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Impact of Demand and Supply for Digital Services

Demand and Supply for Digital Services

Digitalization has come with embryonic opportunities for business organizations. With these opportunities organizations are widening their strategies for business expansion and digital talent acquisition. To overcome the skill gap, companies are leveraging social media and innovative model for hunting the new talent. Everyone is trying to get the right talent at the right time to win or stay ahead of the race. Many business organizations are facing a longstanding struggle to fill the gap in various technologies like cloud computing, IOT, and Analytics. These technologies are helping them to boost their productivity and enhancing the strategic value. The brighter side of this transformation is stated by the consulting company Ernst and Young that it expects 60-65 million jobs to be created by 2025.

Digital Skills are the need of the day

While recruiting talent, companies are prioritizing digital skills. Techies who are digitally skilled can be deployed faster on their projects. The talent pool creation is not matching the speed of the adoption of digital technologies. This is the reason for a huge gap in demand and supply of digital services. Big IT giants like TCS, Infosys, and Wipro have won contracts to work and bridge this gap. Most of these contracts require skills in Analytics, AI, IoT, and machine learning. These work contracts are worth billions of dollars and the cause of a hike in the price of digital services. Companies are rethinking about the prices for providing digital services. The demand for digital skills is growing and the organizations are realizing that they need to acquire the talent pool beyond what their peers have to stay ahead of the game.

EY Predicts 60+ million Jobs by 2020

In the present digital world, business activities are losing relevance in terms of scale and complexities in which they were in the past. Organizations are expected to bring more precision and more responsiveness to their operational processes. So another impact of this change is to introduce new roles which may be a further step of blending the current roles and collapsing the layers. The definition of talent is spanning into a number of domains and may include IT architecture, understanding of the software development process, and various digital platforms and their operation. These skills are enforcing employers to compensate well in return. The brighter side of this transformation is stated by consulting group EY that it expects to add 60-65 million jobs by 2025. B-schools can play an important role to educate the students to fit in the new roles. By educating more usable skills definitely impacts on employment scenario and also increases the capacity building to create high-end talent which will help in supplying digital skills globally.

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Prof. Pankaj Pathak

 

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