In the evolving landscape of the digital economy, automation and artificial intelligence (AI) are redefining the traditional roles within various industries, particularly in accounting and bookkeeping.

This shift is not just about replacing human effort with machines but enhancing the capabilities of financial professionals with new tools and technologies. As we delve into this transformation, it becomes clear that the future of accounting is not about displacement but evolution.

The advent of automation in accounting

The integration of automation in accounting has been both rapid and revolutionary. According to a report by McKinsey, about 50 per cent of current work activities in accounting could be automated by 2030, using existing technologies.

This seismic shift is largely driven by software that can handle tasks ranging from data entry and analysis to complex compliance management. The result is not only a reduction in the need for manual input but also an increase in efficiency and accuracy.

Also Read: The future of fintech innovation will be a constant dance between progress and security: AND Global

AI and machine learning further extend these capabilities by enabling systems to learn from data and improve over time, thus identifying trends and anomalies that would go unnoticed by the human eye. A study by Accenture found that AI could increase productivity in accounting tasks by up to 40 per cent, underscoring the substantial impact of these technologies.

Reshaping roles and responsibilities

As mundane and repetitive tasks are automated, the role of accountants and bookkeepers is shifting towards more strategic functions. This transition means that professionals in the field are now expected to focus more on interpreting data, managing risks, and advising on business strategies rather than just crunching numbers.

For entrepreneurial accountants, automation opens new avenues. Starting a bookkeeping business today means leveraging technology to offer more value-added services. Automated tools can handle day-to-day record keeping, allowing business owners to focus on providing clients with actionable business insights and customised financial consulting. This shift not only increases the potential client base but also enhances the quality of service, setting a foundation for competitive advantage.

For instance, with the advent of AI-powered analytics, accountants are now instrumental in providing insights that help shape business decisions. A survey by the Institute of Management Accountants (IMA) revealed that 45 per cent of accounting professionals believe that their role now involves more strategic planning than ever before.

Also Read: From crunching numbers to transforming data: How I made a career switch from accounting to tech

New skills for a new era

The demand for new skills is perhaps the most significant change brought about by automation. Accountants and bookkeepers need to be not only numerate but also technologically adept. Proficiency in data analysis software, understanding of AI applications, and skills in cybersecurity are becoming as fundamental as traditional accounting expertise.

Moreover, as businesses increasingly look for value beyond number-crunching, soft skills such as strategic thinking, communication, and leadership are becoming crucial. Accountants are expected to act as business advisors who can articulate financial insights and influence decision-making processes.

The impact of automation on accounting jobs is profound and multifaceted. While it brings challenges, particularly in terms of required skills and changing roles, it also offers substantial opportunities for those willing to adapt.

By embracing these changes, accountants and bookkeepers can transcend traditional boundaries, delivering more strategic value and steering their careers towards more fulfilling and impactful directions.

In the era of automation, the accountants who will thrive are those who view technology as a tool for enhancement rather than a threat to their profession. As the industry continues to evolve, the most successful professionals will be those who can harness the power of AI and automation to redefine what it means to be an accountant or bookkeeper in the digital age.

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Every year since its inception in 1970, Earth Day has been celebrated on April 22 with a clear mission: to educate about the environment. While environmental protection is a major focus, this year, let’s explore the surprising connection between Earth Day and cybersecurity.

The digital age and its environmental impact

Our ever-increasing reliance on the internet and digital technology has revolutionised our lives, but it also comes with a hidden cost: environmental impact. The energy consumption associated with data centres and digital devices is significant and continues to grow. Estimates suggest the internet and related technologies are responsible for up to 3.7 per cent of global greenhouse gas emissions.

Cybersecurity:  A champion for sustainability

Fortunately, strong cybersecurity practices can actually contribute to a more sustainable future. Here’s how:

• Reduced energy consumption: Cybersecurity measures like data encryption and network segmentation can minimise unnecessary data transmission and improve network efficiency, leading to lower energy use.
• Extended device lifespan: Frequent data breaches can prompt premature device replacements. Robust cybersecurity practices like software updates and vulnerability patching keep devices secure and functional for longer, reducing electronic waste.
• Protection of critical infrastructure: Cyberattacks on power grids, water treatment plants, and other critical infrastructure can have devastating environmental consequences. Stronger cybersecurity safeguards these systems, reducing the risk of outages and their associated environmental impact.

