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February 13, 2024

Upskilling for generative AI is inevitable, but companies too have a learning curve

The widespread adoption of generative AI (Gen AI) is reshaping industries across the board, prompting companies to invest heavily in upskilling their workforce to harness the potential of this transformative technology. With its capacity to handle complex data sets and enhance employee productivity, Gen AI is becoming increasingly attractive to businesses seeking innovative solutions to stay competitive in a rapidly evolving market. 

According to industry experts, the demand for specialized skills in areas such as natural language processing (NLP) is increasing, 74% annual growth in roles related to AI and machine learning, underscoring the urgent need for professionals proficient not only in AI technologies but also in their practical application across diverse domains. From automatically generating code snippets to streamlining technical writing processes and facilitating creative brainstorming sessions, Gen AI promises to enhance productivity across industries, potentially quadrupling efficiency in task execution. 

As more companies adopt Gen AI, they recognize the critical importance of equipping their workforce with the necessary skills to leverage this technology effectively. Rather than resorting to continuous selective hiring, organizations are increasingly turning to upskilling existing employees to bridge the skills gap swiftly and sustainably. 

Bhavesh Goswami, Founder and CEO of CloudThat, emphasizes the strategic advantage of upskilling employees, highlighting the challenges associated with talent shortage in specific domains if companies opt for hiring over reskilling. He underscores the need for companies to reassess their systems and operations through an AI lens, integrating generative AI as a strategic asset to enhance and differentiate offerings in a dynamic market landscape. 

To address the imperative upskilling, organizations are investing in comprehensive training programs and forging partnerships with educational institutions to facilitate skill development in emerging technologies like Gen AI and NLP. Even top executives, including chief technology officers, are actively engaging in upskilling initiatives focused on harnessing the capabilities of generative AI. Goswami highlights the potential benefits of using Gen AI as a “copilot,” including increased product development efficiency, reduced bug occurrences, enhanced customer retention, and accelerated time-to-market for new products or features. 

In pursuit of effective upskilling, companies are partnering with corporate training providers specializing in niche technologies like AI and machine learning to ensure their workforce remains deployable for the most advanced and competitive projects. 

Read more on this article on The Economic Times