Only 48% of accounting, consulting, legal, and private capital professionals have used AI tools at work despite near-universal demand for the technology

Rhea-AI Summary

Intapp's 2024 Technology Perceptions study highlights professionals' eagerness to leverage AI technology for increased productivity and career satisfaction. While 91% express a desire to use AI in their work, only 48% currently do. The study emphasizes the importance of firms equipping professionals with AI tools to enhance productivity and competitiveness.

Insights

Market Research Analyst

Understanding the application of AI in professional services is important for assessing the potential market growth and competitive dynamics within the industry. The findings from Intapp's Technology Perceptions study suggest a significant gap between the current use of AI and the demand for its integration in daily tasks. This gap represents an opportunity for firms like Intapp to expand their market share by addressing the unmet needs of professionals in sectors like accounting, consulting and law.

With only 45% of professionals considering their firms as tech-savvy, there is a clear market demand for improved AI tools and training. This is a positive indicator for companies operating in the AI solutions space, as it implies a substantial untapped market potential. Moreover, the high percentage of professionals who are eager to use AI in their work (91%) underscores the importance of user-friendly AI solutions that can be seamlessly integrated into existing workflows.

The interest in AI for routine tasks such as data entry and content generation suggests that firms investing in these technologies can expect not only to increase productivity but also to enhance employee satisfaction and retention. This could lead to a virtuous cycle where the adoption of AI tools becomes a differentiator in attracting and retaining top talent, further driving demand for these technologies.

Financial Analyst

From a financial perspective, the survey results from Intapp could have implications for investor sentiment towards the company and its growth prospects. The apparent demand for AI tools in professional services indicates a robust growth trajectory for AI solution providers. Intapp's stock (NASDAQ: INTA) may benefit from these industry trends, as the company is positioned to capitalize on the increasing willingness of professionals to adopt AI technologies.

However, it's important to consider the costs associated with research and development, as well as the marketing and sales efforts required to convert this interest into actual sales. Investors will need to monitor Intapp's operational efficiency and its ability to scale its solutions to meet the growing demand without compromising profit margins.

Long-term, if Intapp can effectively bridge the gap between current AI usage and professional expectations, it could secure a leading position in the market. This could result in sustained revenue growth and potentially increased market share. However, investors should be wary of execution risks and monitor the company's progress against competitors who are also eyeing this opportunity.

Technology Adoption Specialist

The disparity between the current use of AI in the workplace and the desire for its increased application highlights a significant challenge in technology adoption within professional services firms. As a specialist in this field, it's evident that successful implementation of AI tools requires not only the availability of technology but also a cultural shift towards innovation and continuous learning.

Firms that can effectively manage this transition may gain a competitive edge by increasing operational efficiency and attracting talent. The study's indication that professionals expect AI to improve collaboration and knowledge management points to the need for solutions that are not only technologically advanced but also enhance the human aspects of work.

For firms like Intapp, the focus should be on developing AI solutions that are intuitive and integrate well with existing systems. The ability to provide comprehensive training and support will also be key in ensuring that the technology is adopted successfully and delivers the expected productivity gains.

New study from Intapp finds wide gulf between professionals’ expectations and reality regarding firms’ tech-savviness and AI usage

PALO ALTO, Calif., April 09, 2024 (GLOBE NEWSWIRE) -- Knowledge workers across accounting, consulting, private capital, and law are eager to leverage AI technology to automate manual tasks, work more efficiently, and derive greater career satisfaction. Firms have incentive to equip their professionals with the AI tools and training necessary to increase their productivity, help them achieve performance goals, and ensure their retention. These findings and more are revealed in the 2024 Technology Perceptions study released today by Intapp (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals in advisory, legal, and capital markets firms.

The survey of more than 800 fee earners in the U.S. and U.K. was designed and executed to help inform and support Intapp’s Intelligence Applied strategy. Its purpose is to provide insight into how professionals believe AI will enhance their work performance, and what AI technologies are most needed to help firms remain competitive. The results showed that less than half (45%) of survey respondents rate their firms as highly tech-savvy. And while 91% expressed a desire to use AI in their day-to-day work, only 48% currently leverage the technology.