Also Read: Burning urgency: Why businesses must mobilise against forest fires and climate change

Taking action for a greener, safer digital world

Here are some ways we can all contribute to a more sustainable and secure digital world:

• Individuals: Be web-savvy by avoiding suspicious links and attachments. Use strong passwords and two-factor authentication for added security. Keep software up-to-date and dispose of old electronics responsibly.
• Businesses: Choose cloud providers with a commitment to sustainability and utilise cloud security features for resource optimisation. Promote employee awareness of the connection between cybersecurity and sustainability.

The challenge: Climate change and cybersecurity

Climate change presents new challenges for cybersecurity. For example, extreme weather events can disrupt critical infrastructure, potentially creating security vulnerabilities. Cybercriminals may exploit these disruptions to launch attacks.

Building resilience: Best practices for businesses

Organisations can improve their preparedness by:

• Conducting regular risk assessments: Identify potential climate-related threats and develop response plans.
• Building a culture of cybersecurity: Promote awareness of climate-related cyber threats among employees.
• Developing contingency plans: Have plans in place to respond to disruptions and disasters related to climate change and cybersecurity.
• Investing in technology: Utilise threat intelligence platforms and other tools to manage climate-related cyber risks.
• Promoting innovation: Explore technologies that automate cybersecurity processes to reduce human error.

Earth Day serves as a powerful reminder of our environmental stewardship. This year, let’s explore the surprising connection between cybersecurity and sustainability. Strong cybersecurity practices go beyond data protection.

They contribute to a greener future by reducing energy consumption through efficient data transmission and extending device lifespans. Additionally, robust cybersecurity safeguards critical infrastructure from cyberattacks, mitigating environmental damage from potential outages.

By embracing strong cybersecurity practices, we can contribute to a more sustainable future. A secure digital world is not just about protecting data; it’s about protecting our planet. Let’s work together to achieve a future that’s both secure and sustainable.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join our e27 Telegram group, FB community, or like the e27 Facebook page.

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This article was first published on April 30, 2024

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On Wednesday, May 15, Guan Dian, Co-Founder and APAC General Manager at Patsnap, will speak on stage at Echelon X about the company’s journey in implementing Artificial Intelligence (AI) technology. Before becoming a global market leader in its field, Patsnap had already become one of the earliest to include this technology in its DNA, and the company is ready to share its story.

Patsnap sets itself apart in the AI era through its pioneering adoption of AI technologies, from previous iterations of NLP and computer vision to the latest advancements in Generative AI. Unlike many others in the field, Patsnap develops its own models rather than relying on partnerships with external organisations such as OpenAI.

According to Guan Dian, this approach “allows us to continue building trust with our customers because, as you can imagine, our customers are also at the forefront of innovation in various industries, whether it is in automotive, semiconductor, or new drug discovery.”

Furthermore, Patsnap’s dedication to data quality is evident in its meticulous curation of sources over the past 15-16 years, forging partnerships with top-tier data suppliers globally. This rigorous approach guarantees that whether utilising AI models or traditional search engine methods, the outputs generated maintain a high-quality standard, cementing Patsnap’s reputation as a leader in innovation intelligence.

Also Read: Unlock growth and scalability by leveraging data with PatSnap

Patsnap operates within the realm of innovation intelligence, a novel category it helped define. This domain encompasses any information, insights, or intelligence stakeholders utilise in the technology innovation ecosystem. The key players in research and development (R&D) are at the forefront of this ecosystem. This includes innovators, researchers, developers, and supporting entities such as IP lawyers and universities.

Patsnap aids these users by offering an extensive collection of data from diverse sources, notably the global patents database. Additionally, it provides access to rich technical repositories such as journals, papers, and technology news articles. In specific domains such as pharmaceuticals, Patsnap boasts a comprehensive database covering globally available drugs, drug development pipelines, and disease-related experimental data.

Their approach involves gathering this data and leveraging AI for processing, classification, labelling, and annotation. Subsequently, they offer user-friendly interfaces to facilitate easy access to relevant information for product development or research purposes.

Furthermore, Patsnap assists users in comprehending the gathered information swiftly, aiding in making informed decisions based on insights gleaned from journal papers or patent analyses.

“We first started developing AI capabilities as early as 2015, even though we didn’t call it AI. We called it data mining or extraction.”

Also Read: Koh Boon Hwee, Patsnap CEO, iGlobe invest in MindFi’s US$750K round as it makes it into Y Combinator

Moving further ahead with AI

Since the middle of last year, Patsnap has established an internal team dedicated to advancing their internal language model capabilities. Embracing an “AI first” mentality, the company has shifted its focus from the CEO downwards, ensuring that every product feature and workflow is viewed through the technology.

