FIFTY FOUR DEGREES | 31 look at, interpret, and decide what should happen next. Predicting the potential impact of AI is about examining where in a profession it might play a role, not thinking that it is ubiquitous and can transform everything. AI allows professionals to spend less time on mundane or monotonous tasks while creating more time for the analysis and interpretation that clients value and which is of interest to the professionals themselves. BUT WHAT ABOUT…. There were sceptical voices, with a belief AI isn’t all it’s cracked up to be, questioning whether it is any better than what came before, or even worse. Among more experienced professionals, there can be an attitude that existing methods work for them, that clients are happy, that nothing needs to change, whereas the younger generation are more amenable to AI. They have the attitude of ‘why wouldn’t you use this technology, I use it all the time at home and in my life’, and are also welcoming of the freeing up of time to maintain a preferred work-life balance. Much scepticism comes because AI does not do as much as people might imagine. Discussions about AI tend to exaggerate change and possibilities and underestimate continuity and limitations. There needs to be more realism, a grounded understanding of what is proven and what is possible. There are concerns that AI makes mistakes, but then so do humans, as they become tired or bored. AI can be held back by a professional culture that ‘forbids’ failure; some tolerance for failure is necessary. The worries about AI taking jobs are there in the background as well, but noone saw it as a major problem. Everyone reiterated AI had not reduced the number of people they employed; if anything, they had more people than when they started because of the new work opportunities created. There is no threat to jobs from AI taking over, rather the threat is likely to be to the future competitiveness of firms unwilling or unable to adjust to working with AI. SUCCESS STORIES In some ways, success is that the firms are using AI, and that it is working. It helps them deliver something for clients, and doing a good job for clients was the most important thing. It may not be any more efficient than before, but maybe it is better quality, or maybe it is just less painful on the human side. It wasn’t just simply ‘faster, cheaper’, there needs to be a qualitative assessment of the impact and what constitutes success. Among those firms we spoke to, a number of accounting firms used AIbased software to do their audit samples, and use it effectively. They are happy with that, and think it is probably better than what they were doing before, which is an achievement. But not everything is as easily measured. Success was sometimes doing things they were unable to do before. The AI not only releases time for these lawyers and accountants, but they can do new things and offer new services. Some firms focused on how technology could allow them to deliver previously unimagined, pre-emptive services. Instead of a one-off summary of a client’s property portfolio risk, for instance, now lawyers can build on that and help their clients plan their portfolio for the next five or 10 years. AI allows professionals to take on new advisory roles, generating new offerings to clients, not just expediting existing offerings. A GLIMPSE OF THE FUTURE Firms need to plan their journeys towards AI adoption, while being realistic about what they can achieve. The expectation of revolution can obscure discussion about how AI can advance professionals’ main priorities – providing outstanding client advice, sophisticated analysis and interpretation. Modest changes may not make for exciting headlines, but can be just as significant. They can enhance the quality and the efficiency of services, allow professionals to work in new ways using AI, while still providing high-quality services for clients – often improved or expanded thanks to the technology. We are continuing work in this area and welcome enquiries from professionals interested in exploring the use of AI in their work. Professor Martin Spring is a Professor of Operations Management in the Department of Management Science. He is Director of the Centre for Productivity and Efficiency. The Next Generation Professional Services project cuts across two Lancaster University Management School Research Centres – the Centre for Productivity and Efficiency, and the Centre for Technological Futures. The project was funded by Innovate UK and ESRC, as part of the Next Generation Services Pioneer Fund, within the Industrial Strategy Challenge Fund. An AI-readiness toolkit is available from the project. The report Next Generation Professional Services: Towards AI technology adoption in mid-tier accountancy and law firms, is coauthored by Professors James Faulconbridge and Martin Spring, and Dr Atif Sarwar, of Liverpool Hope Business School. j.faulconbridge@lancaster.ac.uk m.spring@lancaster.ac.uk Professor James Faulconbridge is a member of the Department of Organisation, Work and Technology and Associate Dean in the Management School. His research focuses principally on the professions, professional service firms, and knowledge-intensive services.
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