Thoughts: Investing in AI skills: A gateway to the future
In today’s face-paced, technology driven world, artificial intelligence (AI) is transforming industries and the way we work and live. From healthcare and finance to education, engineering and manufacturing, AI is a powerful force driving innovation, efficiency, sustainability and competitiveness. As organisations strive to remain relevant and competitive in an ever-changing environment, could investment in AI skills be the answer?
The importance of AI skills
AI and other technologies have started to reshape industries, making some jobs redundant and creating entirely new ones. The World Economic Forum predicts that AI will create 12 million new jobs by 2025, while displacing 75 million. So, whilst new technologies such as AI bring new opportunities, they also create a need for specific skills. To harness the true power of AI, organisations must recognise the key role of human intelligence – the skills, creativity, and initiative that drive AI development and application.
Future-Proofing the workforce
AI technology continues to spread through every aspect of our professional lives and acquiring AI skills is no longer a choice but a necessity. A study conducted by Salesforce revealed that 96% of workers in the UK believe that businesses should prioritise AI skills as part of their strategy to develop their workforce. For organisations and professionals, investing in the development of AI education and training is an investment in the future. By equipping workers with the skills to adapt and thrive in the digital age, organisations will not only future proof themselves but also empower their employees and boost productivity.
Driving innovation and competitive advantage
From a business perspective, investing in AI skills is a strategic necessity. In a hyper-competitive global market, staying ahead of the competition is becoming increasingly difficult. Organisations that invest in AI skills can gain a competitive advantage by unlocking new opportunities for innovation, efficiency, and customer engagement. A skilled AI workforce enables organisations to anticipate trends, capitalise on emerging opportunities and outperform competitors. Whether it’s through the automation of routine tasks or implementing more personalised customer experiences, AI can drive business growth and profitability.
The AI skills gap
As the demand for AI expertise increases, a significant skill gap emerges. According to a report by the World Economic Forum, there will be a shortage of over 85 million skilled workers by 2025; more than compensating for the historic roles made redundant. Whilst many organisations now consider AI to be a business priority, the majority do not have enough skilled AI workers in-house to bring their strategies to life. A study conducted by Snap Logic revealed that a lack of skilled talent is the biggest barrier for organisations progressing their AI initiatives, followed by insufficient budget, issues accessing the right technology and lack of access to data. This gap presents an opportunity for individuals to develop AI skills in order to position themselves as invaluable assets in a competitive job market, driving innovation and progress in their fields.
Because the technology is ever changing, the journey to AI proficiency is not without challenges, but the rewards can be endless. In an era where adaptability and innovation are key to success, businesses that recognise the significance of AI and embrace it through education, training and a commitment to ongoing learning can remain at the forefront of innovation and competitiveness. In addition, as AI continues to shape the future, individuals equipped with the right skills will be able to position themselves as valuable assets and become indispensable in the ever-growing job market. By creating a workforce equipped with the necessary AI expertise, organisations will not only future-proof themselves, but will also contribute to a more innovative, efficient and sustainable future for society as a whole.
Chief Executive | NOCN Group