Exploring digital transformation strategy to achieve SMEs resilience and antifragility : a systematic literature review

Abstract

Nowadays, the business environment has become more dynamic, making survival issues more challenging for small and medium enterprises (SMEs). Academic literature proposes digital transformation as a facilitator for SMEs to generate resilience and antifragility to overcome this challenge. However, SMEs need appropriate strategies to be successful in their digital transformation journey. This study aims to construct a digital transformation strategy framework for SMEs to generate resilience and antifragility. We use systematic literature review (SLR) to capture critical knowledge from the published literature. The primary articles were analyzed using thematic analysis with Wolcott’s (1994) procedure to construct the framework based on the primary studies. We found the critical values SMEs need to achieve successful digital transformation, including dynamic capabilities, digital capability, digital inclusion, leadership orientation, learning and knowledge management, and collaboration. However, SMEs need a deeper level of learning, higher digital capability, flexibility, and agility to be antifragile. Furthermore, we found that dynamic capabilities are the leading theory used to describe and investigate how a firm generates successful transformation. Finally, this study proposes a conceptual framework for digital transformation strategies to generate SME resilience and antifragile by connecting theory and practical concepts. It also suggests future research agendas.