Artificial Intelligence (AI) is no longer a thing of science fiction – it is here. From internet searches to online shopping and navigation, we unconsciously rely on AI tools in our daily lives. In the business world, AI is already revolutionising our workplaces by providing ingenious solutions. Andrew Henderson, Chief Technology Officer, Advanced, explains “With intelligent automation already embedded in many of our products we are monitoring developments in emerging technologies such as Large Language Models (LLMs) and Generative AI, assessing potential and risk. This will ensure the best user experience for our customers as we build new technologies into our evolving core products.”
This transformative power of AI in the workplace is undeniable and has made a significant impact across sectors. Let's explore the boundless potential of AI in the workplace across various sectors!
Harnessing the power of AI in the legal sector
Despite the absence of industry regulations, the legal sector has enthusiastically embraced AI adoption. A recent survey featured in our Annual Business Trends Report 2023/24 revealed that 27% of professionals in the legal field are already utilising AI in their work, even before receiving formal guidance from The Law Society, their professional association.
This proactive approach goes beyond mere adoption, as some law firms are using their own proprietary generative AI tools, free from external regulations, while others have introduced specialised legal Gen-AI tools, such as Harvey, to streamline contract creation, form generation, and conveyancing tasks, ultimately improving efficiency.
Additionally, AI technology, especially ChatGPT-4, is revolutionising document creation and standardisation at an unprecedented pace. This powerful technology empowers legal professionals to effortlessly generate a wide array of documents, ranging from simple legal forms to complex contractual agreements, with impeccable consistency and precision. By comprehending and replicating specific formats, styles, and terminologies, it ensures a high degree of consistency across all documents, thereby enhancing document standardisation.
The impact of AI in Finance, Spend, and Governance
Based on our latest research, an astonishing 36% of professionals in the finance, spending, and governance sectors anticipate that AI technology will have a pivotal role in shaping critical business decisions by 2030. Additionally, within the same time frame, it is projected that this technology will replace at least 50% of manual tasks.
AI possesses immense potential within the finance, spending, and governance domains. Organisations operating in these sectors are leveraging AI to swiftly process vast datasets, effectively identify anomalies and patterns that could signify issues such as money laundering or fraud.
Moreover, in terms of compliance, a crucial metric in finance, AI is being implemented as a groundbreaking technology. This innovative solution has the capability to provide precise insights, automate repetitive tasks, and streamline complex processes, thereby ensuring error-free and complaint operations.
Potential risks of AI in the workplace
Although AI presents numerous appealing opportunities, it also comes with its own unique set of challenges. Organisations commonly express concerns regarding AI risks, budget allocation, and readiness for technological trends. According to our current findings, that 39% of organisations have yet to allocate funds for AI investment. A third (33%) of respondents also expressed concerns about potential AI risks, while an additional 28% admitted to grappling with understanding this technology.
Notably, individuals in top-tier positions are typically responsible for strategic research and decision-making processes. They bear the crucial responsibility of safeguarding their organisations against any harm that may arise from the misuse or mismanagement of AI. Therefore, before harnessing the power of AI in the workplace, it is imperative for them to remain vigilant and acknowledge the potential risks associated with this powerful yet currently unregulated technology.
What's next?
AI, when expertly integrated into business operations, has the potential to revolutionise sectors such as legal, finance, and governance. But is it the universal solution for all industry challenges? Before investing in AI, what other areas should businesses prioritise? Our upcoming blog series will explore these questions. Meanwhile, download our Annual Trends Report for a comprehensive understanding of the latest AI trends, challenges, and strategies.