IMPACT OF DIGITIZATION ON BUSINESS MODELS

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IMPACT OF DIGITIZATION ON BUSINESS MODELS

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

In today’s business world Digitalisation has become the watch word. Digital transformation is a big challenge for SMEs today as several industries and companies face lots of pressure to transform their businesses to the digital way, however, technological transformation of businesses should be centered on enhancing customer experience, optimizing operational processes and augment business models. SMEs that are highly innovative are said to be faced with financial, skill shortage and financial challenges which affect their growth, while traditional companies that are facing the digital transformation process risk tend to lose their competitiveness. Digitalisation of a business does not really constitute creation of a new business, but remodeling the existing ones to take advantage of doing business in a new way. In point of fact entrepreneurs continually make use of ICT-based e-commerce to gain competitive advantage in the global marketplace. Small and Medium Enterprises in the Nigerian economy is said to make tremendous contributions to important economic indicators as well as household incomes which impacts positively to its growth. Despite the growth of ICT-based e- commerce within SMEs in developed nations, the ICT adoption rate of SMEs in Nigeria has remained relatively very low and this has contributed to its slow pace of economic growth and development. However, global competitiveness and the quest to stimulate economic growth are some of the major factors why Entrepreneurs need to adopt ICT.

STATEMENT OF THE PROBLEM

Emphasis made on impact of ICT to boost productivity and performance of SMEs can be considered as a great issue of concern to Entrepreneurs, scholars and practitioners in a developing economy like Nigeria. Globally, the use of ICT to boost productivity and performance is one of the greatest challenges being faced by the SMEs particularly the developing nations and this is due to the lack of knowledge on the benefit of ICT in their businesses. Thus, there is an urgent need for a change in SMEs operation to meet the global challenges. The magnitude at which SMEs will benefit in the inclusion of ICT in its business activities is beyond comprehension. However, the impact of ICT on operational performance of SMEs in Nigeria has not been largely explored and this is because attention has been focused moreon on ICT Investment in SMEs, ICT inclusion and usage in the financial perspective as Information Technology is just acquiring wider acceptance in SMEs of Nigeria.

OBJECTIVES OF THE STUDY

To understand the impact of digitization on business models
To understand the relationship between digitization and the implementation of business models

RESEARCH QUESTIONS