The why
GROWTH IS EXPENSIVE, BUT DOESN'T NEED TO BE - AI IS YOUR ALLY
My goal is to share my expertise, experience, and views with business leaders in the professional services field.
After more than a decade of advising senior leaders across the banking, accounting, consulting, and legal fields, the more pressing strategy questions I hear remain unchanged.
- Where/how can we get an additional 1-3% market share?
- How can we increase productivity by 5%?
These questions are simply about growth.
Executives constantly analyze their businesses to find commercial opportunities that have a healthy cost ratio. In other words, executives look for staff efficiency – across the firm.
Unlike other industries, efficiencies in professional services firms are handicapped by the costs and constraints of human capital. Most sectors can increase efficiencies by adding property, plants, and equipment that are tax deductible, but adding headcount is not a tax-deductible tactic for knowledge-based firms. It is simply very expensive.
Fortunately, the broad spectrum of AI fields (ML, OCR, NLP, NLG, NLU, LLMs) allow for real-world use cases that significantly increase the efficiency of every department….and provides tax credits to the firm.
The time is right for knowledge-based firms to weave AI into their culture and increase revenues at healthy margins.
THE HOW
Embed user-friendly AI into proprietary and third-party applications
Efficiency in the information economy boils down to data processing speed that allows humans to rapidly identify and understand business opportunities and ultimately act on them.
Forward-looking firms with clever CTOs and CFOs will embed AI into their culture and deliver significant tax benefits as they empower their entire workforce to reach industry-leading efficiencies.
These firms will need to adopt natural-language-based add-ons that make traditional business applications autonomous and intelligent.
These language-based applications will reduce and, in some cases, eliminate the need for clicks and menu selections allowing everyone to process data seamlessly and act on information significantly faster.
These language-based applications must fit different work styles, be omnipresent, and be available in people’s most used apps: e-mail, text, Slack, WhatsApp, etc.
Forward-looking firms must evaluate their third-party applications as well as their in-house proprietary systems to resolve the business questions of growth and efficiency.
- Executives must demand better products from their third-party data/technology vendors.
- Executives must push their firms to evolve from their traditional staff mix and start embedding AI engineers, product experts, and productivity professionals in their ranks.
In short, those aiming to be the elite performing firms of the next decade need to adopt AI that requires 1/10th of human effort to produce 10X of human output.
About Francisco
Francisco Gomez is a technology entrepreneur who frequently advises boards of directors and leaders in the legal industry.
Francisco co-founded PRIMARI AI, a company focused on natural language processing embedded on business software. Francisco’s career spans market intelligence, business strategy, and data analytics in the professional services industry.
At PRIMARI, Francisco led the development of artificial intelligence that allows knowledge workers to communicate with computers and databases using only natural language.
Before founding PRIMARI, Francisco served in the Global Advisory unit at PriceWaterhouseCoopers. In this role, he utilized his expertise to manage the Global Analytics and Business Intelligence strategy and operations. He developed his knowledge during his time at Kirkland & Ellis LLP, the world’s most prestigious law firm, where he was the Business Intelligence leader charged with market surveillance. Prior, he was a Senior Associate for the Analytics group at Dealogic, a technology platform for the global financial markets.
Francisco lends his expertise in AI, market intelligence, and enterprise data & analytics, as an advisor to late-stage startups in the AI-NLP space, early-stage startups in the productivity industry, and sports analytics companies. He also sits on the Advisory Board for Rutgers University Center for Innovation Education and is a Guest Lecturer at The Business, Finance and Management School of New York. Francisco also sits on the advisory board for The Business, Humanities, Science and Ethics University.
In his younger years, Francisco competed on the International Tennis Federation World Tennis Tour Juniors circuit, and also competed at the collegiate level for the Ferris State University tennis team. He continued his involvement in tennis as the assistant coach for the Stevens Institute of Technology Men's and Women's teams.
He holds a BS in Finance from Ferris State University and an MS in Technology Management from Stevens Institute of Technology, where he is also currently an Entrepreneur-in-Residence.
Learn more about Francisco at The Marque
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