AI in the Professional Services Industry

Business organizations look to professional services firms to offload existing processes such as payroll, claims processing, and other clerical tasks. Consequently, rather than push the innovation curve as early adopters of emerging technology, professional services firms have traditionally followed well-established procedures and used conventional tools. However, much of the work they take on involves processes that are well suited for optimization through AI, and many corporations are investigating the benefits of AI for streamlining workflows and cutting operational expenses. A KPMG report predicts that enterprises will increase their spending on intelligent automation from $12.4 billion in 2019 to $232 billion in 2025, almost 19 times as much in just seven years. A McKinsey report estimates that 20 percent of the cyclical tasks of a typical finance unit can be fully automated and almost 50 percent can be mostly automated.