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Are You Ready to Meet the Technology Challenge?

Online learning opportunities from IEEE will help you capitalize on the record-high level of investments in technology being made worldwide.

investments-in-technology

One look at the rapid technological advancements taking place all around us in today’s digital society and the bottom line is clear:  technology doesn’t just fuel business anymore — it is the business.

Such was the conclusion drawn by Deloitte’s 2023 Global Technology Leadership Study, which surveyed nearly 1,200 chief information officers (CIOs), chief technology officers (CTOs), and other senior technology decision-makers worldwide.  While the average technology budget as a percentage of revenue for these companies was 3.64% in 2018, it increased to 5.49% in 2022. Deloitte expects that number to rise to 5.85% in 2024 – an unprecedented 60% increase in just about five years.

Deloitte experts attribute this significant increase in tech investment to pent-up demand for technology during the pandemic. Another factor they identified is the recent dispersion of leadership roles in the corporate tech space, which now authorizes a broader range of leaders beyond just the CIO (such as CTOs, Chief Digital Officers, and Chief Data Officers, to name just a few) to drive tech-related investments. 

A Post-Pandemic Infusion of Funds 

The pandemic, along with its subsequent supply chain issues and shipping delays, served as eye-opening reminders of how dependent many economies were on foreign suppliers for key technologies.  This realization became a major catalyst for the recent spike in tech investment.

In the U.S., for example, The CHIPS (“Creating Helpful Incentives to Produce Semiconductors”) and Science Act, enacted in August 2022, earmarked over US$50 billion for domestic research and manufacturing of semiconductors in America.  It also established a 25% tax credit for capital investments in semiconductor manufacturing.  Since then, the U.S. White House reports that companies have committed over US$231 billion of investments in semiconductor and electronics technology and manufacturing in an effort to boost America’s global competitiveness and make its supply chains more robust and resilient.

The European CHIPS Act, enacted in February 2022, similarly aims to strengthen Europe’s competitiveness and resilience in semiconductors and their various applications.  And there are many more investments as countries around the world consider their own role in the overall semiconductor landscape.

The global rise in tech investments goes way beyond just semiconductors, however.  For instance, through its recent investment in electric vehicle brand Ceer — a joint venture between PIF (the Public Investment Fund, a global sustainable investor), Taiwanese-based Foxconn, and BMW — and its new manufacturing plant in King Abdullah Economic City, Saudi Arabia is hoping to enter the electric vehicle (EV)/renewables space and diversify from oil into what it describes as “the industries of tomorrow.”

All of the aforementioned global tech investments aim to attract top talent and create workforce opportunities.  However, experts warn that it’s a dream which may not be fully realized based on the current state of the talent pool.

“A lack of talent is a top issue constraining growth,” said the authors of the McKinsey Technology Trends Outlook 2023.  This survey of 3.5 million job postings across a variety of tech fields found that there are up to twice as many job postings than qualified applicants for many of the skills in greatest demand.  According to the report, this is especially true in such areas as artificial intelligence (AI), cloud computing, semiconductors, quantum technologies, space technologies, and electrification and renewables.

Invest In Your Company’s Growth and Success

With technology changing rapidly and investments in technology being made at record-high levels around the world, organizations need to fill the talent gap with targeted training in order to position their company and workforce for success in the evolving marketplace.  Among the best and easiest ways to achieve that is through the broad range of online learning opportunities offered by IEEE.

A variety of studies confirm that online learning is cost-effective (often half the cost of traditional classroom training!), efficient, and convenient.  And according to separate studies by the Research Institute of America and the Association for Talent Development, it’s also associated with higher retention rates as well as greater employee engagement and productivity.  Given all of the many advantages of eLearning, there’s never been a better time to invest in your company’s growth and success by participating in these and other online learning opportunities through IEEE.

  • The IEEE Learning Network Access hundreds of educational courses through this online learning platform, which offers the latest continuing education in engineering and technology.  From instruction in 5G, the smart grid, and renewable energy to AI, next-generation IoT, current standards, and much more, the IEEE Learning Network (ILN) can help you advance your career, refresh your skills, or just keep you on top of the latest industry trends.
  • The IEEE | Rutgers Online Mini-MBA for Engineers Offered by IEEE in conjunction with New Jersey’s renowned Rutgers Business School, the IEEE | Rutgers Online Mini-MBA for Engineers is an outstanding and convenient program expressly designed for engineers and technology professionals.  The 15-week program covers key topics such as business strategy, managing new product development, analyzing financial statements, intellectual property strategy, sales and marketing, and leadership.  The course offers a robust combination of expert instruction, peer interaction, self-paced video lessons, interactive assessments, live office hours, and a hands-on capstone project experience.

For more information or to register for any or all of our comprehensive collection of online learning opportunities, visit https://innovate.ieee.org/educational-resources/

 

Resources:

(9 August 2023).  “One Year after the CHIPS and Science Act, Biden-Harris Administration Marks Historic Progress in Bringing Semiconductor Supply Chains Home, Supporting Innovation, and Protecting National Security.”  White House Briefing.

European CHIPS Act.”  European Commission.

(26 July 2023).  “Saudi Arabia Drives Towards an Electric Future.”  Public Investment Fund (PIF) News.

From Tech Investment to Impact:  Strategies for Allocating Capital and Articulating Value.”  Deloitte Insights.

Chui, Michael, Issler, Mena, Roberts, Roger, and Yee, Lareina.  (20 July 2023).  “McKinsey Technology Trends Outlook 2023.”  McKinsey Digital.

Roshi, Ludjon.  (25 February 2023).  “E-Learning Statistics 2023.”  Codeless.

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One Response to Are You Ready to Meet the Technology Challenge?

  1. Arif Hasan December 20, 2023 at 6:28 am #

    Fascinating article on the growing tech talent gap! The rapid pace of technological advancements is indeed outpacing the availability of skilled professionals to handle them. It’s crucial for organizations to adopt creative solutions like online learning and upskilling programs to bridge this gap and stay ahead of the curve.

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