The human race is on the cliff of a fourth industrial revolution that’s set to vary the way we have a tendency to live, work and communicate with one another. The Digital Transformation Challenge impacts all organizations in various points, how can we overcome the lack of knowledge?
The World Economic Forum predicts that as this revolution unfolds, the barriers between jobs performed by humans, machines, and algorithms will shift dramatically.
These changes will “entail difficult transitions for millions of workers and the need for proactive investment in developing a new surge of agile learners and skilled talent globally.”
To be poised for success, organizations must ensure their human capital is equipped to meet these new challenges through a comprehensive and flexible digital transformation (DX) initiative.
The window for strategic digital transformation is quickly closing. Enterprises must be proactively preparing their workforces to implement and master new skills. Three critical technological advancements expected to drive business growth in the next five years:
Number 1 AI & machine learning – Number 2 Big Data Analytics – Number 3 Cloud Technologies
Digital Transformation has already impacted how organizations are structured and affected the skills required to produce meaningful and innovative work—and it will continue to do so in the near and distant futures.
Organizations must continue to prepare for these on-going seismic shifts with DX strategies to support the development of key skills and competencies necessary to succeed.
By 2022 over half (54%) of the workforce will have required considerable re-skilling or up-skilling.
According to a Bersin by Deloitte study:
- 90% of organizations surveyed believe their core business is threatened by new digital competitors.
- 70% believe they do not have the right leadership, skills, or operating models to adapt.
Skillsoft has put an infographic together and run a survey with their customer base to find out how they are addressing the digital transformation challenge. With some point questions, they could identify the truth.
Does your organization have a formal digital transformation strategy in place?
Only 50% have a strategy in place to address DX, 24% responded with NO and 26% responded with DON’T KNOW.
So what can organizations do?
In this age of human capital management, now is the time for learning and development to take a proactive role in helping to bridge the skills gap in DX.
Successfully enabling the organization’s shift to digital is one of the greatest challenges facing learning leaders today.