“Professionals take technology into consideration when deciding which firm is right for them, expecting at least the level of AI-enabled technology they use in their personal lives,” said Ben Harrison, President of Industries at Intapp. “They know AI and other advanced technologies have the power to transform business operations and create a competitive edge, and they expect it to help them improve collaboration, automate tasks, and support knowledge management on a daily basis.”

Growing interest in AI
Many professionals have already seen the benefits of advanced tools in their own personal lives.

• 77% of survey respondents agreed that technology makes them more productive in their personal lives
• 59% responded that they already use AI technologies in their personal lives, including voice queries, data entry, data summarization, document generation, and recommendations (such as when to schedule an appointment)

Naturally, many professionals want to use AI technology in the workplace, like they do at home. This is especially true for assisting them with data entry and content generation:

• 79% say they want to use AI for data-entry tasks such as pulling CRM and contact information from emails
• 76% express interest in AI data summarization, such as automatically creating minutes or action items from a meeting transcript
• 73% would like to use AI for document generation, such as drafting standard contracts, proposals, or investor notifications

AI, automation, and integration optimism
The survey reveals that most professionals are optimistic about the benefits of AI — both to themselves as professionals and to their firms in general.

• 61% believe AI will allow them to focus on delivering higher-level work for clients
• 59% think that AI will make their firm more competitive
• 53% expect AI to improve their work/life balance

One of the most anticipated benefits of AI technology is the automation of time-consuming administrative work that takes professionals away from conducting projects, preparing for and attending meetings, and communicating with clients.

• Professionals estimate that nearly 40% of their work is comprised of manual tasks that could be automated
• By automating manual tasks via AI-powered solutions, respondents believe they can save an average of 25 hours a week

Higher employee performance, retention, and satisfaction
“Firm leadership may be surprised to learn just how much of an impact technology has on employee satisfaction and retention rates,” said Harrison. “Yet the survey response connects a lack of effective technology with the risk of losing talent.”

The satisfaction and retention rates at high-tech firms were much higher than those at moderate- and low-tech firms.

• 81% of respondents from high-tech firms stated they were highly satisfied at their job vs. 50% at moderate- and low-tech firms
• 77% were highly likely to recommend their firm as a place to work vs. 49% at moderate- and low-tech firms
• 80% said they were highly likely to stay at their firm for at least the next two years vs. 56% at moderate- and low-tech firms

This significant gap may stem from how supported professionals feel at their firms in terms of achieving goals. At high-tech firms, most organizational and personal career goals had very high success rates.

• 80% felt successful in developing expertise in the field vs. 49% at moderate- and low-tech firms
• 76% felt successful in developing deep client relationships and working efficiently vs. 40% at moderate- and low-tech firms
• 75% felt successful at creating strong value/better outcomes for clients vs. 47% at moderate- and low-tech firms
• 75% felt successful at developing skills not taught in school vs. 44% at moderate- and low-tech firms
• 69% felt successful at both increasing their personal income and getting promoted vs. 39% and 40% respectively at moderate- and low-tech firms

To learn more, see the full survey results and read the research report here: intapp.com/2024-tech-perceptions-survey/.

About the study
The Intapp survey was conducted by Rockbridge Research among 800 fee earners in the U.S. and U.K. across four verticals: accounting, consulting, capital markets (investment banking and private equity), and legal. Results were collected between September 25 and October 6, 2023 using an email invitation and online survey. Quotas were set to ensure representative and statistically significant numbers across the four verticals and geographic locations. The margin of error for results is +/- 3.2 in total at the 95% confidence level.

About Intapp
Intapp helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world's top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific solutions to drive new growth and multiply opportunity. For more information, visit intapp.com and connect with us on X, formerly Twitter (@intapp) and LinkedIn. 

Intapp
Ali Robinson
Global Media Relations Director, Intapp
press@intapp.com

FAQ

What did Intapp's 2024 study reveal about professionals' interest in AI technology?

Intapp's study showed that 91% of professionals express a desire to use AI in their day-to-day work.

What percentage of survey respondents currently leverage AI technology?

Only 48% of survey respondents currently leverage AI technology.

What is the ticker symbol for Intapp?

The ticker symbol for Intapp is INTA.

What are some tasks that professionals want to use AI for in the workplace?

Professionals express interest in using AI for data entry, data summarization, and document generation tasks.

How many fee earners were surveyed in the U.S. and U.K. for the study?

The study surveyed more than 800 fee earners in the U.S. and U.K.