Lancaster researchers awarded £1.8million to help accelerate technology adoption in law and accountancy firms

Academics from Lancaster University School of Management (LUMS) have been awarded a £1.8m grant to accelerate the uptake of digital technology among UK law and accountancy firms.

The main research project, funded by the Economic and Social Research Council (ESRC) and Innovate UK, will be known as Technology in Professional Services (TiPS). will build on it previous study That enabled the Lancaster researchers to understand the barriers that prevent professional services firms from embracing digital technology and artificial intelligence (AI).

The accelerator is part of a program called Next Generation Professional and Financial Services, funded by Innovate UK and ESRC. The program aims to help the professional service sectors, including accounting and law, and the financial services sectors, including insurance, lending, advisory services, and payment, develop and use digital technologies.

the A grant of 1.8 million pounds sterling It will allow the research team to put this prior learning into practice; Provide tailored and practical support to help small and medium businesses become more productive, develop new services, and use technology to make services available to underrepresented individuals and organizations. The research will also provide more general insights into how best to accelerate various forms of innovation adoption.

The LUMS team will be led by Professor Martin Spring and includes Professors James Faulconbridge and Katie Mason. They will collaborate with Professor Tim Furley, Dr Tzamaret Rubin, Dr Francisco Trincado Munoz, Hilary Smith-Allen from Oxford Brookes University and Derek Southall from Hyperscale Group Ltd.

The service industry accounts for approximately 80% of the UK economy. Financial and professional services account for around £190 billion of the UK’s “gross value added” (a measure of productivity that measures contribution to the economy) and create 2.2 million jobs in the region.

However, while digital innovation – and specifically the use of AI-based technologies – promises to unlock more value within these UK professions, there are a number of barriers for SMEs taking on new technologies.

Professor Martin Spring said: “Our research tells us that these challenges sometimes arise from uncertainty about what technology to use and the benefit it will bring, but also because of the traditional roles and identities of professionals working in these sectors. Traditional educational, training, organizational and occupational structures also pose barriers when it comes to adoption. new technologies.

Through this grant, we will be able to translate our past results into tangible support, helping companies overcome adoption hurdles and harness new technology to help their employees and enhance the services they provide. This major project will provide structured ways and useful resources to help guide law and accounting firms to overcome any barriers, accelerate adoption of their technology, and ultimately become more competitive. This project is particularly timely due to the recent interest in technologies such as ChatGPT, which has stimulated awareness of the potential for the technologies to be used in knowledge-based work such as law and accounting.”

By creating an environment where technology adoption is less intimidating and risky, the project aims to guide companies to find the right technology solutions for them. By building confidence in professional company leaders to embed innovative technologies in the workplace, companies will be able to unlock more potential and enhance customer service.

Adopting a holistic approach, the project will meet the needs of companies at different stages of technology readiness – from beginners to those who are already using some technology, but wish to expand its use. Depending on the company’s starting point, three types of “acceleration” and support will be offered. The methods used will be based on well-established foundations Innovation catalyst The approach developed in Lancaster.

By working closely with each of the firms and assessing their cases and outcomes, the researchers aim to gather insights into what approaches have been most successful and create ‘road maps’ for broader engagement for the benefit of the broader sector, working with a range of stakeholders including professional bodies such as the Law Society and the Certified Public Accountants (ACCA).

Richard Alvin, Entrepreneur-in-Residence at Lancaster University and Managing Director of Capital Business Media commented on the announcement: “This scholarship has come at an opportune time for the University to be able to benefit from the recent interest in technologies such as ChatGPT, which has stimulated awareness of the potential of using the technologies in work-based Knowledge “.