force in Croatia's economic growth. Despite these advancements, challenges remain. As of 2023, only 67.8% of Croatian households had access to very high-capacity networks, compared to the EU average of 78.8%. The disparity is more pronounced in rural areas, with only 25.5% coverage in Croatia versus 55.6% across the EU. This limited connectivity can hinder the full potential of digitalization for SMEs, particularly those operating outside urban centers (Croatia 2024 Digital Decade Country Report. Digital Strategy, 09 March 2025). To address these challenges, policy interventions are essential. Governments can play a crucial role by implementing awareness campaigns, providing training and technical assistance, facilitating access to finance, and supporting the development of SME-tailored digital solutions. Investments in digital infrastructure, such as expanding high-speed internet access, are also vital to support SMEs' digital transformation (Korez Vide, Hunjet and Kozina, 2022). On the other hand, research results Kokot, Dundek and Klaémer Calopa (2023) shows that "all the examined Croatian companies achieved their lowest results in relation to insight and their highest results in relation to technology, indicating that digital leaders recognize that technology is the most important element of digital transformation; however, other aspects such as insight are underestimated." In conclusion, while Croatian SMEs have made notable strides in digitalization, continuous efforts are needed to improve digital infrastructure and support services. Such measures will enable SMEs to fully harness the benefits of digital transformation, thereby enhancing their competitiveness and contribution to the national economy.
The Croatian Digital Index (HDI) is a study that analyzes the readiness of Croatia's economy for digital challenges. From 2019 to 2021, it was conducted by the consulting firm Apsolon to measure the state of digital transformation in the country (https://apsolon.com/publikacije/, 03 March 2025). According to 2021 data, the digitalization of the Croatian economy was rated an average of 2.59, showing a slight increase compared to 2020 (2.52). Although there is a positive trend, the overall level of digitalization remains unsatisfactory, and progress is slow, highlighting significant room for improvement in the future (Table 1). The availability of eservices for citizens and businesses received an average rating of 2.78 in 2021, a minor increase from 2.73 in 2020. One of the key indicators of digital transformation progress is the growing number of companies with a developed digital strategy. In 2021, 24.2% of companies had such a strategy, compared to only 17.7% in the previous year. For Sebastian et al. (2024), "a digital strategy is valuable only if it drives resource allocation and capital investments".
Although there is a positive trend, the overall level of digitalization remains unsatisfactory, and the progress is slow. The data indicates a significant room for further improvement in digital transformation. To achieve better digitalization results, Croatia needs to accelerate the digital transformation process and encourage companies to adopt digital strategies.
5. CONCLUSION AND RECOMMENDATIONS FOR FUTURE RESEARCH
Based on insights from existing research, methodologies, and the impact of digitalization and digital transformation on SMEs, the aim of future studies is to examine, identify, and describe the potential drivers and barriers to digitalization in Croatian SMEs within selected industries and compare them with the financial results. The plan is to conduct research at the level of industry, firm, and entrepreneur, and to identify the significance and extent of the impact of these factors on the degree of digitalization in SMEs. Further research should analyze the longterm effects of digital transformation on firm competitiveness, as well as the specific support needs of entrepreneurs in the digitalization process. This would contribute to the development of more effective strategies and policies to promote DT in the SME sector, which we consider a gap in the current study.
ACKNOWLEDGMENT: This work has been fully supported by the Croatian Science Foundation under the project IP-2022-10-6703.
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