Abstract
In Sri Lanka, over 75% of enterprises are small and medium-sized enterprises (SMEs), and they generate 52% of the country's GDP and are essential to the country's economy (Kulasinghe et al., 2018). Cutting-edge competition, limited supply and price control, and resource constraints are just a few of the challenges Sri Lankan SMEs face in developing and expanding. Due to their lack of access barriers, cost reduction efforts, and rigid customer and supplier relationships, SMEs find acquiring traditional competitive advantages like differentiation or pricing challenging. To adapt their business models and strategies in response, many companies are experiencing a digital transformation. This article examines how SMEs might use digital transformation as a strategic effort to meet these issues. The report outlines the potential advantages of digital transformation for SMEs in Sri Lanka and indicates areas that need more study through a thorough literature analysis. The study uses a concept paper format, focuses on empirical data, and mainly analyzes Sri Lanka's SME market. The article's conclusion outlines potential paths for study and research in this area.
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