Technology

Data Skills Gap Costs Businesses Nearly a Month of Productivity Per Employee Annually, Multiverse Skills Diagnosis Reveals

Published

5 months ago

August 5, 2024

NEW YORK, Aug. 5, 2024 /PRNewswire/ — Businesses are grappling with a significant productivity drain due to widespread data skills gaps among their workforce. According to data from Multiverse, a skills intelligence and development platform, employees are losing an average of 26 working days per year due to inefficiencies in handling data-related tasks.

The inaugural Multiverse Skills Intelligence Report, which pulls data from Multiverse’s skills assessment and development platform, analyzes the skills and productivity levels of over 12,000 employees across 18 major industries in the U.S. and U.K. The assessment found that workers spend an average of 14.31 hours per week on data tasks—equivalent to 36% of their total working week.

However, a staggering 4.34 hours of this time is spent unproductively due to inadequate data skills. Overall, workers spend over 10% of their total working time ineffectively due to skill deficiencies in areas like data analysis, automation, and predictive modeling.

The result: project development is slowed, answers take longer to work out, errors introduced early on compound, trends are missed, products and services take longer to get to market.

The report highlights a paradox in the modern workplace: while data has become integral to most roles, many employees lack the fundamental skills to leverage it effectively. Half of the surveyed workers reported challenges in making data analysis more efficient or automating processes. Nearly half struggled with using data for forecasting.

Technical proficiency is also lagging, with 57% of employees reporting no or only basic Excel skills, 55% lacking competence in visualization tools like Power BI or Tableau, and 86% having no Python skills.

The impact of these skills gaps varies across industries. The education sector reported the highest proportion of unproductive time spent on data tasks at 38%, followed closely by manufacturing and engineering at 36%. Even traditionally data-intensive sectors like banking and finance reported 35% of data-related work time as unproductive.

Despite these challenges, there’s a silver lining: 90% of employees express a desire to improve their data skills. This aligns with the plans of many organizations, with 76% intending to upskill existing employees and 73% planning to reskill workers into new roles.

Multiverse works with over 1,500 companies, including Microsoft, Citi, KPMG, Unilever, and Capita to offer digital skills assessments and programs tailored to their existing workforce.

Multiverse’s skills intelligence tool uses AI-powered assessments to create an inventory of existing employee skill sets, and help companies reveal critical capabilities they need to build. Using these insights, Multiverse develops a targeted, data-driven employee upskilling and reskilling strategy that closes skills gaps for businesses.

To date, Multiverse has tracked benefits to individuals and employers alike from this approach:

52% of of employees that took part in Multiverse training programs saw a salary increase during or shortly after the program36% earned promotions as a result of their new skillsMultiverse has tracked over $2 billion in ROI for its clients30% of apprentices come from disadvantaged socioeconomic backgrounds

Euan Blair, founder and CEO, said: “Companies recognise the value of big data, and many are collecting vast amounts of it. But their employees are spending hours each week, struggling in spreadsheets, because they’ve never been trained in these areas that they’re now expected to know. The economic cost of the time spent unproductively grappling with data tasks is in the billions: it’s something companies need to take seriously. Companies have spent billions on software, but hardly anything on the skills needed to get the most from that software.”

For more information about the Multiverse Skills Intelligence Report, please visit www.multiverse.io.

About Multiverse
Multiverse is a new tech-first institution that combines work and learning to deliver equitable access to economic opportunity for everyone. We close the critical skill gaps through a new kind of digital upskilling and reskilling approach, harnessing the best of human-centered coaching, AI and tech to deliver an approach to learning that’s measured, applied, guided and equitable.

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SOURCE Multiverse

Technology

BingX Introduces ALTCOIN Index Futures Trading: One Click, Countless Trends

Published

25 minutes ago

December 27, 2024

VILNIUS, Lithuania, Dec. 27, 2024 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to announce the launch of ALTCOIN Index, the first futures trading pair involving top altcoins. This innovative trading product offers users a one-click solution to efficiently track and trade major cryptocurrency trends with ease.

Traditionally used in stock markets, a futures index is a financial derivative that tracks the performance of a group of assets, such as stocks of commodities. These instruments were first introduced to simplify trading by allowing investors to speculate on or hedge against the collective movements of selected market sectors. Instead of purchasing individual stocks, traders are able to access broad market exposure in a single transaction, saving time and reducing costs.

In the cryptocurrency market, this new ALTCOIN/USDT futures trading pair works similarly by bundling the performance of the top mainstream cryptocurrencies by market capitalization, excluding Bitcoin (BTC) and stablecoins. The current index includes ETH, XRP, SOL, BNB, DOGE, ADA, TRX, AVAX, and SHIB. This approach is more efficient compared to buying individual cryptocurrencies or ETFs as this allows for direct speculation using tiered leverage options without the need to manage multiple positions, effectively diversifying trading risks associated with individual asset volatility.

