Transformative change takes time. Cutting-edge technology commonly oscillates between ‘tech summers’ (periods of heightened enthusiasm and investment) and ‘tech winters’ (characterised by scepticism and reduced funding).

Generative AI is no exception, and we appear to be experiencing a ‘GenAI winter’. However, as Bill Gates has noted, ‘People often overestimate what will happen in the next two years and underestimate what will happen in 10’. Looking beyond current fluctuations, GenAI has the potential to reshape professional services.

Professional services – tax, accounting, legal and risk – are cautiously exploring GenAI’s potential.  According to a 2024 report by Thomson Reuters Institute, approximately one quarter of organisations have integrated GenAI into their workflows, and this proportion is expected to rise steadily. However, concerns about accuracy, data security and compliance likely explain recent reports suggesting companies struggle to achieve sufficient staff engagement with AI technologies.

Giv