Data Unleashed: Empowering Small and Medium Enterprises (SMEs) for Innovation and Success

The document identifies five primary challenges for SMEs in achieving data readiness: lack of formal data policies and dedicated roles, difficulties in extracting value from data, limited IT infrastructure, barriers to cross-border data flows, and insufficient sustainability reporting. It recommends that SMEs prioritize data needs, adopt proactive governance, invest in capacity building, and build resilient IT systems. The paper also emphasizes the role of carbon disclosure in enhancing SME resilience and reputation.

• SMEs frequently lack formal data governance structures; 64% of surveyed companies have a data privacy policy and 50% have a cybersecurity policy, while approximately 60% lack dedicated roles such as a Chief Data Officer (CDO), Chief Privacy Officer (CPO), or Chief Information Security Officer (CISO).
• Many SMEs struggle to derive operational value from their data resources, with 64% finding it challenging to use data from their systems and 74% struggling to maximize the value of their data investments, often due to data silos and a lack of clear strategy.

APA

World Economic Forum (2023). Data Unleashed: Empowering Small and Medium Enterprises (SMEs) for Innovation and Success. https://www3.weforum.org/docs/WEF_Data_Unleashed_Empowering_Small_and_Medium_Enterprises_(SMEs)_for_Innovation_and_Success_2023.pdf

Chicago

World Economic Forum. Data Unleashed: Empowering Small and Medium Enterprises (SMEs) for Innovation and Success. 2023. https://www3.weforum.org/docs/WEF_Data_Unleashed_Empowering_Small_and_Medium_Enterprises_(SMEs)_for_Innovation_and_Success_2023.pdf.

Wikipedia

{{cite report |author=World Economic Forum |title=Data Unleashed: Empowering Small and Medium Enterprises (SMEs) for Innovation and Success |date=June 2023 |url=https://www3.weforum.org/docs/WEF_Data_Unleashed_Empowering_Small_and_Medium_Enterprises_(SMEs)_for_Innovation_and_Success_2023.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{worldeconomicforum2023data, author = {{World Economic Forum}}, title = {{Data Unleashed: Empowering Small and Medium Enterprises (SMEs) for Innovation and Success}}, institution = {World Economic Forum}, year = {2023}, month = jun, url = {https://www3.weforum.org/docs/WEF_Data_Unleashed_Empowering_Small_and_Medium_Enterprises_(SMEs)_for_Innovation_and_Success_2023.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }