3E Accounting Establishes AI Committee For Industry 4.0
In this new VUCA (volatility, uncertainty, complexity and ambiguity) operating environment, the only constant is change. This is apparent from the shared experience with COVID-19, where businesses had to establish an online presence at very short notice following a shift away from conventional physical stores after national and global lockdown restrictions. Those who were armed with a robust business plan remained, whilst many others who did not were made redundant.
Amidst the pandemic, 3E Accounting became the first SME accounting firm in Asia-Pacific to adopt robotics technology and disrupt the Accounting and Professional Services industry as the pioneer robotics accounting firm, following a 15-month business transformation roadmap based on the firm’s Digital Master Plan. With all business processes now 100% digital, this gives the firm a strong edge over the competition with the development and deployment of remote processing and machine learning algorithms to support client services.
On 1 January 2021, 3E Accounting formed its Artificial Intelligence (AI) Committee in support of the AI Singapore initiative, to work towards achieving its ambitions of becoming a full-fledged AI Accounting Firm by 2025. This comes as 3E Accounting marks its 10th year anniversary milestone in the post-COVID economic age, and represents the determination by Founder and Chief Technology Officer Lawrence Chai to adapt, strategise, pivot and re-strategise to meet market trends and stay ahead of the competition. The formation of the AI Committee recognises that effective guided tech transformation will determine the success of businesses in the marketplace of tomorrow with the integration of digital-work-life technology in the 21st century.
AI refers to the simulation of human intelligence through the design and programming of machines. What AI does is to complement and enhance the business’ core competencies. Through the use of elaborate algorithms, AI is capable of processing big data in an error-free manner, allowing us to make critical business decisions with ease and speed. AI would revolutionise traditional accounting methodology which is oftentimes tedious, thereby significantly improving productivity and efficiency levels and help attract and retain top talent.
3E Accounting’s AI Committee is headed by Founder and Chief Technology Officer Lawrence Chai who will oversee all ventures and development of AI technology, supported by a team with strong background in digital technology, computing and software development. The AI Committee will constitute a critical arm of the business by spearheading digital and robotic endeavours and ensuring that these initiatives are in line with the company’s overall goals. Some key areas include the adoption of an AI Trust Framework, Data Protection, Cybersecurity, AI Ethics, Algorithm Selection, Quantum Computing, Humanoid Robot, and Deep Learning. Besides these, the AI Committee is tasked with helping to identify potential areas for Fraud and Customer Risk, allowing for timely prevention and rectification, a key defining value proposition for an accounting and professional corporate services provider.
As 3E Accounting marks 10 years of service beyond excellence in 2021, the firm has set its sights to complete AI implementation in all business processes by 2025 and implement humanoid robots by 2028.
“The potential for AI to reshape the business space as a strong disruptive force is precisely why establishing AI Committee is of paramount importance. 3E Accounting’s bold move in establishing an AI Committee will give us a first-in-class advantage over the competition. The AI Committee will also seek to upskill and build employee proficiency on AI, which will ensure continued employment and employability for our staff and enhance productivity levels for the business.”
Founder & Chief Technology Officer
3E Accounting Group
About 3E Accounting Pte. Ltd.
3E Accounting Pte. Ltd. is a Singapore-based robotics accounting firm that provides professional incorporation, accounting, tax, immigration, compliance, business advisory and technology services for start-ups and small- to medium-sized firms. 3E Accounting Pte Ltd is the global headquarters of 3E Accounting International, an International Accounting Network with a global presence in more than 80 countries worldwide. Our mission is to offer the Three Es: efficiency, effectiveness and economy as a complete suite of services that address all aspects of set-up, start-up and ongoing administration for every business entity. Our team at 3E Accounting consists of highly experienced professionals with extensive experience in financial, tax, corporate, and regulatory regimes. 3E customer engagement teams are selected based on their industry expertise, experience and business knowledge, and consistently add value to our customers.