AI [+ ChatGPT] For Professional Services:  An Opportunity To Grow Revenue & Profits.

AI has seemingly exploded onto the scene in recent months… it’s the topic on everyone’s lips right now. Everywhere you look, it’s front and center, particularly in the business world. There’s little doubt, its going to transform many industries. 

No matter what your thoughts about  AI are, one thing is certain it’s going to be a game changer for us both personally and professionally, it’s evolving rapidly and it’s here to stay.

So what does that mean for Professional Services businesses?

In this blog post, we will explore: 

  • What A.I. Actually Is… so you can start to see the possibilities…
  • How to Incorporate AI Into Your Professional Services Business
  • Some Practical Ways To Use AI In Your Professional Services Business…for now anyway…

So you can continue to grow your revenue and profit, and stay ahead and thrive in this ever-changing landscape.P

What Exactly Is A.I.?

Before we get into what AI means to your professional services business… let’s take a quick step back…and look at what AI even is…

Having a basic understanding will help you see the possibilities… and it’s just plain interesting…

By definition, ‘AI’ or Artificial Intelligence is a concept that is defined as a ‘machine’s ability to perform a task that would’ve previously required human intelligence…like learning, problem-solving, perception, and even a limited spectrum of creativity and social intelligence.’ [credit]

When you delve beyond ChatGPT, which is only one form of AI…it becomes apparent we’re away from a ‘Skynet becoming self-aware’ level event… for now anyway…

Put very simply there are 3 widely accepted levels of AI:

Level 1: Artificial Narrow Intelligence (ANI): 

This is AI with a “narrow range of abilities AKA systems that have been designed or trained to carry out specific tasks or solve particular problems, without being explicitly designed to do so.”

Think..voice assistants like Siri,  facial recognition systems, chatbots that respond to simple customer service requests..that type of thing.

Interestingly ChatGPT…falls into this category…as it is designed to perform a specific task, AKA generate text responses to the prompts it is given.

Level 2: Artificial General Intelligence (AGI) 

This is AI “on par with human capabilities. AGI systems would be able to reason and think like a human.“ While still a hypothetical concept …there are multiple schools of thought on this …ranging from within our lifetime to never

Level 3:  Artificial Super Intelligence (ASI) 

This level of AI “surpasses human intelligence”. AKA the stuff of science fiction think ‘Skynet’ from the Terminator movie franchise and more.

Professional Services In The Age of A.I.

A.I. in various forms has been around for quite a while now, originating in the 1950’s, even though it feels like it’s quite simply exploded onto the scene in recent months. 

Every time you use facial recognition to access your mobile, ‘talk’ to a chatbot, use autocorrect, or even use the recommendations put in front of you by Netflix… that’s AI at work.

It’s impact is being felt across all industries, and it is no wonder that 90% of C-suite executives want to incorporate AI into their systems, recognising it as a significant game-changer. [Credit]

As the last few months have shown …AI technologies are evolving rapidly. Their abilities and use are likely to accelerate. They have the potential to transform many industries, including professional services.

AI technologies have the potential to transform many industries,
including professional services.

AI For Professional Services – Game-changer Or Distraction?

When it comes to AI, there are generally three primary schools of thought:

  • Dismiss it: AKA AI will never replace humans in any significant way…It’s a storm in a teacup.
  • Boycott it: AKA AI will replace jobs and disrupt society… it’s ethically and morally wrong
  • Embrace it: AKA AI as an unmissable opportunity….It has the  potential to improve businesses and create new avenues for growth.

While such diverse reactions are not uncommon when faced with significant changes, history has shown that embracing technological advancements is often the key to survival and success.

Let’s not forget the fate of Kodak and Blockbuster… two large and successful businesses… market leaders in their respective industries,   who failed to make the leap into the digital world and who subsequently both, both faded into obscenity.

As AI technologies rapidly evolve, it will become more and more crucial for professional services businesses to develop solid strategies to adapt and stay competitive in this new age… and avoid a  similar fate.

As AI technologies rapidly evolve, it will become more and more crucial for professional services businesses to develop solid strategies to adapt and stay competitive in this new age.

AI For Incorporating AI Into Your Professional Services Business

You know AI is part of the way forward but how do you decide the best way to do it and which tools to use. Trying to keep up with the avalanche of new tool, features etc is hard enough.

Here’s how we suggest you approach this…

  1. First of all the approach you take to AI needs to align with your business and your business goals.

Your business fundamentals still need to be addressed. AI won’t solve t something that isnt working in the first place.

