New research from Deltek, the leading provider of software and solutions for project-based businesses, reveals that, while 79% of professional services firms expect to increase investment in emerging technologies, there are significant challenges holding back adoption. The findings, which form part of its ‘Adopting Emerging Tech: How to Streamline Project Management and Boost Productivity with Generative AI’ guide, show that organisations are prioritising AI implementation to overcome these challenges to drive growth and profitability.

Almost a third (30%) 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 to 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.

Bret Tushaus, Vice President of Product Management at Deltek comments on the findings, “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. It's like trying to keep a household running smoothly during tough times, making sure all needs are met while tightening the budget.”

Bret adds: “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."

Deltek launches its new guide Adopting Emerging Tech: How to Streamline Project Management and Boost Productivity with Generative AI’, leveraging new findings from the Clarity Trends and Insights for Architecture, Engineering and Consulting Firms report, to help project-based businesses overcome challenges and unlock the opportunities.