We’ve talked before in this space about the Firm of the Future. (Are we at Aiwyn obsessed with helping firms embrace this idea? Maybe.)
The Firm of the Future is the professional services firm that is constantly learning and re-learning how to leverage existing and emerging technologies to its competitive advantage. If you’re doing things right, your firm has never actually “arrived” or become the Firm of the Future, because it’s an ever-moving target.
In pursuit of this target, businesses across the board are increasing their artificial intelligence (AI) spending accordingly. One study predicts that “spending on artificial intelligence in the United States will grow to $120 billion by 2025,” and identifies the professional services sector as one that will see the fastest growth in AI spending during this time period.
Experts point to the “digital or die” stance that many companies (certainly professional services firms among them) adopted simply to continue to function during the Covid-19 pandemic. This massive digitization in turn yields loads of data that, on its own, isn’t particularly useful. That’s where AI, powered by machine learning, comes in: by harnessing and making sense of a company’s data, turning it into actionable information.
Aiwyn Chief Technology Officer Chris Furlong explains: “Our ability to collect and process big data has improved dramatically in the last decade, allowing for new possibilities that were previously inconceivable.”
With evolving technology like AI, what it can do for your business is constantly changing. You can’t ask once: what can AI do to support my firm’s business objectives and strategic vision? You need to constantly ask and reevaluate, stay curious, and find a technology partner that will help you answer these questions:
- How will Big Data and Machine Learning evolve over the next few years?
Furlong notes that “training machine learning algorithms isn't hard, it's figuring out how to train them that's complex.” Human intelligence, by way of skilled engineers, will remain an integral part of improving machine learning algorithms via datasets and feedback.
- How can I make sure my firm won’t be left behind?
The industry-wide increase in AI spending suggests that many firms are allocating their resources with a future-oriented mindset. According to the CPA Insider newsletter, “ in a world where firms are looking to tech to provide a leg up on the competition, those that place well-thought tech solutions at the forefront of their strategy will be the best positioned to gain the most int he future."
- How can I turn my firm’s data into information?
Your firm’s raw data is abundant but not actionable. The right practice intelligence software can identify patterns and turn them into information to help you make smarter business decisions. At Aiwyn, our Deep Learning algorithms are busy mining business data to come up with high-ROI recommendations.
- How can my firm have confidence that we’ll see ROI if we increase our AI spending?
Of course, as a firm leader you want every dollar invested in evolving tech to be spent wisely. The right tech partner can help you focus your energies and budget on smart solutions that will yield the best results.
When we at Aiwyn come alongside CPA firms, we work simultaneously to modernize their processes (such as billing and collections) and unlock the underlying data to provide unprecedented visibility into firm performance.
Working with Aiwyn’s suite of solutions has the following benefits:
- Partners save time, bill faster, and shed administrative headaches.
- Finance leaders can reduce days-in-WIP and days-in-AR, speed up client payments, and smooth out cash flow.
- Executives can better protect financial health with predictive insights and controls, and improve their firm’s reputation by offering best-in-class experiences to clients.
It’s never been easier to build a business case for AI. You can start by scheduling a demo with Aiwyn.