AI reshapes professional roles, balancing risks & rewards

The impact of Artificial Intelligence (AI) on professional services is multifaceted, affecting productivity, innovation, dependency, de-skilling, and job displacement.

Dr Brian Williamson, Chief Strategy Officer at Kreoh, discusses how AI is reshaping traditional roles in sectors such as accountancy and law by offering efficiency and improved client service. However, the integration of AI is not without challenges, as over-reliance on these technologies can lead to the erosion of essential skills and redefine career paths.

AI-powered tools like MindBridge and Xero in accountancy, as well as Kira Systems and LawGeex in legal services, streamline data analysis and contract review, thus allowing professionals to focus more on strategic advisory roles rather than routine tasks. Dr Williamson highlights the role of predictive analytics in enhancing client service through precise financial forecasting and litigation outcome predictions, which strengthens professional-client relationships by facilitating proactive decision-making.

Despite its enabling potential, AI introduces risks that could diminish core competencies. In accountancy, reliance on AI for financial analysis may weaken fundamental analytical skills. In the legal field, automation of research and contract analysis could hinder junior lawyers' skill development. Generative AI tools like ChatGPT might aid in drafting reports and contracts, but risk reducing critical thinking and originality, potentially leading to homogenised outputs.

Data security concerns are also prominent, particularly in industries handling sensitive client information. Open AI platforms might not comply with regulations such as the General Data Protection Regulation (GDPR), raising issues about data residency and security. Dr Williamson notes the importance of deploying AI within private cloud environments to ensure regulatory compliance and safeguard confidentiality.

AI-driven automation is transforming traditional roles by automating tasks such as data entry and compliance reporting in accountancy, thus reducing the demand for junior staff and impacting career progression. In law, AI tools redefine roles for paralegals and junior associates, enhancing efficiency but limiting opportunities for skill development and mentorship.

AI also brings about the creation of new roles in data analytics, AI ethics, and compliance advisory, offering new career pathways for professionals who adapt. Dr Williamson emphasizes that AI is neither purely an enabler nor a disabler; its impact depends on its implementation, regulation, and integration.

To sustain a balanced ecosystem, it is essential for professional bodies, firms, and educators to collaborate and ensure AI enhances human capabilities without rendering them obsolete. Investing in re-skilling programs is crucial to counteract AI-induced job displacement, with professionals needing to develop analytical, strategic, and advisory skills that AI cannot replicate.

Ethical considerations and regulatory frameworks should ensure AI remains transparent, fair, and accountable, with a balanced approach augmenting human intelligence rather than replacing it. Dr Williamson details that in accountancy, AI should be leveraged for predictive analytics while maintaining professional judgment, and in law, AI can assist with research and contract analysis but final decisions should rest with humans to preserve nuanced legal interpretation.

The role of AI as an enabler or disabler is contingent upon strategic implementation. It can empower professionals by enhancing productivity, client service, and strategic insight, but unchecked reliance on AI risks dependency, de-skilling, and job displacement. As the professional services sector undergoes AI-driven transformation, industry leaders must shape its trajectory responsibly.

Dr Williamson concludes that by fostering an ecosystem where humans and AI coexist symbiotically and investing in re-skilling, the sector can ensure AI remains an enabler of professional excellence rather than a disabler of foundational skills. "Ultimately, AI will be what we make of it, either a tool that empowers professionals or one that diminishes them. The choice is ours."

Dr Brian Williamson is Chief Strategy Director at Kreoh.