<p>The use of digital technologies, such as big data, cloud computing, blockchain and artificial intelligence, has facilitated the growth of the digital economy. Such technologies and their associated data have become crucial production factors for modern enterprises. For small and medium-sized technological enterprises (SMTEs), the challenge is to seize the opportunities brought about by the digital revolution and achieve leapfrog development in the global value chain. However, few studies investigated enterprise digital value creation. This study selects 404 Chinese SMTEs undergoing digital transformation and employs the technology–business–society (TBS) theoretical framework and necessary condition analysis and fuzzy set qualitative comparative analysis methods from a configuration perspective to examine how six TBS-level factors, namely, basic technology application, data practice application, media attention, business credit, social responsibility and organisational resilience, interconnect and drive SMTE digital transformation value. Findings show that none of the six factors alone can adequately increase SMTE value. Rather, a combination of conditions with various configurations can increase enterprise value through digital transformation. Moreover, four configurations can increase value, namely, technology–business collaboration driven, technology led, technology–society–business balanced development and business–society collaboration driven. This study analyses the value configuration of non-high-value SMTEs undergoing digital transformation and finds that insufficient digital technology, media attention and social responsibility can hinder value enhancement. This study contributes to the literature by offering insights into the effect mechanism of digital transformation on enterprise value and providing practical guidance to Chinese SMTEs in optimising their digital transformation and enhancing their value.</p>