The major stumbling block for companies wanting to unleash the power of the Industrial Internet is a lack of tech skills.
The convergence of technology is changing the world as we understand it – Autonomy, the Internet of Things, Artificial Intelligence (AI), Data Visualisation and Mixed Mode Realities are creating new desires and needs never before imagined. They are disrupting the business world and transforming consumer experiences.
Digital-centricity is the term that ties these new disruptors together. The huge reliance on ‘everything digital’ has placed massive demands on the job recruitment market, with companies fighting over getting the best digital talent. Despite this, some jobs such as those in data analytics or autonomy remain unfilled. Lack of education and skills in these key technologies is now critical and holding back companies wanting to grow.
Fuelled by fast growth technology disruptors, a seismic shift in the demand for technology education and skills is happening at a rapid pace. Currently, educational provision is not meeting employer needs. In over a hundred companies surveyed, over two thirds confirmed a 70% or higher business impact if they didn’t have skills in data analytics. A similar response was echoed by over half of all business respondents surveyed who stated an impact of 70% or more on their business if they couldn’t secure people with programming skills in Machine Learning, AI and Deep Learning. Business impact in these cases means sales revenue, market growth and profitability. The staples that keep business alive.
The Industrial Internet of Things has been cited as the fourth industrial revolution or Industry 4.0. STEM Foundation’s study identified over half of all respondents across ten business sectors cited an impact of 70% or higher by Industry 4.0, stating changes to their business models, processes and supply chains.
Industry 4.0 boasts productivity increases and cost reductions to expensive manufacturing processes. The major stumbling block for companies wanting to unleash the power of the Industrial Internet is a lack of tech skills. Industry 4.0 requires data analytics, programming proficiency in R and Python, complex communications, data visualisation, problem-solving and large frame pattern recognition, however there is a significant gap in skills in all of these areas.
The study has discovered an on-going disconnect between what STEM courses are being taught by providers, and the needs of employers as determined by the pace of technology. And it is not just the pace of technology but the confluence of technologies that are forcing the need for a new set of multi-disciplinary technical skills. Although many sector-specific STEM programmes (such as Apprenticeships) have been created, they are often too specific, and through the volatility of a sector’s economics, have the potential of a shorter shelf-life and currency.
The study advocates a need to assess the ‘intensity of demand’ for skills in new and emerging technologies; examining both market readiness and application base, so enabling STEM programmes to be repackages to offer key technology fundamentals (such as data analytics, sensors, connectivity and visualisation) thereby enabling students’ greater employment flexibility across a variety of different business and industry sectors.