Cutting-edge technologies for small business and innovation in the era of COVID-19 global health pandemic

Abstract

The adoption of cutting-edge technologies to steer business activities during community lockdown to contain the spread of the COVID-19 pandemic, even if involuntarily, provides evidence that technologies not only offer competitive advantages but also provides a means for survival, by improvising existing business models. In June 2019, we issued a call for papers to address the awareness, adoption, and implementation challenges of technologies that can drive businesses of all sizes in the fourth industrial revolution. We intended to identify as critical elements the "must-have" and a "nice to have" technologies for small businesses and innovation. Then the ongoing COVID-19 global health pandemic struck in December 2019, forcing the need for digitization of business activities and remote operations, which was

Small business awareness and adoption of state-of-the-art technologies in emerging and developing markets, and lessons from the COVID-19 pandemic

“…This section presents an overview of several state-of-the-art technologies that small businesses can utilize to improve performance, enhance operations efficiency, and create or sustain competitive advantage. Adopting these technologies can help to prepare SMEs in EMDEs to compete in the fourth industrial revolution (industry 4.0 or I4.0: Aceto, Persico, and Pescape 2019), and for survival in the current challenging economic and business environments and during crisis, such as the ongoing COVID-19 global health pandemic (Javaid et al 2020;Akpan, Soopramanien, and Kwak 2020).…”

“…The outbreak of SARS-CoV-2, the causative agent of the novel coronavirus disease, COVID-19, has caused significant disruptions to the operations activities and caused some modifications to the existing business models of SMEs worldwide (Huang et al 2019;Akpan, Ezeume, et al 2020;Akpan, Soopramanien, and Kwak 2020). As the world welcomes the 'new normal' resulting from the COVID-19, SMEs can utilize state-of-the-art technologies to digitize business activities and undertake virtual operations to enhance competitiveness, productivity, and business performance, and to ensure business survival (Akpan, Soopramanien, and Kwak 2020;Ting et al 2020;CDC 2020;Papadopoulos, Baltas, and Balta 2020). Some of the applicable digital technologies include mobile and collaborative systems, Industrial Internet of Things (IIoT), and artificial intelligence as discussed in section two.…”

“…Some of the applicable digital technologies include mobile and collaborative systems, Industrial Internet of Things (IIoT), and artificial intelligence as discussed in section two. For example, a significant shift in SMEs' business model due to COVID-19 is the deployment of virtual technologies for remote operations (Akpan, Soopramanien, and Kwak 2020). Ranging from educational activities to holding team meetings, organizing virtual events is soon becoming a new normal, a situation that will likely continue in the post-global health pandemic (Papadopoulos, Baltas, and Balta 2020).…”

“…The COVID-19 pandemic has affected the global health condition and structure of economic order, pulling the global economy into recession. While the first concern is related to the security of public health, the impact on the global economy and SMEs is enormous (Cowling, Brown, and Rocha 2020;Akpan, Soopramanien, and Kwak 2020;Juergensen, Guim on, and Narula 2020). IMF world economic outlook released on 24 June 2020, forecast a 4.9 percent decline in global GDP in 2020 with considerable downward risk.…”

“…Another potential benefit of adopting state-of-the-art technologies for SMEs is to enhance the digitization of internal operations and processes, improving performance effectiveness and efficiencies, re-engineering business models, and ensuring business survival (Laudon and Laudon 2019;Akpan, Soopramanien, and Kwak 2020). These benefits were utilized mainly by several SMEs in the advanced economies during the outbreak of COVID-19 pandemic and the resulting community lockdown to limit the spread and human-to-human transmission of the coronavirus disease (Papadopoulos, Baltas, and Balta 2020;Akpan, Soopramanien, and Kwak 2020). While the digitized businesses in the advanced economies quickly moved to the virtual space, the SMEs in most EMDEs were under lock and key, with schools completely shut (Webster 2020;Lancet 2020;Akpan, Ezeume, et al 2020;Peto et al 2020).…”