This shift in mindset prompts Patsnap to reconsider and constantly enhance existing features and capabilities. By reimagining aspects such as pattern search, they aim to infuse elements of Generative AI into their R&D and intelligence search processes, thus bringing about distinctive improvements. Through this approach, the company identifies opportunities for reuse and innovation, leading to heightened efficiency and intelligence in its user services.

Patsnap’s concentrated efforts in reimagining search within AI and Generative AI have yielded multiple capabilities.

“These range from enhancing pattern and paper reviewing processes to aiding in the invention writing process. With a continuous influx of new features in the pipeline, we ensure regular updates, guaranteeing that users benefit from the latest advancements every month, with each button and feature promising new enhancements,” Guan Dian closes.

Catch her at the Future Stage of Echelon X at the Singapore Expo on May 15 at 02.05 PM.
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Image Credit: Patsnap

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We are 2 days away from Echelon X! Visit Echelon X to learn more about the program. Get your tickets here!

Echelon has long established its reputation as an ecosystem enabler, connecting startup founders, corporates, entrepreneurs, investors, and other relevant stakeholders with each other to foster innovation, growth, and impact.

With its 10th edition dubbed as Echelon X happening on 15 and 16 May at Singapore EXPO, the project promises to offer so much more than connections — this year, the program will feature 91 sessions made up of 8 keynotes, 8 startup showcases, 21 fireside chats, 8 side room events, 18 panel discussions, 13 Speakzone sessions, and 15 roundtable discussions, offering a plethora of learning opportunities for all attendees.

With all these exciting events happening side by side, the possibilities for learning, networking, and collaboration are endless.

Check out these learning opportunities at Echelon X

One of the key highlights of the two-day event is a panel discussion on the topic, “Does Sustainability, Economic, and Social Impact Still Matter Today?” featuring Tim van Vilet, VP for Venture Scale at ENGIE Factory Asia-Pacific, Greg Blackwood, Investment Committee Member of NUS Enterprise / RaiSE, Diana Kam, CEO for Singapore Markets & APAC Region at Venturebeam, and Gavin Chua, Head of Stakeholder Engagement in APAC for Meta. The panel discussion will be moderated by Rachel Wong, Founder of Founders Doc.

The panel promises to shed light on the evolving landscape of sustainability, economic, and social impact in today’s globalised world. Tim van Vilet, drawing from his extensive experience in venture scaling, is expected to provide insights into how sustainability can be integrated into business models without compromising profitability. Greg Blackwood, with his background in investment, will likely explore the growing trend of impact investing and its implications for both investors and social enterprises.

Diana Kam’s perspective as a CEO in the tech sector will offer valuable insights into how technology can be leveraged to address environmental and social challenges, while Gavin Chua’s role in stakeholder engagement at Meta will bring in the perspective of a tech giant and its responsibility towards sustainability and societal impact.

Also read: Explore hyper-personalised customer experience with CleverTap

Another exciting session attendees should check out is a discussion entitled, “Responsible AI in Southeast Asia: How Do We Go About It?” The panel will feature key industry leaders including Niki Luhur, Group Chief Executive Officer for Vida Digital Identity, Jayotika Mohan, APAC Head of Startups & SMB at Google Cloud, Yasunori Kinebuchi, Director for NTT, and Sausheong, Chang Deputy Chief Executive for Product and Engineering at GovTech Singapore. The panel will be moderated by Scott Bales, Keynote Speaker & Thought Leader for ODE Management.

This discussion will focus on the critical topic of responsible AI implementation in Southeast Asia. With a diverse panel covering a range of verticals in the AI adoption space, including cloud management, government, and digital identity, the discussion will delve into the critical topic of responsible AI implementation in Southeast Asia. Attendees can expect insights into the ethical considerations, regulatory challenges, and best practices for deploying AI technologies in a socially responsible manner. Moderated by Scott Bales, an expert in innovation and digital transformation, the session promises to offer practical strategies and case studies, providing valuable guidance for businesses and governments navigating the complexities of AI adoption in the region.

Get to know exciting companies and organisations

With Echelon X’s commitment to fostering innovation, growth, and impact, we are joined by some of Southeast Asia’s most driven companies and organisations who share our mission. As we embark on this journey together, we are proud to collaborate with partners who are dedicated to driving positive change in the region. Among our esteemed partners are: Prudence Foundation as a Disaster Technology Partner, Remote as a Preferred HR Partner, and Google Cloud as a Cloud Sponsor.

