Three areas to focus on for an AI-powered future

Commited to the future of professionals, Thomson Reuters recently released a report detailing the current state of AI in professional practices, including the legal, tax, and risk management fields. Respondents surveyed for the report identified three actions they’re taking to prepare for the AI future: 

1. Embracing change 
2. Exploring and adopting emerging technology 
3. Prioritizing training and education 

All told, many professionals envision a future where AI can help make their practice more productive and fulfilling — one where they can spend more time on work that fully uses their expertise and adds value to their organization and clients. 

Let’s explore these three areas in greater detail.

Embracing change

Among the professionals surveyed in the Future of Professionals report, 78% expressed the overall belief that AI is a force for good in their profession, even in professions that tend to be averse to change.

This statistic isn’t to say that professionals don’t have reasonable concerns about incorporating GenAI in their practices. However, overall, the report’s respondents appear to be open to the positive changes this technology could impart. Embracing change allows professionals to adapt to evolving industry trends, maintain relevance, and seize new opportunities for growth and productivity in a rapidly transforming business landscape.

Here are several practical strategies that professionals can follow to help their colleagues and organizations embrace change:

• Identify repetitive tasks that you could automate. This capability is one of GenAI’s biggest selling points. Very few professionals enjoy spending their time — or that of their staffers — on tedious research and document drafting. Productivity is one of this technology’s main benefits.
• Discuss perceptions and concerns with peers. Many colleagues are likely to have worries about GenAI, such as the ethics of its use and the accuracy of its results. Acknowledging the reasonableness of these perceptions — and forthrightly addressing them — can help them embrace useful change.
• Become better informed of the responsible use of AI. Professionals can better assuage colleagues’ resistance to incorporating GenAI into their organization’s work by familiarizing themselves with its ethics, regulations, and responsible use.
• Advocate AI adoption within the organization. Every innovation needs an evangelist. Being able to play that role while honestly addressing GenAI questions and counterarguments can help make acceptance and incorporation of change smoother and more successful.

Exploring and adopting emerging technology

It’s worth noting that, of the professionals surveyed in the report, 77% stated they believe AI will have a high or transformational impact on their work over the next five years. Exploring and adopting new technology keeps professionals competitive, increases productivity, and unlocks innovative solutions to meet evolving industry demands.

However, not all GenAI tools are created equal. Here are some vital ways professionals can conduct thorough due diligence:

• Research AI-powered tools based on your industry profession. This investigation can include reading reviews and watching videos about legal research, tax preparation, or risk assessment. Asking questions on what to look for in an AI assistant can be helpful for professionals when comparing findings.
• List what the organization or team needs in a GenAI platform. Those in the organization overseeing the AI adoption process should assemble a specific laundry list of ways the technology could deliver measurable value to the organization, such as GenAI sorting through data at high speeds and handling necessary but time-consuming tasks.
• Discuss the tools and their usage with peers. This conversation should include understanding their experiences, pain points, and ethical concerns. Receiving continuous feedback will ensure the adoption process goes smoothly.

Prioritizing education and training

Training is essential to being prepared for the changes that GenAI will bring about. But at this point, AI training doesn’t appear to be a top priority for many organizations. In another report, the “2024 generative AI in professional services” report, respondents from corporate risk departments (38%) and corporate legal departments (25%) reported the highest proportion of GenAI training for staff, while less than 20% of law firm and tax firm respondents said they had received such training.

Those percentages aren’t particularly high. But it’s likely that as professionals become more and more exposed to the technology and its benefits, they’ll realize the necessity of thorough training in GenAI. If pursued rigorously and thoughtfully, GenAI education can enhance productivity, improve decision making, and help professionals leverage these tools effectively — thus allowing them to deliver higher-value services to their clients and organizations.

To embrace change with eyes open — and make the most of the benefits GenAI can offer — professionals should make themselves as familiar and comfortable as possible with this emerging technology. One needn’t go too deep into the weeds, but developing a clear sense of GenAI and its workings can help professionals advocate for its effective and responsible use.

Since this is still an emerging technology, it’s essential to stay informed about changes, new uses, and recently released innovations. Here are ways to do that:

• Attend AI conferences, webinars, and courses. It’s particularly essential to seek out those related to one’s professional field.
• Join AI groups. It can be particularly beneficial to share insights, stumbles, and success stories with those working in the same industry, so look for groups related to your profession.
• Read AI industry reports or newsletters. Keeping informed of AI news and developments is essential. People can learn about new products, government regulations, and professional standards relating to AI’s use.
• Watch tutorials on specific platforms. Of course, platforms whose capabilities are applicable to the organization’s professional practice apply.

In sum, professionals need to seriously and conscientiously consider how they will embrace the AI future — and thus, how they’ll prepare themselves and their organizations to profitably and ethically incorporate this evolving technology into their work.

To learn more about the current state of AI and how to prepare for its future, download the Thomson Reuters free Future of Professionals report.