If you work in the professional services industry, you’ve probably had conversations about mergers...
Fifteen to twenty years ago, professional services firms could get away with delaying the adoption of new technologies like CRM platforms and time-tracking software. Risk-averse partners wanted to see how these technologies played out in the market before investing in them, saving their firms valuable time and money.
Those days are over. With mergers and acquisitions at an all-time high amid never-ending market changes, larger firms and early adopters are sweeping up competitors that can’t keep up with evolving client demands and emerging technologies designed to meet those demands.
Early adopters say innovative technology like artificial intelligence (AI) is helping them drive their businesses forward, with 91% of accountants reporting that technology has helped them support their clients’ evolving needs over the past two years.
More firms and professionals are recognizing the importance of AI-powered technologies in driving efficiency, productivity, profitability, and competitiveness, amplifying their concerns around market consolidation.
Getting the green light to adopt new technologies like AI can be challenging, but playing the waiting game will leave a firm in the dust.
The Sooner Professional Services Firms Adopt AI, The Better
84% of professional services leaders say they feel the pressure to boost AI adoption.
Despite this pressure, many firms continue operating on legacy systems that can’t keep up with more agile competitors. The longer a firm takes to adopt AI, the longer it will take to reap its benefits, leaving the firm susceptible to competitors taking advantage of AI in the here and now. The faster firms integrate AI into the workplace, the sooner they can unleash its full value.
Early adopters of AI are already making great strides regarding enhanced client satisfaction, improved retention rates, and increased sales, leaving late adopters at a significant disadvantage.
It Takes Time for AI to Analyze Data, Create Models, and Provide Value
Reaping the benefits of AI doesn’t happen overnight. The AI adoption process involves several stages, from data analysis to model creation, before generating valuable insights.
Firms must exercise patience and refine their data management practices throughout the AI adoption period, actively improving how data is collected, stored, and processed to maximize the effectiveness of AI-powered tools.
Investing time and resources into AI now pays off significantly in the long run, however. Once fully implemented, AI systems deliver accurate recommendations, drive efficiency, and offer insights to keep your firm ahead of the competition. While the initial setup phase might require a bit of patience, the long-term benefits make the process well worth it.
Maximize Your Data During the AI Adoption Phase
Well-organized data streamlines the AI implementation process, as AI systems rely on relatively clean, structured data to function correctly.
Firms that clean, update, and organize their data management systems can maximize their investments in AI, making them attractive options to clients seeking forward-thinking, tech-savvy providers who can effectively navigate evolving market demands.
Take Action and Get Ahead of the Competition
Delaying AI adoption can result in lost clients and reduced profits, all while increasing the risk of acquisition by larger firms. Professional services firms must act now to remain competitive in today’s rapidly evolving market.
AI-powered business development tools like Propense.ai are specifically designed to help professional services firms increase sales and boost client satisfaction. By delivering data-driven cross-selling recommendations to clients who can benefit from multiple service lines, Propense.ai empowers professionals to close more deals and elevate client experiences before competitors try taking their place.
Propense.ai also works with firms to organize their data to maximize the AI platform’s cross-selling recommendations.
Visit Propense.ai to learn more about the AI-powered B2B cross-selling platform and secure your place at the forefront of the professional services industry.
