Dive Brief:
- Data and AI upskilling efforts are emerging as a key driver of ROI on AI investments, according to a DataCamp study published Thursday. The company commissioned YouGov to survey more than 500 U.S. and UK business leaders for the report.
- Just over 1 in 5 leaders report a significant positive ROI from AI investments, compared with 42% among organizations with mature data and AI literacy upskilling efforts underway, the report found.
- More than half of leaders identified AI literacy as the top AI skill in the workplace in the last year, likening the value of these skills to core capabilities such as writing, project management or delivering presentations. Surveyed leaders flagged data-driven decision-making, data analysis and the ability to interpret dashboards as some of the top data skills.
Dive Insight:
Adoption efforts kicked off in previous years are coming under the microscope, as leaders are expected to show how their investments have performed.
Businesses could dole out $2.5 trillion in support of AI adoption this year — from compute to added services — according to Gartner estimations. A Hitachi Vantara survey published last month found the spending glut will continue, with AI budgets set to swell by 76% in the next two years.
For businesses looking to increase their returns on AI, access to skills is critical, according to Jonathan Cornelissen, CEO and co-founder of DataCamp. A dearth of training threatens the effectiveness of available tools, he said.
“The majority of organizations do not have a formal program” for AI training, Cornelissen said. “They may have a subscription to a learning platform that has some data AI skills, but there’s no dedicated effort to drive data and AI skills.”
The disconnect between available tools and desired outcomes can sink investments, as employees lack training on how to use AI for real world uses, Cornelissen said.
AI use is also influencing employer perception of their employees. More than three-quarters of leaders surveyed for the DataCamp report said data literate employees outperform other staffers. AI literate employees are expected to become up to 20% more productive.
Although AI was once the domain of IT units, demand for skills in this category has spread across departments. AI know-how as a job requirement increased by nearly 25% for customer support roles, with similar increases in sales and financial operations, according to a Draup report published last month.
CIOs can support their organizations by ensuring sufficient AI knowledge exists at the leadership level — and by partnering with learning and development teams to help guide training efforts, according to Cornelissen.
“You’re not getting the ROI from investments in technology if you’re not making the investment in people,” Cornelissen said. “CIOs have one of the most important roles there in the whole organization.”
