Professional services are experiencing significant changes due to AI advancements, evident at a conference on its future at Oxford University. A report commissioned by Thomson Reuters indicated that 53% of surveyed professionals found a return on AI investment, markedly higher than in other sectors. Firms with structured AI strategies and governance noted the most gains, yet even those with less structure observed a 64% ROI in at least one AI application. The primary barrier to broader AI use highlighted by 50% of respondents is concerns regarding inaccuracy.
A report reveals that professional services firms are finding a higher return on AI investment compared to other sectors, with 53% of professionals reporting at least one profitable AI use case.
The most successful firms in AI implementation are those with a well-defined strategy and governance structures around AI usage, indicating the importance of clear frameworks.
While structured AI adoption yields better results, 64% of respondents in less structured firms still reported ROI from AI use cases, highlighting the technology's effectiveness.
Key challenges in AI use include concerns about inaccuracy, as reported by 50% of respondents, which could hinder broader AI adoption in professional services.
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