Over half (52%) of valuation experts predict that artificial intelligence will “significantly change how I do my work” over the long term. This was revealed in a poll during last week’s AI in Business Valuation virtual conference, presented by BVR. There were 94 respondents to the poll.

AI bandwagon: The vast majority (88%) have checked AI out in terms of using it in their practices. While most (66%) have just “dabbled” with it, 16% say they are now “reliably using it for specific use cases in the performance of my work.” A small percentage (5%) say it has already “significantly changed how I do my work.”

In terms of specific uses, the most prevalent is for research (e.g., industry or economic research), which is a good, “safe” way of becoming familiar with AI. Other uses include report writing (e.g., to edit the narrative) and analysis (e.g., examining historical financials, analyzing comps). A good number said “other,” which we would suspect is mainly for marketing purposes.

Concerns: Most of the concerns about using AI involve issues of accuracy/reliability, data confidentiality, security, and transparency (interestingly, “consistency” did not rate as a top concern). These concerns should subside as users get more familiar with the technology as it evolves and guidelines are issued by the three valuation professional organizations (AICPA, ASA, and NACVA), which are all working on guidance.

Conference speakers were: Greg Endicott (ValueVision), Scott DeMarco (Equitable Value LLC), Jim Alerding (Alerding Consulting LLC), and Melissa Gragg (Bridge Valuation). They gave an overview of the AI ecosystem, some examples of using AI in valuation practice, assessing the impacts of AI when valuing a subject company, and how to use AI in marketing your practice.

Coverage of the conference will be in the September issue of Business Valuation Update.