The writing is on the wall: by hiring professionals with expertise in Artificial Intelligence (AI) right now, businesses will get a head start. According to a report by Deloitte, businesses that prioritise AI technology and talent are twice as likely to be successful in their digital transformation efforts. Businesses simply can’t afford to miss out on investing in AI-talent. In this blog, we will explore the potential risks businesses face when they fail to prioritise AI-savvy individuals and the importance of investing in AI training for their workforce.
In-demand tech skills for 2024
AI skills are in high demand. Businesses that fail to prioritise these skills put themselves at a disadvantage compared to competitors who have already harnessed the power of AI over the last 12 months. Businesses need to invest in talent development and recruitment strategies that specifically target acquiring AI skills.
The digital skills gap is a pressing issue worldwide, affecting businesses in the UK as well. Two-thirds of businesses are struggling with this gap. This shortage of digital skills hampers businesses’ ability to adopt and implement AI technologies effectively. Without a workforce that understands AI, businesses risk making costly errors and missing out on growth opportunities.
AI specialist roles have seen a 74% annual growth rate over the past four years. Furthermore, a survey by PwC revealed that 63% of CEOs consider AI and machine learning essential to the future of their business. It is imperative that businesses prioritise AI skills to stay competitive in the market.
Digital skills development and the role of education in closing the digital skills gap
The European Commission’s Digital Economy and Society Index states that 44% of Europeans lack basic digital skills, and according to a report by the World Economic Forum, over half of all employees will require significant reskilling and upskilling by 2025. There is a clear disconnect going on right now between what skills and training are currently available to the workforce, and what is needed right now. If almost half the population lacks fundamentals in tech skills, then successfully transitioning half the global workforce to more advanced skills in AI over the next few years is improbable, if not impossible.
This emphasises the growing demand for digital skills in the workforce. As we look to 2024, businesses need to understand the importance of implementing scouting and harness workforce talent that have basic digital skills. These initiatives are essential to bridge the digital skills gap and ensure a steady supply of professionals well-versed in AI. By investing in initiatives aimed at upskilling individuals and forming partnerships with educational institutions, businesses can ensure a steady supply of professionals well-versed in AI.
Smart planning for your business in 2024
As businesses plan for 2024, understanding the crucial role of AI-savvy talent and consultants is essential for success. Neglecting to prioritise AI expertise and failing to understand the ethics and best practices of AI will lead to missed opportunities and businesses struggling to remain competitive. To mitigate these risks, businesses should invest in talent development, recruitment strategies, and education initiatives that foster the growth of AI-savvy professionals. This positions them for success in the AI-driven future.
At Ten10 we aim to demystify AI by explaining its various types and emphasising its foundation in mathematical principles rather than magic. This understanding applies to all employees, not just our consultants and Academy Consultants.
The UK’s AI journey presents challenges but also immense potential for growth and innovation. Businesses that recognise the significance of hiring AI experts and investing in AI training are better positioned for success in the AI-driven future. By prioritising AI skills, closing the digital skills gap, and planning strategically, businesses can unlock the immense potential of AI and propel themselves towards growth and innovation. It’s time to embrace AI and ensure a brighter future for your business.
Our team of consultants, with a range of AI understanding and skills, collaborate with clients to identify effective uses of AI in the software delivery lifecycle, speeding up delivery and enhancing user efficiency. They responsibly utilise AI where it has the most significant impact, driving innovation and productivity. Additionally, our Ten10 Academy trains junior talent in AI and machine learning, equipping them with the skills our clients need to quickly build this expertise within their own teams and develop applications and models that provide valuable business insights.