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 corporate service provider in Asia-Pacific to adopt robotics technology and disrupt the Accounting and Professional Services industry as the pioneer robotics corporate service provider, 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, working towards its ambition of becoming a fully AI-enabled corporate services provider by 2025. The initiative coincided with 3E Accounting’s 10th anniversary in the post-COVID economic environment and reflected management’s determination to adapt, strategise, pivot and respond to evolving market trends while remaining competitive. The formation of the AI Committee recognises that effective and guided technology transformation will play a critical role in helping businesses succeed in the marketplace of tomorrow through the integration of digital work-life technologies 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 led by the company’s management, which oversees all AI-related initiatives and technology development with the support of a team experienced in digital technology, computing and software development. The AI Committee serves as a critical arm of the business by spearheading digital and robotic initiatives and ensuring that they align with the company’s overall goals. Key areas include the adoption of an AI Trust Framework, data protection, cybersecurity, AI ethics, algorithm selection, quantum computing, humanoid robotics and deep learning. In addition, the AI Committee is tasked with identifying potential areas of fraud and customer risk, enabling timely prevention and corrective action. This forms a key value proposition for a 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.”
The Management
3E Accounting Group
About 3E Accounting Pte. Ltd.
3E Accounting Pte. Ltd. is a Singapore-based robotics corporate service provider 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.
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3E Accounting website: www.3ecpa.com.sg
