Have You Got It?
Some professionals will adapt to the post AI future and reap the benefits, others will continue as they are. There will be winners and losers - on which side do you want to be?
Oliver Wyman the leading management consulting firm, says ‘Client revenues from the wealthiest group are the fastest growing proportion of the professional services sector. Professionals focused on this group can expect revenues to rise by 39% to $99bn in the next few years to 2008.
I don’t know what research this statistic was based upon, but one thing I am pretty certain about is that there will be winners and losers. The winners will be those organisations that focus on their clients and are prepared to change.
Albert Einstein once said that doing things exactly the same as before, expecting different results, is insanity.
The two aspects of change we need to focus on are
The use of AI and
Our clients
Although I wrote on AI two weeks ago, it such an important subject it is worth mentioning it again.
We need to remember that humans build AI, but it is not human. AI has no feelings, no desires, no goals, no ambitions. It may mimic human-like emotions, writing like Shakespeare or Keats, but it is our emotions we see in these words, not its feelings.
AI will therefore never take over, it will always be used to make our lives easier, not more oppressive.
Emma Jacobs writing in the Financial Times, said Eric Yuan, the chief executive of Zoom, said that if ‘AI can make all of our lives better ‘Why not work three days, or four days a week?’ Or perhaps professionals could use all the time they save to be more productive rather than finding new ways to entertain themselves.
But professionals must not do more of the same if what they are doing is not very productive, that is insanity. If they attend more conferences and ‘away days’, it will not improve the poor return on investment in time and money.
The opportunity for those professionals who want to increase their revenue is to find new strategic ways to network, cross-refer business across the firm and build trust and loyalty with their clients.
When I was made head of the Private Client Department of Simmons & Simmons I was told that if I failed to make City rates of profits, I would be told to leave the firm. This ‘harsh’ attitude of professional organisations towards their senior and junior staff is fair if they are given the tools and methods to improve. However, in my case, I was not given a guide, mentor, assistance, or feedback; I was simply told to make profits or face consequences.
When I moved the team to Lawrence Graham I was the most significant introducer of work across the firm in the history of the firm. Even then I was not asked to mentor the juniors or to consolidate my experience for the benefit of others.
Rather than be angry, it inspired me to use my psychological background and research to distil my knowledge into a digital platform and methodology. This enables a professional to be strategic in networking, cross-referral of business and building loyalty and trust with clients: I call this methodology, Client Mapping
Client Mapping has three major benefits. It can be used to build
Trust and loyalty with clients
An atmosphere of collaboration between the professionals in the firm, and
Strong relationships with other professionals
It is for these reasons that Great Companies said that our strategic business development methods and digital platform are a ‘Client First Revolution’.
For those organisations prepared to adopt Client Mapping the rewards will be significant,
Increase revenue
Reduce costs
Save time and money, and
Increased retention of good staff by supporting their efforts in making the organisation more profitable and their working life more enjoyable.
However, I do not need to convert the whole industry one professional at a time to make an impact; I merely need to work with one or two organisations, such as Michelmores, our podcast of the week, and a case study, and the club will grow organically.
If you would like to learn how Client Mapping can benefit your business, please don't hesitate to get in touch.