How AI is enhancing, not threatening the future of professionals

Key Takeaways:

– The widespread influence of AI on various industries is undeniable
– Generative AI has the potential to transform the roles of professionals
– A global study was conducted to understand how professionals and employers are experiencing this disruption
– AI is viewed as a catalyst for growth, particularly in productivity and empowering professionals
– AI is expected to enhance efficiency and address operational challenges
– Law firms prioritize enhancing operations, while in-house legal departments prioritize safeguarding the business
– Accuracy is a major concern when it comes to the use of AI
– Professionals believe that human involvement is necessary to ensure accuracy and to check the outputs of AI technology.

TechCrunch:

The widespread influence of artificial intelligence (AI) on nearly every facet of our lives is undeniable. Its rapid expansion has prompted us to reflect on how it can redefine the roles of professionals across industries and presents an opportunity for us to reshape the value we bring to the table. Generative AI holds the potential to drive this transformation –– and the question is not “if” but “when.”

To better understand and support the way professionals and employers are experiencing this time of disruption, we conducted a global study of over 1,200 individuals working across legal, tax and accounting, global trade, compliance and risk industries. Not surprisingly, those we surveyed viewed AI as a catalyst for immense growth, particularly in the areas of increasing productivity and empowering professionals to make the most of their human talent.

Enhancing efficiency: A practical outlook

Professionals agree on AI’s potential to enhance productivity and efficiency. The application of AI is expected to address operational challenges and reshape work processes. Optimism abounds when professionals consider AI’s power in alignment with operational needs, talent, customer expectations, and environmental considerations.

In the legal industry in particular, this enthusiasm for productivity improvement is notably divided between law firms and in-house legal departments. The priorities for productivity differ, reflecting unique objectives within each segment.

Driven by the notion of AI as a competitor, fear of job displacement still looms in some corners of the professional world.

Among law firms, enhancing operations is the primary concern. Notably, 75% of legal professionals and 59% of tax and accounting professionals prioritize productivity. Improving internal efficiency is rated a close second by 50% of law firm employees and 55% of those in the tax and accounting field. In contrast, in-house departments prioritize safeguarding the business, focusing on staying current with regulations and legislation.

Both segments agreed that one of the biggest fears surrounding the use of AI is the risk of accuracy. Although the potential of AI to remove human error is improving, many respondents said they do not yet have complete confidence in the accuracy of its outputs.

Professionals suggested that if clients begin using AI themselves, it could bring new challenges, especially if they are unaware when an answer is inaccurate or incomplete. This further underscores the need for a human — preferably one with experience and industry knowledge — to remain involved in the process, checking for accuracy when the technology is used rather than taking the output at face value.

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AI Eclipse TLDR:

The summary discusses the widespread influence of artificial intelligence (AI) and its potential to redefine the roles of professionals across industries. The article highlights a global study conducted by Thomson Reuters, which surveyed over 1,200 individuals working in legal, tax and accounting, global trade, compliance, and risk industries. The study found that professionals viewed AI as a catalyst for immense growth, particularly in increasing productivity and empowering professionals to make the most of their human talent. It also emphasizes the potential of AI to enhance efficiency and address operational challenges. The article further explores the different priorities for productivity improvement between law firms and in-house legal departments. It mentions that fear of job displacement still exists in some corners of the professional world due to the perception of AI as a competitor. Accuracy is also identified as a concern surrounding the use of AI, with professionals emphasizing the need for human involvement to ensure accuracy when using AI technology.