Accounting practitioners across the country have been urged to explore the use of Artificial Intelligence (AI) in their business practices to boost their services and enhance productivity.
National applied research and development centre MIMOS said organisations in Industry 4.0 need to take advantage of AI as it can help them make better decisions and respond to change quickly.
Its Chief Technology Officer Thillai Raj said: “AI and machine learning are so commonly associated with the manufacturing sector that some of us tend to overlook the use of the technology in other areas such as accounting and finance.”
“AI can digest and process massive amounts of data much faster than any human could, which means the technology can be used to complement accounting skills, for example, by running tedious low-skill tasks,” he said, adding that AI is one of advanced technologies currently being researched and developed at MIMOS.
Earlier, MIMOS and business consultant firm 6Biz Sdn Bhd signed a memorandum of understanding (MoU) where both parties agreed to work together in promoting AI practice management for accounting industry.
Under the collaboration, MIMOS and 6Biz will work closely in developing AI solutions for accounting industry across Malaysia, which is expected to be implemented by third quarter of this year.
The partnership will lead to both parties launching the first AI Practice Management in Malaysia, which is aimed at transforming the profession to meet the higher demand for accountants in supporting nation building.
The MoU was signed by Raj and 6Biz Chief Executive Officer Dato’ Vimmy Yap, on the sidelines of a forum, Value of Digital Transformation – The Artificial Intelligence Way, held in Bukit Jalil, Selangor recently.
Yap said accounting practitioners as the trusted business consultants of corporations and SMEs were able to play advisory role on supporting business leaders to take part in the National Policy on Industry 4.0 (Industry4WRD) launched by the Ministry of International Trade and Industry (MITI) in October 2018.
“Accounting practitioners who pioneer the adoption of technology are able to reap the dual benefits – accelerate the productivity of their own firm, at the same time lead their clients in moving towards digital transformation,” she said.
Speakers at the forum included Lazada Executive Vice President Dr Bill Lang Jun, MIMOS Advanced Computing Lab Senior Director Dr Ong Hong Hoe, 6Biz Sdn Bhd Head of Client Success Richmond Ng, and Global Analytics Alliance Sdn Bhd Founder Steven Chong.