  1. Take your time. Explore available AI application cases and carefully consider the best path forward.

  2. Decide which problems you need to solve…what do you want to use it to solve.

And Right now, as ANI its highly effective at very focused specific things but you still need to frame the problem really well…

  1. Deciding and prioritising the problems you want to solve in your business and asking whether or not to use AI to do that thing…Not always a yes answer.

Remember: Every great business decision is based on clarity about what you are trying to achieve.

Practical Ways To Use AI In Your Professional Services Business

Some of the capabilities of AI that can be particularly useful for professional services businesses include:

  1. Data Analysis:

    AI can process and analyze large amounts of data quickly and accurately, extracting insights, identifying patterns, and making predictions.which can help professional services businesses gain valuable insights from their data, make data-driven decisions, and uncover hidden opportunities or risks.
  1. Automation:

    AI can automate repetitive and time-consuming tasks, freeing up professionals to focus on higher-level tasks that require their expertise. By automating these tasks, professional services firms can increase efficiency, and reduce errors. 

Automated systems can handle tasks such as account reconciliation, fraud detection, and customer support, reducing manual effort.

  1. Personalisation:

    AI can be used to personalise services and experiences for individual clients, based on their preferences and behaviour. Allowing professional services firms to deliver customised services, tailored marketing messages, and personalised client interactions, fostering stronger relationships and enhancing customer satisfaction.  According to a survey by Salesforce, 84% of customers in the financial industry say being treated like an individual is important. AI-powered recommendation systems and chatbots can provide personalised advice and support to customers. In fact, Salesforce has just released Chat Einstein for this very purpose.

     

  2. Predictive Analytics:

    AI can help businesses analyse historical data to make predictions about future outcomes, enabling them to forecast market trends, anticipate client needs, and make proactive recommendations. It enables them to provide valuable insights and guidance to their clients and stay ahead of the competition

JPMorgan Chase uses AI algorithms to analyse market data and predict future price movements.

During my research for this post, I came across a company that claimed to have an AI to predict court case outcomes with high accuracy…not sure about this one but it throws up the future possibilities with this technology…

Overall, AI has the potential to transform the way professional services businesses operate, enabling them to be more efficient, effective, and competitive. By leveraging these capabilities, professional services businesses can optimise their operations, enhance their decision-making processes, deliver personalised experiences, and provide more value to their clients. All these things have an impact on your revenue and profit bottom line.

Final Thoughts

Artificial intelligence (AI) has the potential to transform the way professional services businesses operate, enabling them to deliver more value to their clients, streamline their operations, and ultimately grow their revenue and profits. From automating routine tasks to providing advanced analytics and insights, AI can help these businesses work smarter, not harder, and stay ahead of the competition in today’s fast-paced digital landscape.

You’re no doubt aware of the recent call  for a pause in creation of giant AI ‘digital minds’

… largely due to concerns as to where this technology will go…we’re in the wild west stage and it’s incredibly hard to keep up with the daily developments…

Undoubtedly there are risks associated with it…and exactly what these are will change …

For now, however:

  • Privacy is an issue already in the digital space… so understanding where your information is going and how it will be used will continue to be a concern
  • There’s little doubt jobs, particularly commodity jobs will be lost and new ones will emerge
  • Trends will be accelerated even more so than they are now…
  • And that is just the tip of the iceberg….

But with risk comes great reward…. And this all starts with being strategic about how you use AI to achieve your business goals…and grow your profitability as a result.

There is little doubt, it’s going to be an interesting ride…

If Profitable Revenue Growth is a priority for your business…

Whenever You’re Ready, There Are 3 Ways We Can Help You:

  1. If you want direction RIGHT NOW that you can implement into your business…

Our Revenue Snapshot  is a quickstart action plan that helps professional services businesses quickly understand the revenue blockages, identify where profit opportunities lie, and highlight priority action steps to help you achieve your profit goals.

  1. If you want to grow your profitable revenue…

Our Profit Growth Advisory Service, The CRO Experience shows you how to build a custom long-term revenue engine for your business…solve your revenue challenges so you can consistently grow your profits, achieve your profit goals, and be in a position to successfully handle whatever the market throws at you.

3. If You Want To Get Your Managers On Board To Contribute To Revenue Generation…

The Rainmaker Workshops are Interactive + Practical Profit + Revenue Growth Workshops aimed at making revenue a company-wide responsibility. 

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