Professional services firms are in the midst of change at an unparalleled pace, and from a multitude of directions. Perhaps the most significant factor of all, amidst the pricing pressures and Brexit backdrop, is the non-stop pace of development in AI, digitisation and technology, and the impact on the professions.
Firms that recognise the new ways in which legal, accountancy, property, architectural, and consultancy services are delivered, place innovation at the core of their strategy. With firms at different stages of their innovation journey, the Managing Partners’ Forum was delighted to announce the new Knowledge, Innovation & Technology Group.
This unique group, steered by a highly respected committee of experts, provides a cross-sector space for professional firm and knowledge, innovation, information and tech leaders to discuss and share perspectives on developments and trends across the sectors, in order to plan, shape and advise on the future of the professions in the fast-paced digital era.
To kick off, we were delighted to welcome Monica Trench, of McKinsey & Company and co-author of the market-leading McKinsey Global Institute research paper on Artificial Intelligence: The Next Digital Frontier? The paper presents a unique perspective on how AI is being adopted across all sectors, examining why some applications are succeeding and what successful adopters have in common.
This inaugural session focused on three key elements from the report, all critical to professional firms looking at their AI adoption strategy:
A cross-industry projection of AI adoption – what are other industry segments doing? - with a professional services micro-view
What are the distinctive characteristics of effective early adopters?
Case studies of relevant AI application and why they have worked.