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Professionals AI-powered technology &the forces shaping July 2024 Table of Contents HowAI is driving productivity & value •Impact of improved productivity•Impact of improved value•The effect of AI on pricing The human element •A more fulfilling career•Some concerns still evident Conclusion Appendix: Methodology35 Foreword by Steve Hasker,President and CEO, We are witnessing a transformative shift in the professional workplace unlikeany we’ve seen before. There’s been considerable discussion in recent yearsabout how generative artificial intelligence (GenAI)couldaffect the careers It’s important to note that the overall market sentiment around AI is positive,perhaps surprisingly so, and that many people see it as aforce for good in their profession. With rapid adoptionunderway and professionals finding a variety of practical Thomson ReutersFuture of Professionals Report 2024 helps us to better understand how we can help pushinnovation forward while continuing to serve as a trustedpartner to our customers. We included corporate C-Suiteexecutives in our survey for the first time this year,providing valuable insight into the mindsets of the peoplewho will make the strategic business decisions about the In this, our second annual study, we can now track how perceptions andadoption of AI have evolved, even within the span of one year. Consider this:77% of respondents told us they believe AI will have ahighortransformationalimpact on their careers, a significant increase from the 67% of respondents This study demonstrates recognition from professionals on the productivitygains ahead. We’re confident that automating labor-intensive or routine Keyfindings First, theproductivitybenefitswe have been promised are now becomingmore apparent. As AI adoption has become widespread, professionals canmore tangibly tell us about how they will use this transformative technologyand the greater efficiency and value it will provide. The most common use Second, there’s a tremendous sense of excitement about thevaluethatnew AI-powered technology can bring to the day-to-day lives of theprofessionals we surveyed. While more than half of professionals saidthey’re most excited about the benefits that new AI-powered technologies This report highlights how AI could free up that precious commodity of time.As with the adoption of all new technology, change appears moderate andthe impact incremental. And yet, within the year, our respondents predicted What will they do with 200 extra hours of time a year? They might reinvestthat time in strategic work, innovation, and professional development, whichcould help companies retain or advance their competitive advantage.Imagine the broader impact on the economy and GDP from this increasedefficiency. For US lawyers alone, that is a combined 266 million hours of The time saved can also be reinvested in professional development,nurturing work-life balance, and focusing on wellness and mental health.Moreover, the economic and organizational benefits of these time-savingsare substantial. They could lead to reduced operational costs and higher Finally, it’s important to acknowledge there’s still a healthy amount ofreticence among professionals to fully adopt AI. Respondents areconcerned primarily with the accuracy of outputs, and almost two-thirds ofrespondents agreed that data security is a vital component of responsibleuse. These concerns aren’t trivial, and they warrant attention as we navigate A collaborative journey To fully benefit from the adoption of AI in professional workplaces, however,we must be mindful of concerns around ethics and oversight. A vastmajority of professionals in the legal and tax sectors, for example, believethat allowing AI to represent clients in court or make final decisions wouldbe a step too far. Finding the balance between using AI to unlock It is our duty to build our AI applications responsibly and ethically. We mustinsist that the same ethics that have long governed the legal, tax &accounting, and other knowledge-industry professions also must informand inspire the professional use of AI. We would be wise also to listen to And not surprisingly, collaboration will be the key to navigating this If the tech community can achieve this, we believe that AI can and will bea powerful force for good in the world. We are committed to using thistechnology to drive increased productivity, as well as deliver greater value We recently made a public pledge to all of our current and potentialcustomers:Your confidential information will not become output for a third As we navigate the future together, one thing seems certain: AI-empoweredprofessionals and their companies will outpace those that don’t takeadvantage of this era of transformation. We welcome your collaboration in Thanks for reading, Steve Hasker Introduction As the rise of artificial intelligence (AI) and generative AI (GenAI) continues, it has become theprimary driving force changing p