Small and medium-sized enterprises (SMEs) must foster their digital transformation. To do so, they must first understand and learn about their company's digital status, adopt new digital strategies and technologies to create a comprehensive digital service offering, and innovate.
The consideration was made by Pauline Henríquez, Specialist in the Competitiveness, Technology, and Innovation Division of the Inter-American Development Bank, who participated in the virtual event "SMEs: Successful Transition to a New Normal," organized by the American Chamber of Commerce of the Dominican Republic (AMCHAMDR).
Henríquez stated that 97 percent of micro, small, and medium-sized enterprises (MSMEs) in the country reported a decrease in sales, and 791% of businesses temporarily halted operations. He offered this data during his virtual conference, "Digital Transformation of SMEs in the Region: Challenges and Opportunities in Times of Crisis."
The specialist based her analysis on data from a survey of 1,783 MSMEs conducted by the United Nations Development Program (UNDP), Princeton University, and the Vice Presidency of the Republic between April 14 and May 15. In that study, 311% of companies reported a negative impact on their purchases, and 231% had adopted teleworking.
Henríquez revealed that the COVID-19 pandemic accelerated e-commerce by two to three years, as evidenced by the more than 1,50% increase in total digital transactions due to lockdown policies.
In this regard, he also said that the teleworking modality was adopted by 25% and the number of users beginning online training on the EdTech, Platzi, and Crehana platforms grew by 40%.
Henríquez noted that there is a shortage of talent in Latin America and the Caribbean to undertake the necessary digital transformation. In this regard, he said it is estimated that 1.25 million software developers will be needed in the region by 2025.
Furthermore, it proposes developing bootcamps as new training formats, believing they are highly effective, as graduates graduate on time, have greater chances of finding employment, and earn high salaries.
The multilateral organization's expert cites among the obstacles to the digital transformation of SMEs: information problems, connectivity restrictions, limited access to financing, a shortage of human capital with digital skills, and limited development in the ICT sector and support services.
The first day of "SMEs: Successful Transition to a New Normal" was moderated by Steven Puig, president of Banco BHD-León, who spoke about the importance of SMEs in the national productive apparatus, while citing their limited capacity to survive in difficult times as the main challenge they face.
