In a recent report, Gartner had forecast that global Spending on IT would increase to $4.6 trillion in 2023, up 5.5% from 2022, despite the continued global macroeconomic headwinds.
It said digital transformation would continue to play a key role in enabling this spending, especially those on software that drives competitive advantage through more productivity, automation and transformation. Similarly, spending on cloud or on infrastructure as a service would grow.In India, the spending would rise to $108.5 billion with a focus on software solutions, SaaS applications and cloud migration,
Imagine being in the CEO or CXO seat during times like this. Despite ongoing uncertainty, you have to take a judicious call on Technology priorities and on the required investments for your company. That includes decisions on hiring, on partner selections/changes, on product and more. Not always easy.
You may have a brilliant and expert team. But CXOs also might need to upskill themselves in critical areas to stay ahead in the game.
Shantanu Rooj, Founder & CEO, TeamLease Edtech, says in today’s world of uncertainty, most businesses face the risk of being upended by disruptive technologies, innovative business models and new-age entrepreneurs.Hence, it is imperative that the people at the top keep themselves abreast with the advancements in technology and steer their organisations towards a secure future.Business leaders need to understand technology and its use to the extent that it helps them create strategic goals, road maps, and milestones for the organisation. Hence, upskilling oneself in technology is not only desirable but necessary for survival. Most leaders would equip themselves with the knowledge through various means – voracious reading, listening to other business and technology leaders, taking up online courses from marquee institutions and through networking with peers.
Several of them would create a team, often the board of advisors, to brainstorm an idea and help them find new pathways for growth,” says Rooj.There are various upskilling programmes that can help. These include digital transformation, AI/machine Learning, ESG and cybersecurity. There are also functional areas that are fast changing indicating the need for upskilling.CXOs who prefer self-learning can find reputed online programmes to help them get up to speed in these emerging areas.
f learning in a peer group looking to solve similar challenges excites CXOs, there are emerging specialised programmes from top universities. In many cases, higher education and upskilling focused edtech firms have partnered with universities to bring practical learning with a prestigious certificate and a blended learning approach that can help CXOs.
Shantanu adds, “Recently, I felt the need to upskill myself with generative AI and its applications. I took up a short course on Udemy, read about the technology on the internet and heard a few videos of Sam Altman (CEO Open AI) and Sunder Pichai on the topic. I also spoke to a few colleagues who are initiated into the technology and tried my hands on the software. All of these helped me frame my own understanding of the subject and further my imagination on its use.”Not just generative AI, many more new technology shifts and changes are likely in the next few years. For leaders who want to navigate these shifts in an agile and considered way, upskilling may be both a key requirement and a way to find joy in learning interesting concepts and skills.
