- AI is considered the most promising technology by over 60% of businesses, but a skills shortage may hinder its implementation.
- Small to medium-sized enterprises in Europe face barriers to adopting AI, including finding the right talent, regulatory concerns, and the cost of implementation. AI adoption is forecast to unleash €600 billion growth in Europe’s economy.
- 77% of firms are concerned about the potential errors, disinformation, and fake news that can occur with AI. They believe that privacy and ethical issues are important and expect regulation and a regulatory framework to address these concerns.
Source: Credit
AI Skills Shortage Threatens Business Growth, Studies Show
A new report has revealed that a shortage of AI skills is threatening the growth of businesses, with many companies struggling to find the expertise they need to implement and manage artificial intelligence technologies.
The study, conducted by Tofido, a leading research and consulting firm, found that 87% of businesses surveyed believe that AI will be essential to their success in the next three years. However, 62% of these companies also reported that they are facing challenges in finding and retaining the skilled professionals they need to effectively leverage AI technologies.
The shortage of AI skills is having a significant impact on businesses, with 43% of companies reporting that it is hindering their ability to innovate and develop new products and services. Additionally, 34% of businesses said that their AI projects are not progressing as quickly as they would like due to the lack of skilled individuals to lead and manage these initiatives.
The report also highlighted the specific AI skills that are in highest demand, with data science, machine learning, and natural language processing expertise topping the list. However, these skills are often in short supply, leading to fierce competition for the limited pool of qualified professionals.
Tofido’s findings underscore the urgent need for businesses to address the AI skills shortage in order to drive growth and remain competitive in an increasingly digital and data-driven world. The report suggests that companies should invest in training and upskilling their existing workforce, as well as exploring partnerships with educational institutions and external training providers to bridge the talent gap.
The report concludes that addressing the AI skills shortage will be essential for businesses to realize the full potential of artificial intelligence and harness its power to drive innovation, improve efficiency, and deliver better products and services to customers.
For further information on the study or to access the full report, please visit Tofido’s website.