Why AI is business critical to deliver growth, no matter what sector

Andrew Lloyd , Managing Director at Search Acumen, says:

While discussions around the future of Artificial Intelligence run the risk of verging into the realm of science fiction, it’s undeniable that transformative changes have already taken place in the modern world of work.

The productivity gains seen in sectors such as healthcare and finance clearly demonstrate the significant benefits of AI. Today, using AI is about more than just remaining relevant. Failing to keep pace with the latest advancements in this technology risks rendering your business completely obsolete.  At a time of economic pressure and unpredictability, for companies to remain competitive and cost-efficient they need to ensure technological innovation is the beating heart of their business development strategy, empowering staff to do more with less, and do it better than ever before. Businesses that do this well become a more attractive place to work and keep more talented staff, on top of seeing greater commercial returns.

So why has there been some reluctance within different business sectors?

Taking the law sector as an example, accuracy, insurance and privacy have been seen as sticking points when considering the adoption of AI to replace low-level desk-based tasks. For lawyers, they simply can’t afford to get it wrong. Their hesitation may be understandable, after years of studying to become experts in their field, could a robot really do what they do? But this is the wrong way to frame AI. In industries like law that rely on the absolute accuracy of information and bespoke delivery, this is where AI can enhance the process through higher quality work, not hinder it.

We are seeing smaller, traditional law firms either wind down or become subject to a rise in M&A activity, as national firms with embedded AI tools create the possibility to churn caseloads at huge volumes and scoop up the competition. They have developed this successful partnership in AI through using trusted third parties who have spent years developing sector specific tools. One such example is the Real Estate Intelligence (REI) tool, which is used by over 50% of the UK’s most profitable real estate law firms. REI uses closed-loop AI models to operate within a fixed dataset of the UK’s search documents for absolute confidentiality.

Technology such as this has to be meticulously trained over years with the help of intense human scrutiny, as the variations in the data leave no scope for shortcuts. As a result, at Search Acumen we can give lawyers the confidence to work smarter, not harder, with AI.

Taking away the mundanity of work through digital automation tools, whether that’s document processing, data input or report drafting, means giving skilled professionals more time back to do more rewarding tasks. Our own estimates show that REI can provide law firms with an 80% time saving when processing commercial real estate local authority documents, and already lawyers have gained over 3,000 hours in the first six months of its launch. Time savings likes these are necessary to stay ahead in a hyper competitive professional market while navigating challenging cost burdens.

In some practice areas, the benefits of AI adoption will help move the dial on vast political agendas. The current Government’s monumental housing target against the growing population need is a challenging juxtaposition when considering the decreasing number of skilled professionals required to deliver at scale. In particular, social housing lawyers are burdened by a prickly combination of tight deadlines, shoestring budgets, and growing caseloads. The enormity of the sites and large number of stakeholders means high incidences of human errors often further stall progress. AI-powered digital tools are not only plugging this gap within the Government agenda, but radically revolutionising the process as it does so.

Looking across to other professional services industries like accountancy, tax, and audit firms, the modernisation of traditional accounting workflows is creating new opportunities for firms to expand and respond to changes in market demand with greater speed and accuracy than ever before.

The impact AI is having on our economies has been compared to that of the Industrial Revolution. I prefer the analogy to a different eighteenth-century phenomenon. Businesses are entering a new ‘Enlightenment’ period, shaped by the removal of the mundane to create head room for more creative thinking, training and development, and risk preparation.

In short, the integration of AI into day-to-day operations is not a flashy, tech-world novelty; it’s a strategic priority that cannot be missed.