Numerous segments are at risk of disruption from digital business models and services in the face of challenging technologies which why the traditional professional services industry will likely be completely different in five or ten years. Unlike technology companies that can easily incorporate changes, the professional services firms still rely mostly on people to create and deliver value to their clients. Professional firms must be prepared to embrace these changes or risk losing the customers and clients to other service firms who are incorporating technological changes. Services such as accounting, law and consulting are areas where firms have continued to enjoy great success over the years despite every re-invention of how the business is run or structured but the digital transformation is likely to hurt these services as well.
Many industries and business models are at risk of being disrupted due to rapid technological developments, enabling new business models, replacing old distribution channels and changing the way people and businesses interact with each other mainly because of Artificial intelligence (AI) and machine learning being two of the technologies that are currently having a significant impact on today’s enterprise. Those in the professional services industry have a choice: Disrupt or be disrupted mostly due to AI and ML. Most of the automation taking place within professional services is centered around robotic process automation and the automation of routine tasks that can save time and reduce cost as AI and ML can significantly impact the working and constant innovation is reinventing the usage of the technology.
AI will eventually, evolve to automate more complicated tasks in nearby future, which will allow professional services enterprises to reduce costs further and focus on delivering efficient, consistent, high-quality service which is the basis of any intelligent enterprise. These changes will lead to a change in skill required as a result of exponential growth in computing power combined with increasingly sophisticated approaches to artificial intelligence. The professional services industry itself has a slow pace of implementing and adapting to technology changes while their clients and the rest of the world are adopting the changes at a quicker pace. It used to be thought that artificial intelligence is no substitute for judgment, the core business of professional advisors, the skills of the future adviser will be substantially different than those of today. New roles will emerge that use the professionals’ experience and judgment in a different way, supported by the analytical power of machines and reducing uncertainty is something machines are very good at.
The needs of clients will also change and combined with the technology revolution, the professional firms will have to automate to drive down costs, removing the need for junior staff and giving customers access to what they actually want and stay ahead of the competitors.