Echelon X is also going to be joined by Nippon Telegraph and Telephone, Air Asia, and BigPay as our Gold Sponsors, AppsFlyer, DevRev, the Singapore Global Network (SGN), CleverTap, and Josys as our Silver Sponsors, among many more. To find out who else is partnering with us to usher in this era of innovation, you may visit our official Sponsors and Partners page.

Also read: Nurturing real-world design innovation in Singapore

Joining them are other key leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering together for two packed days. Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Whether you’re eager to expand your knowledge, network with key players from the tech startup scene, or showcase your innovative ideas, Echelon X offers an unparalleled experience. Join us as a participant or an official partner by securing your spot now on our official page. Together, let’s embark on a journey to shape the future and create a lasting impact.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

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Artificial Intelligence (AI) is not new. Neither is reputational risk. While corporations have been utilising AI for a while now, most usage has been unseen. That is, data analytics, predicting customer behaviour, sales and marketing, or operations. Most of the time, clients and customers do not see the touch of AI in a corporation’s work. 

For instance, a manufacturing company might use machine learning to collect and analyse an inhuman amount of data, identifying patterns and anomalies for which the company might choose to act upon to improve operations. As a customer of this manufacturing company, you probably will never see this AI in the works. 

That might change with ChatGPT. The language model answers questions and assists with tasks. Now, students might use it to write an essay, or a software engineer to code, a traveller to plan an itinerary, and some are already using it as a search engine. And companies are planning to jump on this bandwagon. 

Forbes reported that Meta, Canva, and Shopify are using ChatGPT to answer customer questions. They also found that Ada, a Toronto-based company that automates 4.5 billion customer service interactions, partnered with ChatGPT to further enhance the technology. 

Furthermore, CNBC reported that Microsoft is planning to release technology so that big companies can launch their own chatbots using the OpenAI ChatGPT technology. That’s going to be billions of people interacting with ChatGPT. 

It seems like a perfect partnership, a natural step in technology’s evolution. 

A double-edged sword

But not everyone has jumped onto this tempting bandwagon.  Some of the most AI-proficient organisations in the world are treading with caution, and for good reason. 

Also Read: AI assistant or replacement? A PR pro’s take on using ChatGPT

As impressive as ChatGPT has proved thus far, Large Language Models (LLM) like ChatGPT are still rife with well-known problems. They amplify social biases, often negatively against women and people of colour. They are riddled with loopholes—users found that they could circumvent ChatGPT’s safety guidelines, which are supposed to stop it from providing dangerous information, by asking it to simply imagine it’s a bad AI. In other words, ChatGPT-like AI is fraught with reputational risk. 

Harnessing technology with a healthy reputational risk mindset

But that doesn’t mean we have to totally dismiss AI like ChatGPT. Adopting new technology of any sort is bound to come with risks. So, how do we reap the benefits of AI whilst maintaining a healthy level of reputational risk?

The Reputation, Crisis and Resilience (RCR) team at Deloitte held a roundtable with industry leaders in financial services, technology, and healthcare industries to discuss how they approach the complex challenge of managing reputation risk.

Some of the points concluded were:

• Foster a reputation-intelligent culture: One of the key things discussed was creating a culture that is sensitive to brand and reputation. In any decision made, employees should have an internal compass that constantly asks: will this move the needle on the company’s reputation, and how? This can be cultivated through holistic onboarding and training programmes.
• Set a reputation risk tolerance: Setting a tolerance can help organisations make intentional decisions. No companies want a reputational hit, but few companies actually set tolerance levels for how much risk they want to take. When you have a threshold to stay within, it’s easier to deal with new technologies you might not understand fully.

Also Read: Singapore surpasses US in AI investment: Study

• Utilise reputation risk management: Measurement methods include regular surveys, media monitoring, and key opinion former research. However, leaders must find a balance between collecting the relevant data without drowning in it. Research shows that too much data collection can be counterproductive, distracting people from the bigger picture or creating a risk-averse attitude. 

Since AI is and will continue to develop very quickly, knowing the intricate breadths and depths of AI all the time will be difficult. While we should keep abreast, what’s more important is focusing on cultivating a strong mindset around reputational risk so that no matter the tool—AI, social media, cryptocurrency—we can always manage the reputational risk involved.

For instance, instead of concentrating all effort and focus towards the dangers of a kitchen knife and how it might hurt you, learn about the general guidelines of personal kitchen safety, be it from the sharp edge of a knife or a pan-fire.

Similarly, instead of concentrating on the latest technological marvel and learning about every single reputational risk that might come with it, build a robust reputational mindset instead—one that will weather your organisation through any risky business.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join our e27 Telegram group, FB community, or like the e27 Facebook page.

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