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Artificial Intelligence: opportunity or threat?

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The rise of AI has dominated tech news for some time, and increasingly, organisations across sectors have leveraged the power of artificial intelligence to optimise their business practices. The latest report by IDEX Consulting explores how artificial intelligence, machine learning and automation as a whole continues to impact employment and businesses.

Whether due to how quickly it appeared, or to the potential AI has to revolutionise processes and ways of working, there has doubtlessly been some concern from professionals across specialisms on the security of their roles. Alongside this, there is increasing pressure from clients for businesses to provide services in a more cost effective and timely manner, hence the appeal of tools like artificial intelligence. We surveyed thousands of employees and employers across the Financial Services, General Insurance and Legal sectors and found the following:

99% of employees said the introduction of Artificial Intelligence has improved their job satisfaction – Automation and natural language processing tools has allowed employees to focus on the more strategic and rewarding elements of their work. The effects of this are clear, a vast majority report enjoying work more than ever before.

75% of employers said new job roles have been created as a result of Artificial Intelligence – In startling contrast to the discourse surrounding AI and jobs, the majority of businesses we surveyed reported the opposite. While AI has been monumental in optimising repetitive work like data entry/aggregation, human intelligence is vital to managing and employing AI tools.

71% of insurance businesses told us they've seen an increase in revenue due to the implementation of AI – Like all tools, artificial technology when invested in and leveraged can add real value to a company. Optimising operations by speeding up processes and improving accuracy, especially for qualitative information means cutting costs and increasing revenue. Businesses looking to reach their absolute potential not just in capital gain, but also in maximising their offering need to embrace every tool at their disposal - and artificial technology is a powerful one.

50% of employees said their salary has increased as a result of changes involving Artificial Intelligence – Automation of repetitive, time consuming tasks has freed professionals up to focus on more value add activities, as well as their professional development and skill enhancements This has enabled people to widen their field of practice, opening the door to promotions and salary reviews.

There is no doubt that artificial intelligence is increasingly impacting professional services. Not only have our research and survey findings identified major changes to service delivery, these changes have been diversely beneficial to both employers and employees. But embedding AI simply to ‘tick a box’ will not in itself generate return; professional services must assess how AI can fit in with their strategy and ambitions and implement accordingly. From changing the way people work, to identifying new revenue streams and enhancing competitive advantage, Artificial Intelligence is essential and it’s here to stay.

For further insights on how artificial intelligence is impacting professional services, job roles and skills access our 2023 Artificial Intelligence Workplace Trends report.