Generative artificial intelligence is not new. In fact, it has been experimented upon by experts since the 1960s. The innovations it has brought to the workplace have some advantages, such as streamlined work tasks and automated assignments. More importantly, it has transformed research, contract development, and analysis, among many other things.
When harnessed correctly, the potential of generative AI to address businesses’ biggest pain points is immense. For instance, it can overcome shortfalls in labour markets, increase mental health and job satisfaction, automate menial and tedious tasks, and help professionals navigate their industry’s landscape without added cost or time.
Above all else, employers and employees must use generative AI with integrity and responsibly. That begs the question: will you need mandatory basic generative AI training in the next five years?
The impact of generative AI among professionals
A new survey released by Thomson Reuters revealed that 67 per cent of respondents believe that AI will have a transformational or high impact on their profession in the next five years while 66 per cent predict AI will create new professional career paths.
The study, entitled The Future of Professionals Report, can shape professionals’ understanding of how they can continue to evolve and innovate while remaining a trusted partner for their customers for years to come.
In this report, about 45 per cent of respondents believe that AI will improve productivity, and they expect it has benefits for their customers, talent, and environment.
What motivates employers across industries is “producing high-quality advice,” with respondents believing that AI can lead them into the new era of what it means to be an advisor.
In the report, developing responsible AI is societal imperative and industry issue. About 25 per cent of respondents stated concerns about accuracy, 15 per cent were concerned about data privacy, while 15 per cent were concerned about ethics.
Some other key findings from The Future of Professionals Report
Among tax and accounting professionals, 59 per cent of them put productivity as the highest productivity, while 75 per cent put internal efficiency as the top priority among corporate tax and accounting departments.
About 67 per cent of tax and accounting professionals list “producing high-quality advice” as their top motivator. In tax, growing an advisory practice is a route for firms to differentiate and illuminate the expertise of staff.
Meanwhile, law firm professionals see improved productivity and efficiency as the biggest positive effects of AI (75% and 67%, respectively). Additionally, law firms see AI as a chance for increased revenue as 55 per cent of legal professionals predicted that lower costs for firms, resulting from AI use, will result to greater firm profitability. Also, 81% of legal respondents predict new services to emerge within the next five years, producing new revenue sources.
About 58% of respondents anticipate seeing an improvement in their professional skills, while more than two-thirds of legal professionals see a more consultative approach to advice. As skills will be highly prized, new career paths are likely to emerge, and 81% see an increase in the use of alternative legal service providers (ALSPs).
Will you need mandatory basic generative AI training in the next five years?
Given that companies are considering the advantages of generative AI in their workforce, it is possible that employees will go through mandatory basic generative AI in the next five years.
“We are at a unique moment where we have the opportunity to realize the benefits of human intelligence, thinking and collaboration differently, while using the potential of AI to overcome some of professionals biggest pain points,” said Steve Hasker, president and CEO, Thomson Reuters. “Through the application of AI to perform more mundane tasks, professionals have the unique opportunity to address human capital issues such as job satisfaction, well-being, and work-life balance. This will in turn unlock time for professionals to focus on complex work that adds value to their client’s needs.”
The full report can be found here.