Vivien Lin, Chief Product Officer of BingX, commented on the new offering: “By aggregating a range of leading cryptocurrencies into a single trading instrument, we’re giving users a practical and efficient way to better capture market trends. This index trading pair should help our less experienced users with their trading goals more easily, particularly when they are unsure which asset to trade and just want to trade major altcoins in general with leverage.”

BingX users can take advantage of tiered leverage options and competitive rates consistent with the platform’s perpetual futures terms, simplifying open order management and enhancing trading efficiency. The platform also ensures that the index composition remains current, with regular quarterly adjustments and temporary updates in response to market conditions.

About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

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SOURCE BingX

Technology

Lyric’s first solid-state battery front-end equipment is shipped to customer in United States

Published

25 minutes ago

December 27, 2024

BEIJING, Dec. 26, 2024 /PRNewswire/ — Recently, Lyric’s first solid-state battery front-end equipment has been shipped to a customer in the United States. Relying on its deep accumulation in the field of solid-state battery technology, Lyric has achieved strategic development on the global stage.

As of now, Lyric’s Z-shape stacking machine has reached the forefront of the industry, achieving an efficient stacking speed of 0.1s/pcs and ultra-high precision alignment of ≤ ± 0.3mm, setting an industry benchmark. At the same time, with the innovative design, the double planetary mixer realizes the efficient mixing of various viscosity materials, showing extraordinary flexibility, and significantly enhances the safety and efficiency of the production process through the iterative upgrade of automation technology, and provides customized services to accurately meet customer needs.

Looking to the future, Lyric will continue to expand its global footprint, based on the deep accumulation in the field of solid-state batteries since 2020, and its patented technology of dry electrode and stacking process and self-developed equipment advantages, Lyric not only demonstrates excellent capabilities in the manufacture of solid-state battery production equipment, but also provides a full range of solutions. Covers customized delivery from a single station to the entire production line. In terms of international cooperation, Lyric is actively seeking cooperation opportunities with more overseas enterprises, aiming to promote China’s solid-state battery equipment technology and solutions to the global market, further enhance its influence and competitiveness in the global renewable energy industry chain, and jointly explore unlimited possibilities in the field of renewable energy.

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SOURCE Lyric

Technology

Life-Space Wins Prestigious 62nd Australian Export Awards

Published

25 minutes ago

December 27, 2024

MELBOURNE, Australia, Dec. 27, 2024 /PRNewswire/ — At the prestigious 62nd Australian Export Awards held at Parliament House in Canberra, Life-Space, Australia’s No. 1 probiotic brand, proudly claimed the title of ‘E-commerce Winner of the Australian Export Awards 2024’. This incredible achievement underscores Life-Space’s unwavering commitment to delivering world-class health solutions to global consumers, fuelled by innovative digital strategies and a robust e-commerce presence.

Celebrating Australian Export Excellence

The Australian Export Awards, established in 1963 and presented by the Australian Trade and Investment Commission (Austrade) in collaboration with State and Territory awards programs, is a premier national program. It recognises the achievements of Australia’s most outstanding, innovative, and inspiring exporters, highlighting their significant contributions to the nation’s economy.

A Global Leader in Consumer Health

Life-Space has established itself as a trusted name in probiotics, offering products that support gut microbiome and whole-body health. Exporting to over 20 countries, including China and key Southeast Asian markets, Life-Space continues to redefine the global consumer health landscape. The brand’s dedication to scientific innovation, high-quality manufacturing, and consumer education has made it a household name worldwide.

Driving E-commerce Excellence

The award recognises Life-Space’s exceptional ability to adapt to the ever-evolving digital marketplace. Through strategic collaborations, robust online platforms, and consumer-centric marketing campaigns, Life-Space has consistently delivered value to its customers while expanding its global footprint. Notably, Life-Space has seen explosive growth in China’s cross-border e-commerce market, alongside outstanding performance in Southeast Asian countries such as Singapore, Vietnam, and Malaysia. The Singapore market, in particular, has recorded an impressive 140% annual growth rate for three consecutive years.

‘This recognition is a testament to the passion and hard work of the entire Life-Space team,’ said Alan Yi, Life-Space Group’s General Manager – Global Business, ‘We are proud to represent Australia on the global stage and remain dedicated to bringing the best in probiotics to consumers worldwide.’

Looking Ahead

As Life-Space celebrates this milestone, the brand is focused on forging new market opportunities, advancing health education, and introducing cutting-edge products that enhance everyday health and well-being.

“Our vision for 2025 includes expanding our export capacity and preparing to introduce our products to the U.S. market,” added Yi. “This achievement further reinforces our position as a global leader in consumer health.”

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SOURCE Life-Space