Watch the FT Live Digital Dialogues: Leveraging tech and automation in professional services

October 02, 2023

In partnership with the Financial Times, Clare Hart, Williams Lea CEO, joined a panel of industry leaders to unravel the operational challenges faced by medium to large professional services firms in the current market environment. They also explored new strategies for implementing emerging technologies, automation, and digitization in the professional services sector.

Clare was joined by Frederik Vinten, EMEA Chief Operating Officer at FTI Consulting; Craig Weaver, Managing Partner of Tax Services at Baker Tilly; and Charles Beard, Chief Operating Officer at Guidehouse. The conversation was chaired Stephen Foley, US Accounting Editor at Financial Times.

The webcast recording is available to view on-demand.

Here are some of the key points made during the discussion:

• There is an accelerated adoption of technology, especially due to the remote work environment enforced by the COVID-19 pandemic. Technology has become essential for maintaining operational efficiency and standardization in workflows.
• The professional services sector is experiencing disruptions, including economic turmoil and shifts in client expectations. However, these challenges are creating opportunities for technology-driven solutions and more meaningful, consultancy-focused work.
• Technology has enabled significant cost savings and operational efficiency in professional services. Cloud infrastructure and AI-driven solutions are becoming key components in achieving these efficiencies.
• AI is increasingly used in areas like translation, transcription, and document summarization. However, companies need to focus on the importance of maintaining data quality and mitigating risks associated with new technologies.
• There are many challenges posed by legacy technologies, particularly in the context of companies’ growth through acquisitions. Many firms face the issue of integrating various legacy systems, which can be a hurdle to achieving operational efficiency.
• Concerns about data protection and the need for guardrails in AI implementation are prominent. Legal and compliance teams are heavily involved in discussions, and there’s an emphasis on structuring processes to ensure compliance with regulations and data protection.
• Employee training and awareness are critical when adopting AI technologies. Ensuring that all employees understand how AI models are trained and how to use them responsibly is essential to avoid security issues and data breaches.
• Certain professions within professional services are going to become more attractive as some mundane parts of the profession are eliminated or replaced by AI.
• Despite recent turmoil in the professional services sector, there is a sense of optimism about the opportunities presented by new tools and technologies. The benefits of adopting these tools are likely to outweigh the costs and challenges.
• The expertise and subject matter knowledge will continue to be a differentiator in the professional services sector. Consultancies will rely on experts who understand the rapidly evolving landscape of technologies like AI.