The idea of a machine with the ability to think is as old as the concept of modern computing. Yet, it was within the last decade that we began to experience the biggest progress in the development of artificial intelligence. Today, adoption of AI in our everyday lives is at its peak. From our smartphones, to our cars, to social media, to e-commerce and even at our work desk – AI is touching almost every aspect of our day-to-day activities.
“Global GDP will be 14% higher by 2030 as a result of AI. This makes it the biggest commercial opportunity in today’s fast-changing economy.” – PwC’s Global AI Study: Sizing the Prize
AI – The New Realities
Findings from Stanford University’s Annual Artificial Intelligence Index Report highlight the remarkable recent boom in the AI niche:
- 14x more active US startups focused on AI development since 2000
- 6x more annual VC investment into US AI startups since 2000
- 4.5x more jobs requiring AI skills in the last 5 years
The potential for innovation and new developments in the sector is up for grabs. Despite the numerous potentially-disruptive ideas and easier-than-ever access to capital and constantly-increasing demand, many companies fail on their journeys to realizing their visions.
Talent Shortage – The Main Obstacle to AI Projects
As evidenced in the above mentioned figures, the demand for data scientists and robotics engineers is growing substantially. However, those type of specialists are in a very short supply. This discrepancy between supply and demand is hitting AI startups the hardest, and even negatively affecting bigger, more established companies. The reason why these specialists are so rare is the fact that the development of most AI products requires skills that were not-so-widely spread in the last few decades.
The 2018 Report on “The Future of Jobs” by World Economic Forum, concluded that the global labor market is undergoing a major transformation, which if managed poorly, may result into a further widening of the skill gap and broader polarization. A study by Tencent found that currently, there are less than 300,000 AI specialists worldwide, while the demand is estimated in the millions. The figures from LinkedIn’s U.S. Emerging Jobs Report also confirm the talent shortage in the AI field, while a recent study by O’Reilly suggests that the AI’s enterprise adoption is being held back by the shortage of AI-trained specialists. This leaves companies focused on AI-development with just two options:
- Offer more attractive working conditions in an effort to lure AI specialists from other companies;
- Develop internal long-term training programs to grow their own talents;
Both strategies are very risky. The first one will significantly increase costs and require careful budgeting, while the second option will prolong the time-to-market as it cannot guarantee short-term execution.
The majority of AI-focused companies cannot afford to lure talent from their competitors nor do they have the time or resources to train in-house AI specialists. Although these encompass a few reasons why many AI firms are unable to live up to their potential, there is an alternate solution that has helped many companies on their road to success.
True North – The Shortest Path to Top Talent
Our extensive experience has helped numerous companies optimize their processes, minimize overall costs, and reduce time-to-market. We partner with our clients to understand their philosophy, needs, and goals so that we can elevate their projects to new heights.
We Back You Through All Stages
From strategy, through the development phase, to market penetration, we partner with our clients to achieve their goals and reach the target audience with a high-quality solution. Our team’s wealth of knowledge in product architecture, front-end and back-end development, application management, software testing, design and other phases of your project, is a guarantee for seamless product execution.
Talent Shortage Is No Longer an Issue
By teaming with us, AI-focused companies can overcome the biggest obstacle – the talent shortage. True North provides aspiring companies with the opportunity to employ the best professionals for their projects. We help our clients build an A-team from the top specialists in the industry – all-level specialists in a variety of fields. The opportunity to access one of the best pools of talent provides you with the chance to work with the industry’s brightest and gain a competitive advantage.
Your Project Is Our Project
At True North, we understand the importance of dedicated specialists that are engaged and focused on your project. Working with our top talent mirrors the efficiency of having an full-time in-house experienced development team. The main difference is that True North grants you access to a wide variety of the best specialists for as long as you need them. This makes the whole process more affordable and efficient.
Despite an increase in enrollment for AI-focused courses and degree programs in recent years (for example – in Stanford, the class enrollments have jumped up 11 times since 1996), companies still struggle when it comes to finding talent. Firms focused on AI development need a team of specialists and they need them now. That is why those who are seeking to seize the moment and capitalize on the industry’s potential are taking advantage of, otherwise unaffordable or unobtainable talent, by partnering with leading companies like True North.