AI saves experts 12 hours per week and increases productivity

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AI saves experts 12 hours per week, boosts productivity | Benefits and Pension Monitor

The rise of AI is predicted to transform work, driving innovation, job growth and efficiency across a range of sectors.

AI saves experts 12 hours per week and increases productivity

Thomson Reuters has released its “Future of the Professionals 2024” report, which surveyed more than 2,200 professionals across legal, tax, risk and compliance fields globally.

Respondents expect artificial intelligence (AI) to save them 12 hours per week within the next five years, four hours per week in the next year, and 200 hours per year.

This potential time savings is equivalent to one additional colleague for every 10 team members, creating enormous economic opportunities for a variety of professions: US lawyers, for example, could earn an estimated $100,000 in additional billable hours.

Growing interest in AI is a major driver of innovation across industries: 77% of professionals now believe AI will significantly impact or transform their jobs over the next five years, up 10% from last year.

Additionally, 79% expect it to boost innovation at their company.

“Professions no longer need to speculate about AI's potential impact because they are seeing it firsthand. In the future, professionals and their companies that embrace AI will get ahead of those that resist this transformative era,” said Steve Hasker, president and CEO, Thomson Reuters.

This year's survey highlights strong professional enthusiasm for AI, with Generative AI (GenAI) solutions for legal, tax, risk and compliance being among the most widely adopted professional-grade AI applications.

63% of those surveyed already use AI-powered technology for tasks such as research, summarizing, and drafting.

The report's findings focus on three main themes: productivity, responsibility and value. AI is seen as a key driver of innovation, job growth and productivity gains.

Over the next five years, professionals expect AI to bring about more innovation (79%), more time for engaging and judgmental work (66%), more opportunities for ongoing skill building (57%), and better work-life balance (51%).

Fifty percent of law firm respondents rank AI as their top strategic priority over the next 18 months, ahead of productivity (49%). C-suite respondents believe AI will have the greatest impact on operations strategy (59%), product/service strategy (53%) and talent strategy (40%).

While 63% of respondents use AI-powered technology, 37% have not yet incorporated the technology into their work, primarily due to not being clear on the types of work AI can help with (35%) and not knowing how to access it (28%).

The majority of experts (95%) agree that allowing AI to represent clients in court or make final decisions on complex matters would be going too far, but they are more comfortable with AI drafting basic documents, conducting research and analysis, and handling administrative tasks.

The majority (57%) support a certification process for AI systems, and 55% believe these standards should be developed by experts or industry associations.

Respondents identified the rise of AI and GenAI as having the greatest impact over the next five years, with 77% predicting a major or transformative impact, followed by the explosion in data volumes (59%).

Experts see AI as a “force for good” (78%) and recognize its potential to increase efficiency and add new value to work. Widespread adoption of AI could spur greater innovation, improve work-life balance, and deliver significant economic benefits over the next five years.

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