While about four in five (79%) of professional services firms expect to increase investment in emerging technologies, there are significant challenges holding back adoption.

This is according to new research from Deltek which shows that organisations are prioritising AI implementation to overcome these challenges to drive growth and profitability.

Almost a third (30%) of professional services firms report that failing to make significant digital transformation progress will result in the loss of market share within 12-months, making it essential for firms to overcome barriers, quickly.

The top three challenges adoption are: the cost of technology (54%), prioritising which technologies are most applicable to the business (50%), and a lack of employee education about trends and how they apply to their industry (30%) according to respondents.

Investing in and implementing AI is seen as a competitive advantage (74%), alongside giving businesses the ability to expand the services they can deliver to the market (74%). 72% believe AI will improve their staff’s job satisfaction and 41% believe successful implementation will increase profits.

“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.” Bret Tushaus, vice president of project management at Deltek, said.

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“It’s like trying to keep a household running smoothly during tough times, making sure all needs are met while tightening the budget.”

“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.”