Professional services firms comprise of services for various domains consisting of finance, healthcare consulting, expert network services, market research services, business consulting, and others.
The professional services industry comprises of the top consultants who are responsible for delivering advice and solving the problems of other industry professionals with quality results within the stipulated timeframe.
The United Kingdom country is one of the biggest employers for the professional services sector. The adoption of artificial intelligence in the digital age is allowing every professional service firm to achieve its business targets with increased efficiency, cost reduction, high profits, and improved customer experience. An expert survey shows that 23% of the businesses worldwide have incorporated AI into their operations and products/services offerings. 63% of the professional's services experts said that the pressure to deliver quality service at a reduced cost required them to implement AI.
Demand by the end clients of professional services firms for more efficient, cost-effective services, and value-added services is enforcing them to adopt AI in their daily operations.
According to an estimate by an expert network firm, AI has the potential to boost their rate of profitability by an average of 38% by 2035, which will lead to an economic boost of USD14 Trillion for approx. 16 industries in 12 economies by 2035.
An industry expert estimated that the spending on AI in professional services is expected to record a CAGR of 28.9% with a value of USD318.1 Mn in 2019 to USD1,884.7 Mn by 2025.
AI is not a disruptive innovation for the professional services industry but all other industries too and is foreseen to be significant disruption and become essential in the future.
The Big 4 firms have stated experimenting for the adoption of AI for their enhanced services. The high implementation cost of AI is restricting its adoption in small-sized professional services firms. Robotic process automation is used by EY to draft confirmation letters and send customer reminders. AI is used by Pwc for its client services and consulting business. Natural language processing is used by Deloitte to interpret contracts and deeds to provide risk assessment & tax return process. KPMG uses WATSON, an IBM tool that reads 800 million pages in a second.
Artificial intelligence has thus reversed the process of low productivity across the professional services industry and has enabled intelligent automation, capital augmentation, and innovation diffusion.
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