A clear vision is forming for companies set to succeed in 2024 and beyond. By the second quarter of 2024, it will become apparent that organizations prioritizing talent and skill development will ascend as market leaders. In contrast, companies adopting myopic, short-term strategies risk falling behind. Nobel Prize Winner Joseph Stiglitz terms this phenomenon the “Underinvestment Trap.”
The economy is anticipated to be bolstered by an additional 5 to 6 trillion USD through General AI, fueling a hyper-growth across diverse industry segments, climate technology, and modernized manufacturing. This upswing will inevitably drive a surge in demand for talent. While it might not seem apparent in certain situations, we are progressing toward this milestone.
Here is an example snapshot of companies planning for 2024 and beyond (data from the last two weeks Signals).
- Akamai has expanded its global cloud network by inaugurating a core computing data center in Milan.
- Microsoft is enhancing San Francisco’s standing as an AI hub by opening a new Artificial Intelligence center in the city. The company has unveiled its new AI Co-Innovation Lab as part of this initiative.
- Rockwell Automation has launched its first Digital Center of Excellence in Saudi Arabia.
- Banking technology frontrunner Zafin announced the establishment of a new office in Chennai on Friday, expanding its presence in the southern region of India.
- CMA CGM, the French liner, has disclosed plans to initiate ZEBOX UK later this month. This new venture is a startup accelerator based in Manchester.
- Trimble has recently opened a laboratory at Virginia Tech. The new multidisciplinary lab will provide architecture, building construction, and construction engineering students access to advanced technology.
- LeoLabs, a company specializing in satellite space technology, plans to establish a ‘Centre of Excellence’ for space technology research in Bengaluru.
- LAM Research, present in Bengaluru since 2000, received approval from the Centre to establish facilities dedicated to engineering, R&D, testing, and tool prototyping. These facilities will focus on capital goods manufacturing for semiconductors and displays.
- Tsecond, with support from Boeing and Solar Industries India, is expressing interest in developing an R&D center in Bengaluru-India.
- Oracle has recently opened a new region in Mexico, further expanding its global presence.
- Hiring is at its peak in places like Gothenburg – Sweden, in Climate Technology.
Throughout history, there have been multiple examples of the necessity for reskilling as economies transitioned from one type to another. For instance, during the Industrial Revolution, there was a significant shift from an agrarian economy to an industrial one, which demanded extensive reskilling. With the advent of AI, we are entering a phase known as the ‘Boundaryless Skills’ economy.
A clear illustration of this concept is the Entertainment industry. In this sector, it’s not just about consuming content anymore; individuals are empowered to produce and disseminate high-quality content, with AI playing a pivotal role in facilitating this process. The field of creative arts has thus become boundaryless, offering unprecedented opportunities for all.
In this scenario, it’s not far-fetched to envision a store clerk unveiling sophisticated mathematical algorithms through YouTube in the foreseeable future or a peer employee providing valuable insights on drafting compelling performance reviews. Resources for HR assets may originate from various organizational corners, underscoring the expansive and boundaryless nature of skills in this new economy.
In this unfolding era of the Boundaryless Skills economy, hiring for relevant skills and continuously reskilling to meet the demands of new required competencies cannot be overstated.
Here is an example of a skills matrix for such boundaryless skills transitions (Draup is developing a full report)
Regarding the AI cost modeler related to gen AI, our team is diligently working on this front, aiming to continuously enhance and refine the modeler by incorporating the accumulated data to reflect more accurate and insightful projections. This ongoing effort is crucial to ensure that the gen AI cost modeler is up-to-date but also robust and reliable in its functionality and predictions. We are planning to publish the gen AI cost modeler soon. Here is the sample new snapshot.