Three Tech Trends Professional Services Firms Should Keep an Eye on in 2024
2023 was a big year for tech in the professional sector, and 2024 has plenty more in store.
As always, the industry is evolving. Trends such as artificial intelligence (AI), bespoke app development, and Microsoft 365 are at the forefront of this transformation.
Dubai Managing Director, Rupert Walmsley, explores the three tech trends for professional services organisations to take advantage of this year.
According to Nvidia’s ‘State of AI Report’, more than 90% of finance companies use or are considering using AI in their operations. Many finance companies have used AI for some time to combat fraud, forecast trends, and provide customer support. GPT and other large language models are another step in this development. Earlier this month, Deloitte launched an AI chatbot to boost employee productivity. However, AI isn’t solely for large organisations like the ‘Big Four’. Smaller professional practices will benefit, too.
While AI can’t replace trustful and solid professional relationships between accountants and clients, it can automate specific tasks. As Stuart Miller, Head of Product Compliance & Industry Engagement at Xero, pointed out:
“Today, [Data analysis] tasks are handled by AI and technology, which allow us to focus more on advisory work and adding value to help clients thrive”.
Despite this, only a quarter of financial organisations see themselves as industry-leading when using AI. Throughout 2024, we expect more organisations to consult experts on AI and make the most of it.