Manufacturing SME risk management in the era of digitalisation and artificial intelligence: a systematic literature review

Abstract

Purpose The purpose of this paper is to explore companies’ business risks and challenges across macro- and micro-environments, as well as how small and medium-sized enterprises (SMEs) can benefit from digital technologies, including artificial intelligence (AI), as part their risk-management (RM) strategies in the face of recent disruptive events. Design/methodology/approach We perform a literature review on risk management and business continuity (BC) in the context of SMEs, both in general and specifically in the manufacturing sector. Findings The critical importance of RM and BC for SMEs is highlighted. The review underscores the significant impact of recent disruptions on SMEs and reveals a range of risk factors affecting their BC. Moreover, the review recognises how SMEs, in general, and manufacturing SMEs, in particular, can benefit from using digital technologies and AI as essential components of their RM. Originality/value The review highlights transformative role of digital technologies and AI in enhancing RM. Through a systematic classification of risk factors within macro- and micro-environments, this novel approach provides a structured foundation for future research. It provides practical value by enabling SMEs to integrate dynamic capabilities and adaptive capacities through the adaption of digital technologies and AI into their RM.

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