Latest news with #professional services
Forbes
2 days ago
- Business
- Forbes
Proper Adoption Of AI Requires A Fundamental Change In Culture
AI arguably represents the most fundamental technological change since the arrival of early ... More mainframe computers. For months now, there has been almost constant coverage of AI and the potentially transformative role it could play in fields as wide-ranging as professional services and healthcare. But in recent weeks that attention seems to have intensified, as even the political classes wake up to the possible impact. On consecutive days last week, for example, the Financial Times carried opinion articles suggesting that, first, politicians must overcome their insecurity over technology matters and make a significant contribution to the debate over future developments, and, second, that they needed to be aware of the ramifications if anything like the predicted numbers of white-collar job losses come to fruition. Now, it is, of course, possible that this is all over-dramatic and that the AI revolution will, like the industrial revolution before it, create all kinds of jobs that we are now only just beginning to imagine. It could even be that the power of AI is being overstated. The cultural commentator Ted Gioia, for one, seems to think so. In a just-published column, he suggests that 'growing AI resistance is forcing companies to reconsider their bot mania.' Moreover, he cites a Gartner report that predicts that 40% of AI agent programs will be cancelled before 2027. Wishful thinking (Gioia is a longstanding critic of what he sees as AI's detrimental effect on culture) or not, it seems that the adoption of the technology could be a less than smooth process. Earlier this year, a study by the networking and security company Cisco found 'a paradox among CEOs.' While 4 in 5 recognized AI's potential benefits and almost all planned to integrate AI into their operations, many feared gaps in their knowledge would hinder decisions in the boardroom (74%) and stifle growth (58%) – risking missed opportunities and falling behind competitors. Another study, by the professional services firm EY, suggested that companies were racing ahead to implement AI while not putting in place sufficient safeguards against the risks involved. What the survey identifies as a gap between senior executives' concerns about adherence to responsible AI principles and those of consumers in general is potentially serious because it will only feed into the sorts of worries outlined by the opinion formers in the FT and elsewhere. Much of this debate centres on whether AI is seen as very much a cost-saving exercise through replacing people with machines or whether — as many proponents increasingly emphasize — it is a complement that enables humans to do better work and so become more productive. With rising levels of unemployment among young graduates causing increasing alarm, there are fears that the former scenario is in the ascendancy. Experts in the field, such as Erica Orange of the futurist consulting firm The Future Hunters and Pascal Bornet, a member of the Forbes Technology Council, are attempting to redress the balance with books like AI and the New Human Frontier and Irreplaceable. But, as David De Cremer, author of The AI-Savvy Leader, points out, many AI projects continue to be what he calls 'tech-driving-tech transformations' with people valuing AI's computational prowess over human understanding. It is possible that these caveats are contributing to some over-valuations of businesses centered on AI and that we may be in the midst of something like the dotcom bubble of earlier this century. But Steve Garnett, a former senior executive with Oracle, Siebel Systems and Salesforce who is now an active investor in technology businesses, believes that, rather than being overhyped, the AI revolution is 'if anything underhyped.' Indeed, he is so convinced that this is something different that he has stopped investing in traditional software businesses and is instead focusing on AI. While acknowledging that there is 'some frothiness in there' and that companies just saying they are adopting AI does not really make them AI-focused, he insists that what came to wider prominence with the launch of ChatGPT by OpenAI in November 2022 represents a significant departure from what has come before. 'We have had four decades of incremental technology,' he said in an interview earlier this month, pointing to customer relationship management, enterprise resource planning and various human resources applications. While introducing fundamental changes to how organizations operated, he argued that they were not sufficiently wide in scope for the board and senior executives other than those closely involved in IT to become involved. On the other hand, the technology seemingly becoming more sophisticated by the week was 'a digital labour revolution,' he said. As such, the board and the senior executive team could not afford not to be involved. As the person responsible for motivating the human workforce, the HR director would obviously need to have a view on how AI agents would be integrated, while the chief executive and the chief financial officer would be concerned with costs and assessing the risks that that EY report indicated were receiving insufficient attention at present. At the very least, both the executive team and the board need training in how this technology works and what it has the potential to do. But — mindful of what has happened in the past to companies that failed to respond to change quickly enough — Garnett is urging them to see the need to redesign their processes and indeed in some cases their products and services if they are not to be left behind. With so many factors — including cyber-security concerns, use of data and how to prevent AI agents going rogue — to be considered, it looks like nothing short of a fundamental cultural change will be required.
