23 May 2023
ey-power-of-three-2023-version1-20230130

Human Powered Digital Transformation

The last decade has seen a drastic change in the Maltese physical landscape. Ten years might feel like a short time for the island to transform, but in comparison to the accelerated pace of the digital landscape’s evolution it can seem like centuries.

C

onstant emerging technologies have reshaped the way we approach all aspects of life turning brick and mortar into virtual spaces, connectivity into infrastructure, and manual tasks into automation. Businesses must be ready to adapt or risk falling behind.

The sustainability revolution has worked as a catalyst as it brings to the fore new reporting regulations, increases the use of electric vehicles in the business world, and encouraged R&I investments on green energy and products.

In addition, the growing integration of Gen Z customers and the fears of higher inflation have shifted consumer trends with a focus on brand values, experience, and accessibility. Thus, making digital transformation a necessity and no longer an option.

Enhancing your cybersecurity, creating an enterprise architecture, integrating FinOps and cloud into your strategy, and leveraging the power of automation are all essential for a competitive organisation that creates values. But the missing link which ties this all together is also the largest struggle: Talent.

The race for skilled talent has become a sprint as the increased adoption of emerging technology has accelerated the demand for more specialised professionals. This is a greater concern when considering that the second edition of the National Research and Innovation Monitoring Report 2019–2020 published by the Malta Chamber of Scientists and Technology has shown a decline in tertiary students studying STEM.

In fact, the lack of technical resources has stunned areas of transformation like Artificial Intelligence, Machine Learning, Blockchain, and Internet of Things (IOT).

What can Maltese organisations do?

Growing technologies like artificial intelligence and hyperautomation will likely lead to strong job displacement as many manual and repetitive tasks can be replaced by code. However, this leaves an opportunity as employees can focus on upskilling according to the organisations’ needs.

Integrating reskilling and upskilling into a company’s transformation strategy is a key element of maintaining resiliency for three reasons.

Firstly, it ensures that the organisation can confidently adopt new technologies with the confidence of having inhouse experts able to use it effectively without needing to outsource and incur costs or risk a failed implementation.

Secondly, reskilling can reallocate current resources to bridge the skills gaps that are prevalent in the market allowing for an edge over competitors who may be struggling with securing talent.

Thirdly, upskilling will ensure that you remain an authority in the sector with stronger investments in your own employees that can hone their specialised skillset to generate new avenues that grow revenue without chancing operational resiliency.

Effective Transformation

Assessing your gaps is a crucial step in determining the right way to handle your skills strategy to align with effective transformation. Some key questions must be kept in mind in this regard.

What tools, partnerships and other resources exist or are available to aid in this transformation, and which still need to be identified, forged or acquired?

Do you have an accurate understanding of your employees’ current skills and development potential, and, therefore, a sense of how many will need to and can be reskilled or upskilled?

Do you have a comprehensive view of your needs and resources to strategically prioritize efforts and position your organization for success, both now and in the future?

Is your current company culture receptive to this kind of change or will it serve as a barrier?

Are your leaders aligned on the value of and the pathway to digital, and around the process and priority of unlocking your workforce’s potential?

What Could Go Wrong?

Actually, continuous learning and upskilling has resulted in strong benefits both for employees and employers which outweigh the minimal risks and bring a strong return on investment.

Employees who focus on upskilling and reskilling can maintain relevance in growing companies, increase productivity through new tools, have better chances of career advancement, are more adaptable, have an increased sense of job security, and develop a larger feeling of personal fulfilment in their role.

In turn, this has improved morale and retention for a number of companies. It also increases competitiveness in the market, can enhance collaboration through multiple areas of the organisation for aligned strategies, has provided better customer service, and aids in regulation compliance.

The Road Ahead

Digital advancements must no longer be seen as a threat to the current workforce but as a supplement that allows for new opportunities both on a personal and professional level. Organisations must keep in mind that transformation does not stop at technology and must be powered by an educated human labour force that is motivated and incentivised to move towards digitisation.

It must be clear that the future of work is not some distant place. The future is now.

Ediana Guillaumier is the People Advisory Services Lead at EY Malta

Summary

The role of upskilling in digital transformation will be discussed during EY Engage happening on 1 June at the Westin Dragonara Resort, St. Julian’s. The event is sponsored by SG Solutions, BMIT Technologies, Tech Mahindra, MeDirect, Microsoft, IBM, GO, Exigy, ICT Solutions, AIVHY Ltd., Smart Cloud, eSkills, MDIA, OneSpan, British Computer Society Malta Chapter, Epic for Business, DRUID AI, IEEE, and in collaboration with MITA. For more information on the event and to register your spot click here: https://www.ey.com/en_mt/events/engage-2023

About this article