Professional Services
The professional service providers are harnessing AI to boost productivity levels by assisting individuals in learning, thinking, feeling, and performing better.
Digital transformation is rapidly accelerating in the professional services industry. AI is being harnessed by professional service providers to enhance productivity by aiding individuals in learning, thinking, feeling, and performing better. Analytics and machine learning play a pivotal role in generating insights. Other transformative technologies include Blockchain/distributed ledgers, VR, and Robotics. Advanced technologies serve as crucial tools across various aspects of the business, enabling faster and better decisions, leading to profitable projects. They also contribute to improving margins, optimizing workforce utilization, and retaining top talent. AI-based analytics assists in making informed business decisions, understanding past events, investigating reasons, and identifying optimal actions. Enterprises can leverage AI to automate business processes in selected situations.
Efficiency and Productivity Gains
Efficiency and productivity gains are frequently cited as the primary benefits of implementing advanced technologies within the enterprise. These technologies handle tasks at a pace and scale that surpasses human capabilities. By automating mundane and repeatable tasks, AI enables human workers to focus on higher-value tasks that technology cannot perform. This strategic allocation of tasks allows organizations to minimize costs associated with routine activities, performed efficiently by technology, while maximizing the talent and capabilities of their human workforce.
Higher Resource Utilization Rates
AI enables shorter development cycles, reducing the time required to move from design to commercialization. This shortened timeline results in better and more immediate Return on Investment (ROI) for development costs. Additionally, AI allows organizations to identify and address lower resource utilization rates promptly.
Better Talent Management
AI enhances various aspects of talent management, streamlining the hiring process and eliminating bias in corporate communications. AI-enabled processes save companies in hiring costs and boost workforce productivity by efficiently sourcing, screening, and identifying top-tier candidates. Improved natural language processing tools enable the use of chatbots to offer job candidates personalized experiences and mentor employees. Moreover, AI tools assess employee sentiment, identify and retain high-performers, and help determine equitable pay.
Professional Services Objectives and Challenges
Professional services companies share common objectives of improving efficiencies, productivity, and customer experience. Given the workforce-intensive nature of the business, they also aim to enhance employee utilization rates, avoid scope creep, revenue leakage, and drains on project profitability, and create more profitable projects with improved margins. Achieving these goals can be challenging, especially when dealing with manual processes for timesheet, expense, and data entry, resulting in late, inaccurate, and incomplete information about project costs and resources. Multi-tenant cloud-based application platforms with embedded AI and ML capabilities are well-suited to help professional services companies address these challenges, providing unique advantages, especially for small and medium businesses (SMBs).