Recent findings from the Australian Bureau of Statistics show that spending for Research & Experimental Development (R&D) was highest in professional, scientific, and technical services. The industry used 38% of that in Information & Computing Sciences.
What is behind this trend? Tech innovation produces results.
Accountants Daily noted: “With efficiencies gained from technology adoption, successful [accounting] firms are able to prioritise proactive client engagement, new business generation and growing their advisory services.”
Legal services are looking to use litigation, transactional, and knowledge management AI tools, as outlined in Gilbert + Tobin’s Artificial Intelligence Work Group Project Australia.
Consulting firm Deloitte believes innovation “is not a ‘nice to have’ anymore’ and that “organisations who can’t or won’t ‘do’ innovation are struggling to keep up.”
So, how far along has your business gone with AI-powered innovation? Here are some ideas to spur you further.
1. Rapid Document Review
Do your staff have to pore over volumes of documents?
- Legal researchers can now use AI to search digital documents much faster.
- An accountant can ask for an overview of a client’s net worth with a click.
- With an AI app, a consultant can spot data patterns or anomalies with more precision.
2. Responsive Chatbots & 24/7 Hotlines
With automated recordings, clients don’t have to wait long on customer support hotlines. Automated recordings on 24/7 support systems can respond to calls even while your staff are away.
Also, a chatbot on your website can:
- Outline steps in transferring money, paying bills, lodging returns, or other services
- Answer standard legal questions such as about divorce or child custody
- Qualify leads by asking questions about needs and goals, then you can route them to the right person
3. Automated Risk Assessment
AI and automation can revolutionise risk assessment. Risk managers can thus identify, assess, and mitigate risks more effectively:
- Data collection and analysis can be easier even for large volumes of financial, customer, regulatory, and similar data.
- Identifying patterns in risk-related data can become effortless.
- With scenario simulation, assessing and mitigating the potential impact of risks can be easier.
- AI tools can give insights and suggestions for mitigating risks and on effective risk management strategies.
4. Streamlined Scheduling
Your appointment and scheduling process can be seamless with AI.
- Clients can check financial advisors’ availability when booking appointments.
- An AI app can help manage your calendar, suggest schedules, and minimise scheduling conflicts.
- Automatically book client appointments based on their tax filing deadlines and compliance requirements.
- Send automated reminders via email or SMS to reduce no-shows.
5. AI-powered CRM
Your Customer Relationship Management (CRM) system can tap into AI and automation features for:
- Analysing financial profiles and assigning lead scores (so prospects with higher conversion potential can be prioritised)
- Tracking client portfolios in real-time, then sending alerts and updates to advisors as needed
- Automatically generating and sending reports to clients via pre-scheduled emails
- Streamlining the client onboarding process
- Sending automated reminders for tax deadlines so clients can stay compliant
- Creating invoices, tracking payments, and sending payment reminders
- Categorising and prioritising cases, ensuring focus on high-priority matters
- Generating contracts, legal documents, and reports
- Studying client data to identify opportunities for cross-selling or upselling
- Anticipating client needs and preferences, and enabling proactive service delivery
6. Goal-Oriented Marketing
Improve your marketing efficiency, effectiveness, and customer experience. See desired results by using AI to:
- Generate, nurture, and qualify leads
- Segment your audience
- Personalise your marketing
- Automate sending emails and scheduling social media posts
- Measure campaign results and identify improvement areas
These can prove to be more cost-effective and bring you better ROI.
7. Robust Research
Automated businesses like legal, accounting, and financial services firms can benefit hugely from automation and AI-driven research.
- Quick and efficient identification of relevant laws, statutes, and regulations
- Summarisation of complex issues (e.g., in preparation for a presentation or a trial)
- Generation of research outputs on various topics
- Identification of trends and patterns in data sets
- Researching trends and benchmarks for strategic decisions
8. Efficient Compliance Monitoring
AI can be used for compliance processes and tasks:
- Identifying and assessing risks
- Monitoring compliance activities
- Detection and investigation of compliance breaches
- Generating compliance reports
These can help reduce your risk, improve efficiency, and ensure compliance with all applicable regulations.
9. Financial Forecasting & Predictive Analytics
AI can analyse data to help with managing investments and providing advice.
- Automatically gather and analyse market data. Study news, social media, and financial reports to identify emerging trends and potential market shifts.
- Continuously assess the risks associated with a client’s assets via real-time risk analysis. Advisors can then adjust investment strategies promptly to avoid losses.
- Automatically rebalance portfolios based on given risk tolerance levels and investment goals. Keep clients’ portfolios aligned with their objectives and market conditions.
- AI can provide personalised financial predictions, strategies, and plans for individual clients based on their financial history, goals, and risk tolerance.
- Complex trading strategies can be quickly implemented because AI algorithms can identify opportunities, execute orders, and manage risk more efficiently.
- Simulate various economic scenarios and assess their impact on a client’s financial goals. Then, create contingency plans and proactively adjust strategies as needed.
- AI can analyse client interactions and behaviour to predict client needs and engagement levels, give timely advice, address concerns, and strengthen client ties.
10. Talent Recruitment Upgrade
Your business can use AI to improve your recruitment process.
- Automate screening of resumes, interview scheduling, and sending follow-up emails.
- Reach a wider candidate pool and find top talents using AI. Source qualified candidates from online job boards, social media, internal databases, and more.
- Screen candidates more efficiently when you assess candidates’ skills and experience with AI.
- AI can help you make better hiring decisions. Predict candidate fit based on skills, experience, and other factors. Pinpoint who is most likely to succeed in the role.
- Improve the candidate experience with a more efficient and transparent recruitment process. Use AI to provide candidates with real-time status updates and to answer common questions about the role and the company.
AI & Automation: Game Changers for Professional Services
Artificial intelligence in business can boost your efficiency, accuracy, and consistency. Time and costs can go down when you automate business processes. But AI and automation are not silver bullets – you must harness them strategically to get the best results.
Be prepared as well to hurdle challenges. Address resistance and related concerns via integration and training. Build a resilient team that can smoothly manage change.