Professionals pin their AI hopes on improved productivity
Over 65% of respondents believe AI will have a transformational or high impact on their profession in the next five years, and over 66% predict AI will create new professional career paths, according to a study by Thomson Reuters .
Most respondents shared optimism around the power of AI, with 45% pinning their biggest AI aspirations on improved productivity, internal efficiency, and client services. Close to 70% expect roles that do not require traditional legal or tax qualifications to increase over the next five years.
Over 67% of respondents indicated their biggest personal motivator was “producing high-quality advice.” To continue this work in the era of generative AI, professionals need to reconsider and redefine what it means to be an advisor and evolve business models to prepare and service customers for tomorrow, not just today.
Over a quarter (28%) of professionals believe work negatively affects their mental well-being due to long hours and fear of errors. AI can help by speeding up access to accurate information, cutting errors, and automating routine tasks, thus alleviating some of this burden.
The Future of Professionals Report, which surveyed 1,200 individuals working internationally, finds professionals are cautious; specifically, the biggest concerns include a compromise of accuracy (25%), job loss (19%), demise of the profession altogether (17%), data security (15%), and ethics (15%).
“We are at a unique moment where we have the opportunity to realise the benefits of human intelligence, thinking and collaboration differently, while using the potential of AI to overcome some of professionals biggest pain points,” said Steve Hasker, president and CEO of Thomson Reuters.
“Through the application of AI to perform more mundane tasks, professionals have the unique opportunity to address human capital issues such as job satisfaction, well-being, and work-life balance. This will in turn unlock time for professionals to focus on complex work that adds value to their client’s needs.”
AI's Impact on tax, legal, and government professionals
Tax and accounting professionals prioritise productivity (59%) and internal efficiency (75%). They anticipate new AI-influenced career paths (66%) to emerge, including roles not mandating traditional tax qualifications (68%), in the next five years.
Legal professionals view AI's positive impacts as enhanced productivity (75%) and efficiency (67%). They envision AI as a revenue booster, with over half (55%) expecting lower costs due to AI to drive greater firm profitability.
Government professionals anticipate slower AI adoption compared to corporations, citing data security concerns and resistance to change, leading to a relatively lesser impact.
The research surveyed over 1,200 professionals from legal, tax, accounting, and risk professions across corporations, firms, and government agencies during May and June 2023. Roughly half were from the US, with the rest mainly from the UK, Canada, and Latin America.