According to Statista, 50% of global organizations have been held back due to an ongoing shortage of skilled labor over the past five years. The percentage has increased to 70% in 2022 in tech. A Korn Ferry report predicts that by 2030, 85 million jobs could be unfilled due to a shortage of skilled resources. The same report estimates that in the U.S. technology sector, companies could lose revenues worth around $162 billion annually until they find highly qualified tech professionals.

The ongoing wave of great resignations and technology layoffs has exacerbated the talent gap and shortage. An MIT Sloan study found that more than 24 million workers in the U.S. quit their jobs between April and September 2021. The talent crunch is no better in other economies like the U.K., Russia, or India.

With the ongoing uncertainty in the job market, how do companies accelerate their business growth? Increasingly, companies are turning to managed service providers (MSPs) to mitigate their talent challenge and accommodate data science and analytics initiatives. Let’s see how managed services can help.

How MSPs Can Overcome Skill Shortage

Dave Sobel of the “Business of Tech” podcast says that “most of the skills traditional network engineers have employed are not necessarily translating directly to the cloud.” This is a crucial gap when you consider just how much data analytics has come to depend on the cloud for scalability, accessibility, and economy. To that end, MSPs can help organizations alleviate the ongoing shortage of qualified talent; they can add value by enabling organizations to achieve digital transformation and overcome data analytics and cloud migration-related challenges.

Here are four ways in which MSPs can overcome talent gaps and skills shortages:

1. AI Technology Expertise

According to World Economic Forum’s estimations, AI-based automation has been responsible for displacing 75 million jobs while creating 133 million new jobs. And such trends are set to continue over the next few years. In this period, most companies simply don’t have the resources and bandwidth to hire or retrain their existing workforce for the future.

Favorably, MSPs have a team of qualified technical experts and professionals with access to the latest AI and machine learning technologies and resources. Companies do not have to face the challenge of hiring an in-house team of IT professionals. MSPs are more cost-effective and provide the necessary expertise to keep AI systems up and running.

2. Data Privacy and Sovereignty

A large number of the IT decision makers are concerned about data privacy and
compliance when migrating to the cloud. With data being the new “oil” of the modern economy, companies often struggle to find skilled cloud professionals to manage their complex cloud environment.

Dave Sobel recommends MSPs for their services in fulfilling cloud requirements. He explains that “MSPs deliver a service, not just people” to meet data privacy and sovereignty requirements.

3. Collaboration with Internal Teams

MSPs can also partner and collaborate with the existing workforce, thus helping them close the skills gap by passing on their technical expertise. With managed services, organizations can also “free up” their workforce for more high-value tasks that can drive business growth.

By partnering with MSPs, organizations can scale up their IT operations, embrace digital transformation initiatives, democratize data analytics, and reap benefits from data-driven decision-making.

How Ellicium’s Managed Services Can Help

Ellicium has enabled business transformation with its managed services in Big Data, AI, and Data Analytics . We have a team of experienced data scientists, engineers, SMEs, and BI and Cloud experts.

Here is how our team of Big Data professionals can work with and complement your in-house team:

    4. IT Modernization

    Many organizations continue to rely on outdated legacy systems and applications, which are a hindrance to effectively putting data to use – especially when it comes to unifying data science initiatives. Outdated systems also add to the severity of skills shortage. Using managed services, companies can utilize their IT budget on modernization instead of spending on talent recruitment.

    MSPs can suggest valuable improvements on how to modernize the existing systems with cost-effective solutions.

    Next, let us discuss how Ellicium’s managed services are helping organizations
    overcome their talent shortage.

    • Provide 24*7 support for sustaining and optimizing platforms & processes.
    • Address Big Data operational challenges and enable minimal downtime.
    • Help with performance monitoring, cluster planning and data management
      issues.
    • Keep you informed on the latest advancements in Big Data technologies
    • Study and prepare a detailed roadmap for modernizing your legacy systems
    • Implement cloud migration, install & configure clusters, upgrades, patches, etc.

    Here are some of our customer success stories:

    • Using our managed services, a U.S.-based technology firm reduced its costs related to Hadoop support by 30%.
    • Our legacy system modernization services helped a leading healthcare
      organization save multi-million dollars.

    Conclusion

    As the demand for specialized talent keeps increasing, most companies find it
    challenging to find and hire the right skills. With their technical expertise, MSPs can help enterprises overcome the growing talent shortage caused by great resignations and layoffs.

    As an experienced MSP, Ellicium Solutions provides its customers with expertise in technologies like Big Data, Analytics, and Artificial Intelligence (AI). Here is a blog that talks about how growing complexity makes it harder for IT teams to manage Big Data infrastructure.

    Are you looking to partner with the right managed services provider? Connect with us today!