Yahoo
3 days ago
- Business
- Yahoo
KPMG's Atif Zaim on taking his biggest role yet
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. Atif Zaim, KPMG's newly appointed U.S. managing principal and deputy chair, is preparing to take on one of the firm's most visible leadership roles. Zaim, who has been with the company for over 30 years, sat down with shortly after the start of his five-year term to share how the advisory business has evolved, what clients expect from firm leaders today and how his career shaped his approach to leading in the rapidly changing marketplace of public accounting. As he steps into this new role, he is still laser-focused on helping partners and clients while now tasked with leading KPMG's operations. In the first of a two-part series, Zaim explains how professional services firms are balancing growth ambitions with talent pressures, private equity's growing impact on services at the firm and KPMG's approach to technology implementation. Atif Zaim Deputy chair and U.S. managing principal, KPMG Notable previous positions: U.S. consulting leader, KPMG National managing principal, advisory, KPMG Principal, management consulting, customer and operations service line leader, KPMG This interview has been edited for brevity and clarity. ATIF ZAIM: The day-to-day is going to change in a very significant way. The scope of responsibilities shifts quite a bit. At the highest level, the role requires being in front of clients, managing internal stakeholders, setting priorities and strategy and motivating the team — so those things I have done and will continue to do. At that level, it stays the same. But when considering my scope — from the consulting business to the entirety of the firm — it's a very different picture. Moving from one revenue-producing division in advisory to building relationships across the full firm, including audit and tax. Many of those partners I already know and have worked with for decades, but the nature of those relationships will change. There are also the operations of the firm, which weren't previously part of the scope. Then, setting strategy at a business unit level versus setting it at the firm level, that's a different goal and new for me. The audience is much larger, and the way to reach that audience must evolve. Each step I've taken over my career was part of a natural progression — expanding the audience and evolving how to engage them. Yes, we have a lot of in-house development we do on our platforms. And yes, we partner with technology providers significantly. It's a mix, and it'll stay that way. There's no reason to swing to one side. There are certain things where I don't know if you really gain a competitive advantage by building something someone else already created. There are lots of credible solutions on the market that are made by companies that specialize in that product or service. This is one of those things where we have the same conversation internally as we do with our clients. There wasn't always a credible alternative. In some cases, based on your industry or your unique situation, you need to build it yourself. But in others, like a video conferencing platform, for example, why would you build it? That's not your core. You can license it at a reasonable cost and focus your effort on what matters. It's the same for us. There are areas where there isn't a platform on the market that functions the way we want, so we're going to build that internally. But for the core technologies that feed into that platform, we'll use what's available and partner with tech firms. We've never felt we must invent everything to feel like we're innovating. If we must, we will. But it's about being intentional, not reinventing the wheel just because we can. The biggest and most obvious priority is selecting the right team. Alongside [CEO Tim Walsh], we've focused on cementing our leadership group. We're very excited. The core management committee — a group of 10 — has already been announced. That's one of the major shifts we're making. As part of that, we've reorganized certain areas to help us execute more effectively. One of the early but important changes is moving toward a more industry-focused structure. The goal is to ensure clients experience audit, tax and advisory as an integrated offering tailored to their industry. We've also made organizational adjustments to improve agility and responsiveness. That includes efforts to streamline processes and remove friction that slows down execution. Engaging with partners remains essential. Tim and I have traveled across the country and met with roughly half of our partners in person so far. We're also building on that with a new internal social platform where both of us are active, alongside many partners, to keep the dialogue going. Unlike many companies, our shareholders are also our partners — we work with them every day. That makes continuous engagement even more important. Not