Professional services—accounting, legal, public relations, advertising and marketing agencies, medical practices, and more—are already benefitting from the use of artificial intelligence (AI) and automation.
The technology is improving customer experiences, making operations more efficient, and increasing businesses’ profitability. It is becoming more and more essential for these firms to use AI to improve efficiency, accuracy, and cost-effectiveness. AI can also help companies win more business by helping them address customer concerns, which can go a long way in creating loyal clients.
A McKinsey report found that 40% of professional services companies surveyed plan to increase their investment in AI. That includes the use of Generative AI, which can create original data based on human input and a program’s ability to analyze data. A Thomson Reuters study found that 67% of professional services companies believe that AI will have a “transformative or high impact on their business” and an overall positive effect.
That said, adapting to the use of such new and advanced technology can be daunting. It isn’t a toy. Professional services firms need to first decide how to use AI strategically to best serve their business goals.
What kinds of AI can professional services benefit from the most?
Some of the most common AI tools are natural language processing (NLP) such as ChatGPT; chatbots for websites; predictive analytics; and even machine learning. Accounting and financial software with these built-in AI features can help firms save time and money.
Does AI compromise client trust?
AI certainly doesn’t have to create problems with client data. Using predictive analytics can help identify potential issues and address them. AI can also ensure that you’re only using high-quality, unbiased data.
