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\n\t\tOpinions expressed by Entrepreneur contributors are their own.\t<\/p>\n
There\u2019s been a gigantic cash infusion into artificial intelligence (AI) in the past few years. Stanford University reported a staggering $252.3 billion<\/a> in corporate AI investments in 2024 alone. Where can they see a strong ROI on AI?<\/p>\n The key to understanding the potential impact of AI is to remember that this isn\u2019t a \u201cbottom-up\u201d revolution. It isn\u2019t like when grocery checkout was automated a couple of decades ago.<\/p>\n AI is touching every aspect of the org chart. Executive and college graduates alike are witnessing the revolution unfold before their eyes. And it\u2019s changing how they work.<\/p>\n Let\u2019s look at a few examples of ways emerging AI innovations and technologies are changing professional services that were previously highly dependent on human intervention.<\/p>\n The ROI of AI isn\u2019t just about greater output. It\u2019s about saving time. Clients can often invest thousands of dollars in something as simple as onboarding. Service providers also have to spend countless hours shepherding clients through that process. AI is already shifting that reality.<\/p>\n The legal sector provides a clear example. DK Law recently published an analysis of emerging AI innovations. The report found that technologies such as AI-powered intake systems and automation are reshaping how lawyers allocate their time.<\/p>\n Specifically, DK Law shared<\/a> that AI intake systems in the legal world are compressing weeks of client onboarding into \u201ca single 45-minute session by pulling medical records, insurance info and documents automatically.\u201d<\/p>\n It added that personal injury attorneys are saving 15 hours per case by using AI to generate demand letters. More so, they\u2019re generating settlements 30% higher than those from the traditional approach.<\/p>\n If you\u2019re in professional services, don\u2019t just use AI to scale activities. Consider the time involved in your current work as well. In service-based work, earning time back is just as valuable as increasing output.<\/p>\n One of the obvious powers of AI is the ability to do things faster than humans. And not just faster. It moves millions of times faster than a human could.<\/p>\n Any area with extensive data review is a strong candidate, which is why we turn to accounting for the next example. Specifically, the audit. Human-led auditing requires manual review of financial data. This takes time and leads to human errors.<\/p>\n AI is completely reshaping how audits are conducted. According to Thomson Reuters\u2019 analysis<\/a> of AI in tax and accounting, with AI-powered audit software, \u201cthe process has become more efficient and accurate.\u201d<\/p>\n These tech tools can analyze large volumes of data, including detailed and encrypted financial data. It can detect abnormalities, identify risks, and flag suspicious transactions \u2014 all while being more accurate and less error-prone than a human reviewer.<\/p>\n It\u2019s important to step back and remember that these aren\u2019t your typical \u201cautomated\u201d tasks. Noting a suspicious transaction or identifying a risk can be nuanced.<\/p>\n The takeaway here is, don\u2019t limit your AI applicability in the workplace. Think bigger. It\u2019s probably more capable than you think. Where can it help you become more efficient and more accurate?<\/p>\n Saving time, increasing efficiency and improving accuracy are all fairly data-grounded concepts. But what about decision-making?<\/p>\n This is hallowed human ground, right? Wrong. AI is making inroads into how we make decisions in professional services, too. That\u2019s not to say humans are excluded from the process. Rather, the evidence is mounting that when we become more comfortable working alongside our machines, we can make better decisions.<\/p>\n Case in point: management consulting and strategy. This high-level business activity is a professional service that requires nuance, deep experience and understanding.<\/p>\n And yet, NMS Consulting reports<\/a>, \u201cBy analyzing historical data and identifying trends, AI can provide consultants with actionable insights that guide strategic decisions.\u201d The firm explains that this again eliminates human error, adding that it \u201censures that decisions are based on solid evidence.\u201d<\/p>\n DK Law\u2019s earlier-referenced report also addressed the use of advanced data analysis to make better decisions. It talks about the rollout of the first legal AI arbitrator. This tool is described as a \u201cwatershed moment\u201d in which AI has officially begun drafting legal decisions.<\/p>\n Human review remains part of the process. But again, AI efficiency doesn\u2019t come solely from eliminating steps and saving time. Look for ways it can help you make more incisive decisions at high levels, too.<\/p>\n AI tools are more than ways to reduce grunt work. They can save time and money in critical areas, from reducing legal onboarding workflows to improving accounting accuracy to enhancing consulting decision-making.<\/p>\n AI is quickly becoming a significant force across areas and industries that were previously the sole domain of professional human workers. Don\u2019t fight it. Embrace it. The companies that can integrate AI alongside human workers will be the ones that thrive in the future.<\/p>\n<\/p><\/div>\n There\u2019s been a gigantic cash infusion into artificial intelligence (AI) in the past few years. Stanford University reported a staggering $252.3 billion<\/a> in corporate AI investments in 2024 alone. Where can they see a strong ROI on AI?<\/p>\n The key to understanding the potential impact of AI is to remember that this isn\u2019t a \u201cbottom-up\u201d revolution. It isn\u2019t like when grocery checkout was automated a couple of decades ago.<\/p>\n AI is touching every aspect of the org chart. Executive and college graduates alike are witnessing the revolution unfold before their eyes. And it\u2019s changing how they work.<\/p>\n<\/p><\/div>\n1. Professional services are already saving significant time<\/h2>\n
2. Professional services are becoming more efficient (and accurate)<\/h2>\n
3. Professional services are transforming decision-making<\/h2>\n
Reshaping our AI expectations in professional services<\/h2>\n
Key Takeaways<\/h2>\n
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