necessarily in our offerings or services to clients, but I think it's certainly influencing our mindset, the way we operate, and the manner in which we serve our PE clients. When you look at the economy overall, the shift is clear. The number of publicly listed companies is declining. Meanwhile, the number of privately owned firms, including those backed by private equity, is growing significantly. It doesn't necessarily change the types of services we provide. You're still going to have due diligence, finance transformation, audit, tax, technology, customer — all of it. However, PE's growing influence is fundamentally reshaping the market, and we've been evolving our service model in response. Historically, firms like ours were organized around functional services — audit, tax, advisory — but PE clients need something different: integrated, industry-focused, lifecycle-driven solutions that support value creation from due diligence through exit. Often, you're not just dealing with the portfolio company, you're also working with the fund or the private equity firm that owns it. That's a different dynamic. You've got to think about their hold period, what they care about during that window and what their exit strategy is. In response, we're shifting to a more connected service model, focused less on traditional lines and more on solving for outcomes across the investment lifecycle. We're embedding sector specialists, leveraging data and AI more aggressively and training our teams to think like investors, not just advisers. One of our biggest areas of focus right now is improving operational performance between entry and exit for these types of companies; helping clients manage cash better, drive growth, improve efficiency, optimize pricing and take out costs. Those are the things private equity sponsors care about, and it's where we can bring value. We are also enhancing our relationship approach, moving from transactional engagement to becoming strategic partners who anticipate needs, not just respond to them. Ultimately, our goal is to help PE firms move faster, de-risk decisions and unlock value across their portfolios, and that requires a very different way of showing up. Three things come to mind. One of them is people and the relationships you make. We're all together on our professional journeys. We're developing together, learning together and serving clients together. The people I've worked with, that I've been in the trenches with, we've forged ties and friendships that are meaningful, powerful and long-lasting. The other is that with this skill set, there are only a few places where you could have this impact with clients. And this excites me — being in the front of it, being in front of clients and delivering for our clients. The third thing is that the work is still interesting because it keeps evolving. After governance, risk and compliance, I started getting into business performance improvement work, helping clients run their businesses better. Then, business transformation became my focus. A few years later, we started the consulting business again. More recently, we've been leaning into technology and generative AI. So every few years, the work looks different. The problems have changed, the clients have changed and the tools have changed. This is what has kept me engaged. I never felt like I was doing the same thing over and over. That's probably why I've stayed as long as I have; I've never been bored. This is part one of two-part series. Read part two here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
South China Morning Post
6 days ago
- Business
- South China Morning Post
Hong Kong's unemployment rate remains at 3.5%, continuing 30-month high
Hong Kong's jobless rate remained at 3.5 per cent between April and June, continuing the 30-month high set during the previous three month, with authorities warning of an ongoing uncertain external environment and worsening unemployment from more graduates entering the workforce. Preliminary data from the Census and Statistics Department on Thursday showed that the number of unemployed people during the three months was 136,200, slightly higher than 135,800 in the previous three months. 'While the unemployment and underemployment rates … remained the same as those of the preceding three-month period, various industries in Hong Kong are undergoing transition, and their respective unemployment rates have different trends,' Secretary for Labour and Welfare Chris Sun Yuk-han said. He added that future jobless rates would hinge on the overall economic performance of the city, and warned that an influx of fresh graduates would have an impact on the overall employment situation. 'Nevertheless, the continued expansion of the Hong Kong economy should provide support to the labour market,' he said. The department said job losses were mainly in the arts, entertainment and recreation sector, and professional and business services sector.
