UK Firms Turn to GenAI for Productivity and Profit
New research from Deltek, a provider of software for project-based businesses, highlights that while 79% of professional services firms plan to boost their investment in emerging technologies, significant hurdles are slowing down adoption.
The report, part of Deltek's guide titled Adopting Emerging Tech: How to Streamline Project Management and Boost Productivity with Generative AI, indicates that organisations are increasingly prioritising AI to address these challenges and enhance growth and profitability.
Nearly one-third (30%) of firms warn that without substantial digital transformation within the next 12 months, they risk losing market share, underscoring the urgency to overcome these barriers. The top three obstacles identified are the high cost of technology (54%), difficulties in determining which technologies are most relevant (50%), and a lack of employee understanding of industry trends and their implications (30%).
AI investment is viewed as a strategic advantage by 74% of respondents, who also believe it will enable businesses to expand their service offerings. Additionally, 72% expect AI to enhance job satisfaction among staff, and 41% anticipate that successful AI implementation will lead to increased profits.
Bret Tushaus, Vice President of Product Management at Deltek comments on the findings, “Project management challenges have been further compounded by ongoing global socioeconomic disruption, placing greater pressure on firms to optimise cost and reduce resources to stay profitable while meeting customer demand. It's like trying to keep a household running smoothly during tough times, making sure all needs are met while tightening the budget.”
Bret adds: “Investing in Project ERP as a backbone, will provide insight into business metrics, optimisation of processes, and support the productivity gains needed to help firms ensure they stay on-track and demonstrate success confidently to key stakeholders. Think of it as a detailed family planner that helps you track expenses, plan meals, and manage schedules all in one place, making it easier to keep everything under control and show progress."
Deltek has launched its new guide Adopting Emerging Tech: How to Streamline Project Management and Boost Productivity with Generative AI’, leveraging new findings from the Clarity Trends and Insights for Architecture, Engineering and Consulting Firms report, to help project-based businesses overcome challenges and unlock the opportunities.
