Businesses are realizing that the ability to leverage data and artificial intelligence (AI) is no longer an advantage for a few—it’s a necessity for all. One of the best ways companies can remain competitive is by investing in corporate data science upskilling. Upskilling isn’t just about giving employees a few extra tools to play with; it’s about equipping them with the knowledge and skills to leverage these tools safely and effectively to drive business innovation, make smarter decisions, and ultimately deliver better results.
However, despite the apparent benefits, many companies have not prioritized and allocated budgets for data science training. So, how can organizations ensure they’re investing in the proper training to build a future-proof workforce?
All companies are data companies. Data is the lifeblood of modern businesses, and AI is at the heart of transforming that data into actionable insights. From marketing teams to product managers, employees at all levels work with data somehow. They should develop a basic understanding of data science to make decisions that will keep the business moving forward. Research from Gartner shows that over 50% of Chief Data Officers (CDOs) will prioritize data and AI literacy programs by 2027, recognizing that this is the key to staying relevant in an ever-evolving landscape.
However, even though most business leaders recognize the need for data science skills, there’s still a big gap between awareness and action. According to Tableau, 82% of decision-makers say all employees should have basic data literacy, but only 47% report access to relevant training. This provides an opportunity for the company to lead the future of their company by prioritizing data science, data literacy, and AI literacy within their workforce development plans.
A thoughtful and holistic approach is essential when budgeting for data science upskilling. Budgeting for data science workforce development is an investment in the future. In the modern landscape, every company is a data company. As technology advances, the investment in developing a data-literate workforce becomes even more imperative. Companies wonder, “Where should I start?” A good first step may be to consider allocating a portion of their payroll to training, typically ranging from 1% to 5%, depending on the size and scope of the organization. More prominent companies can set aside more budget for training initiatives, but even small businesses can benefit from dedicating resources to develop a data-literate workforce across their tight-knit teams.
Remembering that training costs go beyond the cost of courseware is crucial. There’s also the time employees will spend learning, which temporarily distracts them and takes them away from their daily responsibilities in the short term. These upfront costs are investments in the company's long-term success. Once the training is completed, it helps maximize employees' productivity in their daily workflows. The payoff is further reinforced by developing more efficient teams, better decision-making, and a culture of innovation.
Aligning training efforts with your company’s specific goals is crucial to maximizing the benefits of a data science upskilling initiative. By working closely with team managers, HR professionals, and technical leaders, you can ensure that the skills employees learn directly support the company’s strategic vision. This approach helps avoid wasting resources on training that does not lead to measurable improvements.
Regularly assessing employees’ skills and identifying gaps can help ensure your program remains relevant. For instance, if the company is undergoing a digital transformation or launching an AI-powered product, employees at all levels must be trained to support those initiatives. You can prioritize training and maximize impact by identifying the key skills needed, depending on the company’s specific use cases.
Corporate data science upskilling is no longer just a trend or another hype cycle; it’s a crucial investment for long-term success as a future-proof workforce. It’s not just about keeping up with the competition—it’s about giving your employees the tools they need to push your company forward. While it may require an upfront investment, the benefits—improved productivity, more intelligent decision-making, and a more engaged workforce—make it well worth the cost. Companies can prepare their teams for tomorrow’s challenges and opportunities by prioritizing data science training today. Contact Data Society to get started today.
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