Yahoo
6 days ago
- Business
- Yahoo
LinkedIn names hottest job markets in the Pacific Northwest and US in 2025
Break out the ice cream potatoes, Idaho. A new report from the online job board LinkedIn named the Boise metropolitan area the second-fastest-growing metro in the United States for job opportunities and attracting new talent in 2025. The business-focused social networking platform analyzed its internal data to rank 25 "Cities on the Rise" based on several key metrics, including areas where the pace of hiring is accelerating, job postings are increasing, and new employees are transforming the local economy. "In today's post-pandemic economy, many mid-sized cities are proving they can compete with the largest metros – attracting new talent by offering a more affordable cost of living, expanding cultural amenities, greater access to outdoor space, and more," according to LinkedIn. The top industries hiring in the cities featured in LinkedIn's report include health care, manufacturing, professional services, education, and financial services. Here's more on the report and LinkedIn's top picks in the Pacific Northwest. Which cities in the Pacific Northwest are on the rise? 2. Boise Metro Area Boise is a growing tech hub, with notable developments such as Boise-based Micron Technology's multibillion-dollar semiconductor expansion, according to the report. Boise's "mountain trails, rivers and outdoor access" are also impressing potential new employees to the area. Here's a snapshot of the area, according to LinkedIn: Top industries hiring: Professional services, manufacturing, health care Top employers: Micron Technology, St. Luke's Health System, Boise State University Average income: $63,685 Average home listing price: $819,700 20. Portland Metro Area Portland's own local entrepreneurs and a surge of people walking around the city again are helping it regain its footing and "reclaim its reputation for livability," according to the report. "After clocking out, many Portlanders seek fresh air and nature, frequently heading to outdoor spots to relax." Top industries hiring: Manufacturing, professional services, health care Top employers: Intel Corporation, Nike, Oregon Health & Science University Average income: $74,990 Average home listing price: $787,530 While the Portland metro area typically includes parts of Washington state, such as Vancouver, no other metro area consisting solely of Washington cities ranked on LinkedIn's list. Where are the hottest job markets in the US? According to LinkedIn, these are the 25 fastest-growing metros in the country: Grand Rapids Metro Area Boise Metro Area Greater Harrisburg Area Albany Metro Area Greater Milwaukee Portland (Maine) Metro Area Greater Myrtle Beach Area Greater Hartford Nashville Metro Area Omaha Metro Area Kansas City Metro Area Greater Wilmington Area Greater Richmond Region Greater Indianapolis Greater Colorado Springs Area Greater Sacramento Greenville-Spartanburg-Anderson Area Austin Metro Area Raleigh-Durham-Chapel Hill Area Portland (Oregon) Metro Area Greater Fayetteville Area Greater Reno Area San Antonio Metro Area Greater Fort Wayne Pensacola Metro Area This article originally appeared on Kitsap Sun: LinkedIn names hottest job markets of 2025 in Pacific Northwest and US Solve the daily Crossword
Yahoo
7 days ago
- Business
- Yahoo
ManpowerGroup (MAN) To Report Earnings Tomorrow: Here Is What To Expect
Workforce solutions provider ManpowerGroup (NYSE:MAN) will be announcing earnings results this Thursday before market open. Here's what to expect. ManpowerGroup beat analysts' revenue expectations by 2.9% last quarter, reporting revenues of $4.09 billion, down 7.1% year on year. It was a slower quarter for the company, with a significant miss of analysts' EPS guidance for next quarter estimates and a significant miss of analysts' EPS estimates. Is ManpowerGroup a buy or sell going into earnings? Read our full analysis here, it's free. This quarter, analysts are expecting ManpowerGroup's revenue to decline 3.5% year on year to $4.36 billion, improving from the 6.9% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.69 per share. The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. ManpowerGroup has missed Wall Street's revenue estimates four times over the last two years. Looking at ManpowerGroup's peers in the professional services segment, only Concentrix has reported results so far. It beat analysts' revenue estimates by 1.2%, delivering year-on-year sales growth of 1.5%. The stock was down 6.3% on the results. Read our full analysis of Concentrix's earnings results here. There has been positive sentiment among investors in the professional services segment, with share prices up 2.5% on average over the last month. ManpowerGroup is up 3% during the same time and is heading into earnings with an average analyst price target of $48.44 (compared to the current share price of $42.33). Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
