In the era of digital economy

digital transformation has become a key factor for small and medium-sized enterprises (SMEs) to enhance their competitiveness and achieve sustainable development. However

the digital transformation process of SMEs is constrained by many challenges such as lack of resources

insufficient capacity

and low coordination efficiency. Based on the practical dilemma of digital transformation of small and medium-sized enterprises and relevant research literature at home and abroad

this paper systematically analyzes the current situation of digital transformation of small and medium-sized enterprises

and identifies the four core challenges of capital and technology short board

data island phenomenon

backward business model and security risk. On this basis

this study constructs a fusion path model of ' technology lightweight empowerment-ecological resource integration-value network creation-systematic collaborative governance '. This study proposes that SMEs should use agile tools

integrate into the platform ecosystem

reconstruct business models

and use precise policy support to achieve a strategic transformation from closed innovation to open value co-creation

with a view to providing a theoretical framework and practical guidance for breaking through the dilemma of digital transformation.