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Showing posts with label cloud computing. Show all posts
Showing posts with label cloud computing. Show all posts

Tuesday, September 18, 2018

Revolutionising accounting for a new era

The field of accounting is in need of a new breed of professionals who can contribute more than a quantifiable value to companies.

Increasingly, accountants in business are given the opportunity to be less involved in automated operations and focus more on bigpicture strategies, which gives a clear indication of the type of skills required in the near future. Bryan Chung, FCPA



WHEN talking about the Industrial Revolution, images that often come to mind include the extensive use of steam power, the birth of heavy machinery and ironworks, and bleak factories in England.

However, two more industrial revolutions have since passed and the 21st century is paving its way for the Fourth Industrial Revolution (IR 4.0), which is seeing the rise of autonomous decision making of cyber-physical systems and machine learning through cloud technology.

In simple words, IR 4.0 is the usage of artificial intelligence (AI) and the Internet to transform age-old processes and operating procedures across all industries.

With such change taking place, what does this mean for the accounting industry and where do accountants find their relevance in an era that looks to automate everything?

Calculating assets

In an interview with international education provider Kaplan, Malaysian Institute of Accountants’ (MIA) chief executive officer Dr Nurmazilah Datuk Mahzan said, “Among the current trends that are creating waves in the accountancy profession are big data and analytics.

“Companies of all sizes create massive structured, unstructured and semi-structured data every day. Organisations harnessing big data would be able to find new insights and discover unique patterns of their customer behaviour or even create new businesses that were previously not possible.”

Echoing her sentiments is Bryan Chung, Fellow of CPA Australia (FCPA), divisional councillor at CPA Australia (Malaysia), who believes that even though AI is good at matching patterns and automating processes – making technology useful to many functions in companies in the process – accountants still play a vital role.

He says, “While there is a lot of hype surrounding blockchain and AI in accountancy with more firms taking steps to increase or experiment with their use, it is unlikely that accountants (or auditors) will be out of a job anytime soon.

“It is likely that most of the administration process will be the first to be introduced to AI. Increasingly, accountants in business are given the opportunity to be less involved in automated operations and focus more on big-picture strategies, which gives a clear indication of the type of skills required in the near future.”

The challenge, however, is turning the current workforce in the accounting field into professionals who truly understand the implications of IR 4.0, not just in terms of their personal skills but also movements within the industry.

Discovering market potential

Gone are the days when sales numbers, website traffic and KPIs were sufficient information to measure monthly net profits.

In the same Kaplan interview, the organisation’s global professional accountancy head Tanya Worsley said, “Businesses today depend on their accountants beyond purely checking financial figures and balancing books.

“Financial professionals are expected to be able to provide their clients with actionable insights that can add value to the organisation’s overarching strategic goals.”

The changing role of accountants in the digital economy is what prompted MIA to launch the Digital Technology Blueprint in July this year, a document that outlines the five driving principles to help guide Malaysian accountants to respond appropriately to digital technology.

These principles are related to digital technology trends, the identification of capabilities, harnessing of digital technology, funding and governance.

Accountants who fail to stay updated with the latest trends and knowledge will cause their employers to lose out in the long run, while competing firms take advantage of the evolving cloud system.

For these reasons, upskilling and obtaining professional qualifications from MIA or accountancy bodies such as CPA Australia, Association of Chartered Certified Accountants, Institute of Chartered Accountants in England and Wales or Chartered Institute of Management Accountants should be considered a necessity instead of mere steps for higher management.

As most professional accountancy bodies require members to undergo regular training to maintain their memberships, these certified professionals are expected to be fully prepared for IR 4.0 and, by and large, artificial intelligence experts.

Chung adds, “IT knowledge is no longer an option. Lest we aim erroneously, it is not how extensive the IT knowledge is (as this is available in abundance and can be acquired easily), but the ability to understand the evolution of the profession and apply the knowledge appropriately.”

Explaining that accountants must use technology in their favour to elevate companies to new heights, he gives the example of successful tech businesses that used e-platforms to achieve massive scalability and visibility within a short time, despite having owners or founders who were not IT graduates.

“In the same way, accountants should be more strategic, make sense of the vast data available and deliver services based on the twin pillars of speed and quality,” he continues.

Eliminating liabilities

When combining this piece of information with the future route of total automation for jobs that are repetitive, rule-based and involve limited or well-defined physicality, the traditional job scope of accountants is coming to an end.

Employers are bemoaning the skill gaps currently present in the knowledge of digital technologies, forcing companies to spend resources retraining and reskilling their employees.

At the other end of the spectrum, constant news reports highlight the more pressing issue of employers having difficulty finding good graduates who can hit the ground running upon entering the workforce.

These situations highlight the dire need for a new breed of accountants who can provide more all-inclusive corporate reporting, which tells less about the numbers and more about the narrative of a company.

The Malaysian education system, for one, must move towards becoming an ecosystem for continuous upgrading of skills, working together with employers, be they officials from the Government, small business entrepreneurs or industry experts from professional organisations.

