Almost half of businesses eye AI and big data training priority

AI and big data are set to be key training priorities for over 42% of businesses in the next five years, ranking third highest among educational focus, according to a study by the World Economic Forum.

Between now and 2027, businesses predict that 44% of workers’ core skills will be disrupted because technology is moving faster than companies can design and scale up their training programmes.

Six in 10 workers said they require skills training in the next four years, particularly in training workers to utilise AI and big data. As it stands, these tech areas rank seventh for skills growing in importance today, with 60% growth in demand predicted by 2027.

Companies said they recognise the need to upskill and reskill employees and 82% are planning to invest in learning and training on the job.

However, the report suggested that only half of workers are seen to have access to adequate training opportunities.

Incorporating technology into business will remain a key driver of business transformation in the next five years, with over 85% of organisations adopting new technologies and broadening digital access to boost digitisation of their business.

More than 75% of companies are looking to adopt big data, cloud computing and AI technologies, as 86% of companies expect to incorporate them into their operations by 2027.

Technology related roles are also among the fastest growing roles, and technological advancement and increased digital access are expected to drive job growth in more than half of companies.

Last month, UK government Chancellor Jeremy Hunt said it is vital that the nation must ‘win the race’ for AI development to fuel economic growth, or face being left behind.

Sridhar Iyengar, Europe’s managing director of software company Zoho Europe, championed the chancellor’s drive for AI development in the UK, and said that “organisations should invest in developing their employees’ digital skills and offer training programs to help them adapt to new technologies.

“This will help them embrace the future of AI and maximise its effectiveness to aid long-term business growth while promoting economic success.”

In a separate report, nearly three-quarters of companies said they are prioritising AI over all other digital investments, with the aim of boosting operational resilience.

The report, Reinventing Enterprise Operations, found that 90% of business leaders are using AI to tackle aspects of operational resilience, which spans data-driven capabilities, such as finance (89%) and suppliers (88%), to experimentation with generative AI.