Generative AI Set to Transform Professional Services: New Report, UK

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Generative AI is set to revolutionize the way professionals work in various industries, according to a new report by Thomson Reuters. The report, titled Future of Professionals, surveyed more than 1,200 individuals working in legal, tax & accounting, global trade, risk management, and compliance fields across North America, South America, and the United Kingdom. The aim was to gain insights into how AI, tech, and automation will impact their operations over the next five years.

The survey revealed that an overwhelming majority (67%) of respondents believe that AI will have a transformational or high impact on their profession within the next five years. Moreover, 66% predicted that AI will create new professional career paths. From legal and tax & accounting to corporate and government work, generative AI is expected to become a game-changer in the professional services industries.

Steve Hasker, President and CEO of Thomson Reuters, stated that generative AI is different from other innovations as it has captured our collective imaginations and changed everything. The report highlights that the power of AI has the potential to improve productivity, internal efficiency, and client services. Notably, 45% of respondents expressed hope that AI would lead to improved productivity, highlighting the importance of producing high-quality advice. This insight necessitates professionals to redefine their role as advisors and adapt their business models to cater to customers’ needs now and in the future.

The report also noted some cautious views regarding generative AI. Concerns over accuracy (25%), job loss (19%), demise of the profession (17%), data security (15%), and ethics (15%) were voiced by respondents. However, the majority of professionals remained optimistic about the positive impact of AI on their industries.

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In the legal sector, improved productivity and efficiency were seen as the biggest positive effects of AI. Over half of the respondents at law firms (55%) viewed AI as an opportunity for increased revenue and lower costs. Additionally, 81% of legal professionals expected new services that would create new revenue streams to emerge within the next five years.

For tax & accounting professionals, generative AI was seen as a means to free up time for delivering more value to clients. Productivity and internal efficiency were cited as the highest priorities for tax & accounting firms (59%) and corporate tax & accounting departments (75%). Respondents in this field also predicted the emergence of new career paths that do not require traditional tax qualifications.

Government professionals expressed their optimism that AI could help in areas of training, recruitment, well-being, and engagement. However, they anticipated slower AI adoption compared to their private sector counterparts due to concerns regarding data security and resistance to change.

Ultimately, the report highlights the significant role generative AI is expected to play in transforming professional services. While professionals remain optimistic about the benefits it can bring, caution is advised to address challenges like accuracy, job displacement, data security, and ethics. With the right approach and adaptation, professionals can leverage the power of AI to enhance productivity, efficiency, and client services, ultimately reshaping the way they work in the future.

Frequently Asked Questions (FAQs) Related to the Above News

What is generative AI?

Generative AI refers to a type of artificial intelligence technology that has the ability to create or generate new content, such as text, images, or even music, without relying on explicit programming. It uses machine learning algorithms to analyze and understand patterns in data and then generate new content based on that analysis.

What do professionals in various industries think about the impact of generative AI?

According to the report by Thomson Reuters, a majority of professionals (67%) believe that generative AI will have a transformational or high impact on their profession within the next five years. Additionally, 66% of respondents predict that generative AI will create new professional career paths.

How will generative AI benefit professionals in the legal sector?

Professionals in the legal sector see generative AI as a means to improve productivity and efficiency. Over half of the respondents at law firms (55%) view it as an opportunity for increased revenue and lower costs. They also anticipate the emergence of new services and revenue streams within the next five years.

In what ways can generative AI benefit tax & accounting professionals?

Generative AI can benefit tax & accounting professionals by freeing up their time to deliver more value to clients. It is seen as a way to improve productivity and internal efficiency, with respondents prioritizing these aspects (59% for tax & accounting firms and 75% for corporate tax & accounting departments). They also predict the emergence of new career paths in this field that may not require traditional tax qualifications.

How do government professionals perceive the impact of generative AI?

Government professionals express optimism about the potential of generative AI in areas such as training, recruitment, well-being, and engagement. However, they anticipate slower adoption compared to the private sector due to concerns regarding data security and resistance to change.

What are some of the concerns raised by professionals regarding generative AI?

The report highlights concerns raised by professionals, including accuracy (25%), job loss (19%), the potential demise of the profession (17%), data security (15%), and ethical considerations (15%). While these concerns exist, the majority of professionals remain optimistic about the positive impact of AI on their industries.

How can professionals address the challenges associated with generative AI?

To address challenges, professionals should approach generative AI with caution. They should focus on ensuring accuracy, addressing job displacement concerns, prioritizing data security, and carefully considering ethical implications. By adopting the right approach and adapting their business models, professionals can leverage the power of AI to enhance productivity, efficiency, and client services, ultimately reshaping the way they work in the future.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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