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.

Artificial intelligence (AI) and machine learning (ML) technologies are having a significant impact on today's enterprise, particularly in the professional services space where they are driving greater efficiency and productivity. But before companies jump into acquiring the latest products, it is vital to understand how an AI strategy can assist with the overall objectives and solve the key challenges in the business. Only then will AI deliver real value to the business. Legal and financial services firms are leading the way in this regard. Instead of following the trend of deploying generalized AI tools that can be used "horizontally" across many industries and workflows, an approach exemplified by tech giants like Microsoft, Google and Amazon, legal and financial organizations have chosen a more targeted approach.

Artificial intelligence (AI) and machine learning (ML) technologies are having a significant impact on today's enterprise, particularly in the professional services space where they are driving greater efficiency and productivity. But before companies jump into acquiring the latest products, it is vital to understand how an AI strategy can assist with the overall objectives and solve the key challenges in the business. Only then will AI deliver real value to the business. Legal and financial services firms are leading the way in this regard. Instead of following the trend of deploying generalized AI tools that can be used "horizontally" across many industries and workflows, an approach exemplified by tech giants like Microsoft, Google and Amazon, legal and financial organizations have chosen a more targeted approach.

Over the last decade, knowledge has become the key driver for productivity and economic growth. Professional services providers like accountants and lawyers have benefited from this strong knowledge economy. These professionals have a combination of knowledge and expertise that makes them uniquely qualified for solving specific problems. Until recently, this industry has been relatively untouched by disruption. Machine learning is changing this equation.

Those of us in the professional services industry have a choice: Disrupt or be disrupted. New technologies are already changing the way operations are run and have the huge potential to drastically change the way the industry functions in the future. Companies must be prepared to embrace this or be left behind. Artificial intelligence (AI) and machine learning are just two of the technologies that are currently having a significant impact on today's enterprise. And the appetite is growing.