SMEs must train workforce in AI, Machine Learning, but haven't spent money on it yet

Technology for MSMEs: As the fourth industrial revolution is seemingly upon us with deep technologies including artificial intelligence (AI), machine learning (ML) being its key drivers, small and emerging businesses in India are increasingly becoming cognizant of upskilling themselves in modern technologies to drive their future growth, according to a survey by upskilling company Great Learning. AI/ML, digital marketing followed by design thinking are the most crucial skills required to stay relevant in the future, according to 25 per cent, 19 per cent, and 10 per cent of 307 businesses surveyed with the majority being small and medium-sized businesses. "Lack of skilled talent in technology is among the key problems that businesses face in India. Even though companies know about the need to bridge this gap, they must take steps immediately towards it," Hari Krishnan Nair, Co-founder, Great Learning told Financial Express Online. Importantly, despite the awareness, 47 per cent of the businesses haven't assigned the budget for upskilling yet even as nearly 30 per cent firms said that they spend over Rs 1 lakh per employee per annum on upskilling and another around 14 per cent spend over Rs 3 lakh per employee per annum for the same.