Dive Brief:
- Market capitalization could increase by more than $6 billion if companies were properly utilizing new technologies, according to an Accenture report surveying executives across 12 industries. Approximately 13% of executives said digital investments resulted in workload efficiency and revenue growth.
- Savings and efficiency are reliant on the correct combination of new technologies, including 3D printing, artificial intelligence (AI), augmented and virtual reality (AR/VR), Big Data, blockchain and machine learning. Energy-based companies could save upwards of $16 billion with a working combination of AI, VR and Big Data analytics, according to the report.
- About 29% of surveyed executives said the skill gap is stalling deployment of new technologies, but 55% said connected and intelligent technologies will create more jobs rather than eliminate existing ones.
Dive Insight:
The IT workforce continues to grow with the emergence of new technologies. Without the proper IT skill sets, employers lose money and proper management of digital innovations. About 33% of CIOs said finding qualified IT applicants is one of the largest hiring barriers.
Computer science majors have the highest paying salaries, but CIOs struggle to reconcile high talent demand with high compensation, which results in weak handling of cloud migration and cybersecurity. About 60% of IT professionals say cybersecurity staffs are either underskilled or understaffed.
Cybercrimes can cost a U.S. company upwards of $21.2 million a year, but skills gaps in cloud computing can cost companies more than $258 million annually. Not only is a lack of skills financially threatening, but their absence hinders further innovation. An overwhelming 84% of IT professionals said more cloud expertise would increase ROI.
