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Thomson: AI to Boost Firm Profits

 The use of artificial intelligence will increase profits for professional service firms, Thomson Reuters has predicted a recently issued report, “Future of Professionals”.

“We will see record levels of profitability, at both firm and individual level, as AI creates demand and frees up time for specialist high-value expertise,” Thomson wrote in the report.

The special report includes result of surveys of professionals using its products and services, including law firms, tax firms, corporate tax departments, corporate legal departments and government legal departments. 

Thomson published a breakdown of opinions expressed by the different segments. 

Fifty-nine percent said productivity was the main benefit they expended from the use of IA with the same percentage citing it as giving them the ability to keep abreast of legislation and regulation. Fifty-percent expect improvement in internal efficiency, and 52 percent in client communication; 44 percent, in recruiting and employee retention. Law firms were the other group that ranked productivity as a top benefit.

However, except for law firms, keeping abreast of regulation and regulation was ranked No. 1 of No. for all groups. It was the No. 1 expected benefit for both corporate and government law firms and No. 2 for corporate tax departments.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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