Operational Value Creation Through Digitalization and AI in Spanish Private Equity-Backed SMEs

This DBA research evaluates the success factors governing the adoption of digitalization and artificial intelligence as catalysts for unlevered free cash flow growth and scalability in private equity-backed SMEs in Spain, examining determinants of successful adoption, moderating levers and the key technology-related value drivers. Synthesising Diffusion of Innovation, the Technology-Organization-Environment framework, EDI adoption models for SMEs and UTAUT/UTAUT2, it adopts a mixed-methods design with semi-structured interviews followed by a questionnaire of around 50 senior practitioners analysed through Qualitative Comparative Analysis and Necessary Condition Analysis. The findings are intended to guide PE fund managers, operating partners and SME executives in turning technology adoption into sustainable value creation.