A new report from Thomson Reuters shows that industry professionals expect productivity AI to significantly impact the way they work now, creating new opportunities and presenting new challenges.
There is no doubt that the way we work in professional services is undergoing tremendous change. This revolution, driven by the undeniable new power of generative artificial intelligence (AI), is growing rapidly as professional organizations across industries begin or continue to adopt AI into their daily workflow.
To better understand this revolution and delve into the insights and perspectives of those facing this change on the front lines of their professions, Thomson Reuters today released a wide-ranging new special report, The future of professionals, which surveyed more than 1,200 individuals working internationally in the areas of law, tax, accounting, global trade, risk management and compliance and who work in companies, internal departments of companies and government agencies located in North America, South America and Latin America. United kingdom. The purpose of the survey was to gain a better understanding of how the macro trends impacting professional services firms converge with their talent, clients, and environment — and how artificial intelligence, technology, and automation specifically will impact their operations over the future. five years.
Among the important insights, the survey showed that more than two-thirds (67%) of respondents said they believe AI will have a transformative or significant impact on their profession over the next five years. Furthermore, nearly (66%) expect that AI will create new professional career paths.
By all accounts, the report makes clear that generative AI will be a game-changer in professional services industries, from legal, tax and accounting to corporate and government work.
“Many of the innovations we use today have crept up on us, evolved and gradually changed the way we work and play. But not generative AI, that's different,” says Steve Hasker, president and CEO of Thomson Reuters, adding that generative AI has “captured our collective imagination and changed everything”.
Most survey respondents were optimistic about the power of AI, with 45% saying their greatest hope for AI was to improve productivity, internal efficiency, and customer services. Additionally, 67% of participants indicated that their biggest personal motivator was work Producing high quality tips – A Critical View Given that to operate in the era of generative AI, professionals need to reconsider and redefine what it means to be a consultant and shaping their business models to better prepare and serve customers now and in the future.
In fact, participants' expectations of improved efficiency and increased productivity due to the power of AI were a common thread throughout this report. “By applying AI to perform more mundane tasks, professionals have a unique opportunity to address human capital issues such as job satisfaction, well-being, and work-life balance,” Hasker explains. “This, in turn, will free up professionals to focus on complex work that adds value to their clients’ needs.”
Naturally, many respondents sounded some cautionary notes about using generative AI in the workplace, including concerns about accuracy, with 25% of respondents citing this concern; Job loss (19%); – The complete disappearance of the profession (17%); data security (15%); and ethics (15%).
the Future of professionals report He also analyzed key findings in several important professional services industries, including:
legal — Among legal professionals, improved productivity and efficiency were seen as the biggest positive impacts of AI (75% and 67%, respectively). Among law firm respondents, more than half (55%) see AI as an opportunity to increase revenues and reduce costs. Furthermore, a large majority (81%) of legal respondents said they expect new services to emerge that will create new revenue streams within the next five years.
A majority (58%) also said they expect their professional skills to rise, while more than two-thirds of legal professionals see the emergence of a more consultative approach to providing advice.
Taxes and accounting — Tax and accounting professionals see productive AI as a way to free up their time to deliver more value to clients, as cited by more than half (59%) productivity As a top priority for tax and accounting firms, three quarters (75%) of them mentioned Internal efficiency As a top priority for corporate tax and accounting departments.
Among the individual tax and accounting respondents, Producing high quality tips It topped the list of personal motivators for more than two-thirds of professionals (67%). Professionals also expect new career paths to become available (66%), including an increase in roles that do not require traditional tax qualifications (68%), over the next five years.
Government — Talent issues tend to be a higher priority for government professionals than for their corporate counterparts, and government respondents tend to feel more optimistic that AI can help in the areas of training, recruitment, well-being, and engagement.
However, government professionals tend to believe that their agencies' adoption of AI will be slower than their counterparts in the private sector, mainly due to data security concerns and general resistance to change.
