Although the concept of digital transformation (DX) had been around for years, most organizations had only just begun digitizing their processes and experimenting with advanced automation when the COVID-19 pandemic hit. In response to the upheaval created by this global crisis, organizations started to invest in digital technologies like never before. According to KPMG, enterprises spent an extra $15 billion USD per week on technology to enable remote working.
Furthermore, technology adoption is expected only to increase over the decade. A research report created by Markets and Markets asserts that the digital transformation market will grow at a compound annual growth rate of 19.1%. Market intelligence firm IDC predicts that AI technology will be inserted into the processes and products of at least 90% of new enterprise apps by 2025. Last but not least, the global RPA market is expected to grow at a compound annual growth rate of 38.2% from 2022 to 2030 to reach USD 30.85 billion by 2030.
Despite these grand proclamations, there is one thing holding innovation back: a lack of qualified, skilled DX talent. Since 2016, the number of technology and science jobs in the United States has exceeded the number of qualified workers by millions. However, the events of the past two years have magnified this already worrisome trend.
In a survey conducted by Gartner, IT executives see the talent shortage as the most significant adoption barrier to 64% of emerging technologies, surpassing implementation cost (29%) and security risk (7%). An eye-opening report released by Korn Ferry predicts that by 2030 there will be a global shortage of more than 85 million tech workers, representing $8.5 trillion in lost annual revenue.
As powerful as robotics process automation and intelligent automation are at driving DX objectives, one of their drawbacks is the expertise required to successfully implement and scale these technologies. In addition to possessing robust programming skills, IA and RPA developers must also be experts in business process mapping/design, systems integration, data analytics, cybersecurity and so much more.
So, with this in mind, Intelligent Automation Network (IAN) surveyed 200+ digital transformation leaders to find out how they are not only navigating the existing tech talent shortage, but preparing for the challenges ahead. What the study found is that, for many organizations, challenging times have served as a catalyst for change. However, there is still much work to be done.
To download the DX Talent Reimagined report, please proceed to this page.