Data isn't 'the new Oil' — Digital Talent is!

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A metaphor famously associated with famous British Mathematician, Clive Humbly…”Data is the new Oil” has been around for some time. However, we generally miss the subsequent part which implies that similar to how Oil is only valuable in its refined form, Data needs to be distilled and broken down to have any value. In crude form it is just that…Data.

Even more unsettling is the common notion that through an advanced analytics tool or AI/ML deployment, we can extract the true value from the Data. Imagine having cutting-edge equipment and technology to refine Crude Oil but not having the skilled Engineers or Operators to run the machines. Surely, there is not much that can be extracted from the Crude Oil.

Companies are facing a similar dilemma today. Over last 10 years, an estimated 500 zettabytes of Data has been generated (Source: Statista) . Organizations are sitting on troves of such a highly valuable resource and are in a race to be the first to extract the true value from data. Internet of Things (IoT), POS consumer insights, and social media interactions are just a few contributors to this massive Big Data. On the other hand, in a rush to do so…majority of initiatives fail (some studies suggesting up to 87.5% failure rate!) to generate much value for the organizations.

A key factor being lack of the Digital Talent. 2023 Future of Work report by LinkedIn states that “51% of US executives are excited about AI advancements, but do not yet know how their organization will leverage AI tools and skills.” Similarly in a SAS Survey report, 63% of respondent indicated the biggest skill shortage they are facing is in the domain of AI and Machine Learning. In fact, Netflix recently posted AI related positions paying up to $900,000 annually (Source: Sky News ).

It is mission-critical to have the right talent as we witness huge investments being poured into organizations’ AI/ML deployment efforts. A report by Grandview Research Inc. estimates the global AI market to reach $1.8 trillion by 2030!

There is no easy solution to address this shortage of AI or Digital skillset. However, a sustained effort at both individual and organizational level can surely bridge this gap. Here are some of the ways Organizations and Individuals can enable this:

Mid-career training programs

Organizations need to create tailored mid-career training programs for their existing staff to upskill them with AI and Digital skills. This includes staff who is non-technical but are domain experts. Incentivize, sponsor, and facilitate top-talent through formal on-campus digital upskilling. Individuals on the other hand need to be committed to these learning and development programs.

Degree vs Certifications

There is a need to create a balance between roles requiring a college degree vs the ones for which certifications are good enough. Specialist roles like Engineering and Health professionals do require a college degree but digital skills like Data analytics, AI/ML deployment, and Data Science can be learned through doing various certifications. Platforms like LinkedIn for Learning , edX , and Coursera has number of individual and professional certifications available in these fields.

On-the-job training

There is nothing better than old-school on-the-job training. Engage employees who are passionate about emerging technologies in exciting new Digital transformation projects. Encourage them to spend time on upskilling them through both exploring online resources as well as practical on-the-job problem solving.

Digital Mindset and leading by example

A study by BCG suggests that organizations with a digital culture and mindset are five times more likely to succeed in their digital initiatives. A top down culture of continuous learning and development needs to be adopted by organizations and individuals who are in leadership positions. Reverse or peer-to-peer digital mentoring is an excellent way to do so. Moreover, creating in-house learning academies, establishing reward systems for top learners, and doing train-the-trainer style programs are all great ways to enable organization-wide upskilling.

When organizations invest in such initiatives they not only retain talents but also attract top talent. Digital is not only enabling creating an innovative consumer experience, but can also help organizations design the best ‘employee experience’. Organizations and Individuals who will invest in this will come out victorious in this war for digital talent.