Upskilling



Mr. Joydeep Mookerjee, CFO, Vision Rx Lab, a subsidiary of Essilor-Luxottica Group

We do not have a choice! Upskilling has become extremely critical for all professionals.  

  • Digital Transformation has evolved in a disruptive manner. Across organisations, Digital Strategy needs to be in place.  
  • Technologies like Artificial Intelligence and Chatbots are actively contributing to the generation of Revenue.  
  • Blue-chip corporates use Artificial Intelligence, and Chatbots allow many businesses to retain their customer base. In this hyper-competitive world, Customer Retention is a very challenging task and technologies like AI, Software tools involving Predictive Analytics and also Data Science are contributing in a significant way. These tools help in churn rate predictions.  
  • Marketing Gurus have increasingly become dependent on tools evolving around Predictive Analytics. Corporates are actively using tools like 1) Upselling and Cross-Selling 2) Detailed Lead Scoring, 3) Understanding Product Fit, 4) Targeted Content Distribution, 5) Lifetime Value Prediction, 6) Lead Segmentation for Campaign Nurturing to name a few.  
  • Great Marketing makes the consumer feel enriched. The memory recall factor has increased due to active Digital Marketing. Today, cutting-edge innovations are capturing consumer experience. Some of these tools are 1) Hubspot, 2) Ahrefs, 3) Proof, 4) Survey Anyplace, 5) Yoast, 6) Slack, 7) Trello, 8) Google Adwords, 9) Google Analytics, 10) MailChimp, 11) Asana, 12) BuzzSumo  
  • A mega partnership between Technology and Finance has culminated into disruptive technologies in both FinTech and InsurTech.

Upskilling in the areas, as mentioned above, is the need of the hour.

From the VUCA perspective, complete uncertainty and ambiguity are looming large on us. Nobody knows what will happen to the global economy in 2021 and the job market associated with it. To be ready and to be prepared for the uncertain future is what separates professionals from amateurs.

Several corporates and critical industries have taken sweeping setbacks from this global pandemic, and have resulted in Covid layoffs and also hiring freezes. Some of the major industries affected include Capital Goods, FMCG, restaurants, Aviation, hospitality.

It is time to spend money on upskilling for individuals. Corporates are promoting upskilling as it helps them develop a workforce that is ready for the future. Professionals must have relevant skills and thus be ready for the future. Making deliberate, meaningful learning investments will ensure that organisations and professionals possess the relevant skills and capabilities required to operate efficiently in a digital environment and to develop and absorb AI-powered insights.

Disruptive technologies like AI, robotics, Chatbots have already changed the job descriptions of Managers and Senior Leadership team members. Soon, supported AI solutions would be prevalent, and the role of managers would undergo a massive change. Such disruptive changes in a VUCA world would necessitate managers to be re-trained (upskilled) in the working of technology. Survival in the post COVID scenario depends on how much of upskilling is done by the Professionals.

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