Execs see pound signs in AI tech, not just efficiency
C-suite business executives are even more enthusiastic about AI than the lawyers and accountants at the professional services firms advising them.
According to research by Thomson Reuters, 90 per cent of corporate C-suite leaders say AI will have ‘high’ or ‘transformational’ impact in the next five years, compared to just 80 per cent of lawyers and 76 per cent of accountants.
The data shows that corporate leaders see AI as a revenue catalyst, not just a productivity tool. While another large portion of the leaders believe it will improve client experience.
Jas Sandhu Dade, general manager, corporates Europe, Thomson Reuters, explained: “While lawyers and accountants primarily see AI as a productivity tool, C-suite executives see AI as a catalyst for revenue growth.”
Business leaders’ enthusiasm for AI has put pressure on law firms and accountancy firms to keep investing and innovating in AI internally.
Earlier this year, LinkedIn data revealed that 90 per cent of C-suite executives reportedly consider AI as a top priority, as businesses pour billions into AI-driven automation and decision making.
Progress not moving fast enough
While the majority of the C-Suite leaders quoted in the report showed their support for AI, it was also revealed that 31 per cent said their organisation is moving too slowly on AI adoption.
Additionally, nearly half (45 per cent) of business leaders say their company has staff working full time on AI strategy, but without a formal AI strategy lead in place, while a further 21 per cent say they do not have any staff dedicated to AI strategy full time.
As reported by a previous Thomson Reuters report, although law firms are investing in AI adoption, only 24 per cent of legal professionals in the UK reported having an AI strategy.
“Many C-suite members believe the increasing complexity of the regulatory landscape is consuming ever-greater resources. They want their employees spending more time on work that adds value and drives business growth” Sandhu Dade explained.
However, she added, “to make this happen, AI will be a crucial step for many of these companies.”