India is experiencing rapid transformation digitally at one of the fastest rates globally. Digital Skills are now critical for not only Career Advancement at an individual level and as an Advancement for Economic Growth for a country. Digital Skillsets are becoming a requirement for Success in an increasingly connected World and Technology-based Economy. The ability of India to create a highly digitally-skilled workforce will have a direct impact on its ability to compete, increase productivity, and sustain Economic Growth over the long term.
In this context, platforms such as SkillsBiz Education are playing an essential role in helping individuals obtain the right digital skills that meet current industry demand. They provide training that leads to employment within industries focused on Digital and Project Management/Digital Skills such as SAP, Data Analytics, Power BI, Lean Six Sigma, Content Writing, and many others. Skill-building in these areas will lead to the further development of Human Capital and contribute to India’s Economic Growth.
This blog will examine the economic impact of Digital Skills on the Indian Economy and why they are critically important to individuals and organizations.
India’s Digital Transformation: Fueling a New Economic Era
In the past ten years, India experienced major technological changes in multiple industries, including:
- A surge in the amount of digital payments made by citizens.
- The emergence of digital technologies, such as AI and machine learning, that have helped businesses achieve Industry 4.0.
- A continued growth in eCommerce, as well as other online services.
- The growing use of cloud computing for both small businesses and large multi-national corporations.
- The need for companies to use data to determine the decisions they make.
According to state statistics, digital technology will generate more than $1 trillion for the Indian economy by 2030, contingent upon the increased availability of a digitally skilled workforce capable of working with digital technology and creating digital solutions rather than a workforce that will be replaced by technology.
Digital skills have become a requirement and necessity in the current economic climate.
Why Digital Skills Matter for India’s Economic Growth
Digital skills have a multiplier effect on the entire Indian economy. Digital skills help individuals find better jobs as well as allow businesses, industries and governments to function more efficiently.
Here are a few examples of how Digital skills aid Economic Development:
1. Improved Efficiency/Effectiveness in Business Processes & Operations
Digital Solutions such as SAP software products, Automated Systems, Data Analytics Dashboards/Tools, and Cloud Technology are tools that allow businesses to create efficiency in their business models/processes by enhancing the ability to perform certain functions. For example:
- SAP MM and SAP PP’s functionality helps to create more accurate supply chain information for companies.
- SAP SD provides a faster way to get products from the manufacturer to the end-user or retailer.
- Analytics of Data allows for better forecasts/planning.
- Power BI provides real-time metrics for quick and informed decisions.
The training of workers on the above systems will lead to greater productivity of that worker, reduced cost of operations and therefore increased output for that country’s economy.
2. Closing the Digital Skills Gap
Although India boasts one of the largest youth populations in the world, the nation continues to experience a marked shortage of digitally skilled professionals.
There are identifiable gaps in Digital Skill Sets for the following areas:
- SAP FICO/MRP/MM/SD Module Installation and Configuration.
- Business Analytics/Bi Analyst.
- Cybersecurity.
- Application/Service Delivery (Cloud Services).
- Lean Six Sigma Process Improvement Certifications.
To meet the global demand for digitally skilled workers, Upskilling the Young Professional Workforce in India creates a significant competitive advantage for India as a desirable destination for Technology-Enabled Business Talent.
3. Enabling the Growth of Startups and Digital Businesses
India has established itself as the third largest startup ecosystem in the world; Many Startups use Digital Skills for:
- Automating Processes.
- Using Data to Gain Insight into Consumer Behaviors.
- Building a Digital Model That Is Optimally Designed.
- Lowering Costs and Increasing Efficiency.
From FinTech to EdTech to Health Tech – Digital Skills Are Essential for All Startups.
Digital Skills in High Demand in India Today
These are the highest demand digital skills essential for supporting the country’s economic growth.
1. SAP Functionality
SAP Software is used by multi-national corporations in the fields of manufacturing and logistics/information technology/retail etc. Skilled SAP consultants assist organizations with optimizing their processes thereby enhancing their production levels.
The SAP modules of FICO/MM/PP/SD rank among India’s highest paying skill sets.
2. Data Analytics
Data is now a major contributor to Indian economies. As such, companies require competent Data Analysts to convert this data into knowledge and data-based decisions for improved economic efficiency through intelligent decision making.
3. PBI and Business Intelligence
Business Intelligence Tools allow organizations to track their Key Performance Indicators (KPIs) by monitoring/managing their workflow and forecasting outcomes of business processes. Competent Business Intelligence Professionals enable organizations to increase their profit margins and improve their efficiency by minimizing time wasted and expenses incurred.
4. Lean Six Sigma
The focus of Quality Management, Optimization of Processes and Operations Excellence directly affects the country’s economic development. The reduction of waste in the manufacturing and Operations Excellence industries is one method to improve overall efficiency.
5. Digital Communication and Content
The rise of digital economy is growing the demand for Digital Communication and Content Writing. As such, there is a rising need for:
- Content Writers
- Social Media Marketers
- Brand Communicators
Digital Communicators are essential for companies to access new, broader audiences while increasing their opportunity for growth.
6. Other Languages for International Business
As the economies of the world continue to globalize and become more interdependent, Companies that do business across geographical borders require their employees to communicate in multiple languages. An example of this is if you speak German, you may expand your ability to trade internationally and create economic relationships through global commerce.
How Platforms like SkillsBiz Education Are Empowering India’s Digital Workforce
SkillsBiz Education offers career driven Digital Programs, based on real industry needs; and thus they have an important part to play in supporting India’s Digital Economy by Supporting Digital Workforce Skills Training Institutions; and helping create India’s Digital Economy.
SkillsBiz Education contributes towards India’s growing Digital Economy in the following ways:
The digital workforce needs job focused programmers that will lead to work in the real world. SkillsBiz Education delivers practical, well designed training in the following areas:
- SAP modules – (FICO, MM, PP, SD)
- Power BI
- Lean Six Sigma
- Data Analytic
- Content Writing
- German Language
- The new digital skills and much more.
These Curriculum will prepare students to acquire real, practical employable skills that companies in India seek.
The Future: A Stronger Digital Economy Powered by Skilled Talent
The prospects of India’s future rest in great measure on its ability to successfully develop its digitally skilled workforce. Global industries are rapidly moving towards automation, analytics, artificial intelligence, and big business systems, which create a unique opportunity for India to establish itself as a leading provider of digital labor for the world market.
To accomplish this, people need to maintain the habit of continuing to learn and develop their skill sets, while institutions such as SkillsBiz Education need to continue providing training for jobs relevant to the marketplace today.
Acquiring digital skills provides more than a pathway to employment; it establishes the basis for economic development in any country.