Colleges and universities need to continue reviewing their course offerings so that graduates have an accurate understanding of the evolving industry while being trained to adapt to new technologies and autonomous changes at the workplace.

However, it is not all doom and gloom. Chung points out, “There are now many initiatives being undertaken by various professional organisations and associations to provide education to accountants to increase awareness of the changes taking place.

“There are efforts now by professional bodies, corporates and academia to come together to address the disconnect between what’s being studied at universities and what’s relevant in the business world.”

Given how the financial technology space has demonstrated the willingness of companies to use innovative methods, Chung is optimistic about the future as the accounting profession can not only make positive inroads but ride on the back of this momentum to accelerate the learning and adoption of technologies as the nation moves into a new era of automation.

Credit: Bryan Chung, FCPA

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Tuesday, January 30, 2018

Jack Ma's Alibaba to take on Kuala Lumpur’s traffic Artificial Intellligence project

Alibaba Cloud, which set up a datacentre in Malaysia last year, is considering a second one to further develop a local ecosystem, its president Simon Hu said. — Reuters

https://youtu.be/MwixREUJOI0

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KUALA LUMPUR: Alibaba Group will set up a traffic control system harnessing artificial intelligence for Malaysia's capital Kuala Lumpur, its first such service outside China, as the e-commerce giant pushes to grow its cloud computing business.

Alibaba Cloud, the cloud computing arm of Alibaba Group, said on Monday it plans to make live traffic predictions and recommendations to increase traffic efficiency in Kuala Lumpur by crunching data gathered from video footage, traffic bureaus, public transportation systems and mapping apps.

It is partnering with state agency Malaysia Digital Economy Corporation (MDEC) and the Kuala Lumpur city council to roll out the technology, which would be localised and integrated with 500 inner city cameras by May.

The partnership comes after Alibaba founder Jack Ma and Malaysian Prime Minister Najib Razak launched an "e-hub" facility last year, part of an initiative aimed at removing trade barriers for smaller firms and emerging nations.

Alibaba Cloud, which set up a data centre in Malaysia last year, is considering a second one to further develop a local ecosystem, its president Simon Hu said on Jan 29.

He declined to elaborate on the company's total investments made and planned for in Malaysia, but said it was "no small amount" and that the investments would continue if there was demand for cloud computing technologies.

MDEC's chief executive officer Yasmin Mahmood said there was no estimate of City Brain's impact on traffic in Kuala Lumpur yet. The traffic management system in the Chinese city of Hangzhou had resulted in reports of traffic violations with up to 92% accuracy, emergency vehicles reaching their destinations in half the time and overall increase in traffic speed by 15%.

Najib has forged close ties with China in recent years. Last year, the Malaysian leader announced a slew of infrastructure projects, many funded by China, as he worked up momentum towards a general election he must call by the middle of this year. — Reuters

Related Alibaba To Take On Kuala Lumpur's Traffic In First Foreign Artificial Intelligence Project

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Wednesday, April 27, 2016

Cloud storage for personal files made safe

Utilise various services: As different Cloud services are suited to different types of files, it makes sense to spread your files out over several different Cloud storage providers. — Illustrations: MUHAMMAD HAFEEZ AMINUDDIN/The Star

Find the best space for your personal files on the Cloud.


In the movie Creed, Sylvester Stallone’s Rocky Balboa character looks baffled when a young boxer snaps a picture of a handwritten exercise regime with his smartphone instead of just keeping the paper.

Balboa gets even more confused and looks skywards when the young boxer tells him it’s stored on the Cloud so that the information won’t be lost even if he loses his handphone.

It’s hard to deny the rising importance of Cloud computing in our daily lives, as most of the content, services, apps, and even enterprise systems today reside on the Cloud.

Most of us are probably aware of or have used services such as Google Drive, Dropbox and OneDrive.

These services, also known as public Cloud, requires little effort from you other than having to sign up for them.

Most are free and offer up to 15GB of space – if that’s not enough you can subscribe for a nominal sum to bump up storage space.

As these services are mostly operated by tech giants, you don’t have to worry about any of the technical stuff, but on the flipside, you don’t have much control over it.

If you wish to create your own Cloud, it’s now easier than ever as the price of devices and components ­needed to set up such a service have fallen a lot.

Also known as private Cloud, it allows you to keep your files within your own servers and manage them as you see fit.

It takes a bit of investment and know how – our accompanying story will help you decide if you should go for public or private Cloud.

Here we will explore the best public Cloud services so that you can pick one (or two or three) that meets your needs best.

Free and easy

Almost all the public Cloud offerings have a free option – they differ mostly in the size or additional services offered.

Our pick for the best free Cloud service is Google Drive, as you get 15GB without having to spend a single sen.

More importantly, Google has tied Drive to its online services such as Gmail, Photos and Keep, as well as ­productivity tools like Docs, Sheets and Slides.

So all your photos and documents will be synced automatically and will be available from one place.

If 15GB option is too limiting then you can opt to subscribe. For US$1.99 (RM8) a month, you get 100GB of ­additional space.

If you just want sheer volume then try out Mega which offers a whopping 50GB of space for free.

It doesn’t set a limit on file size like most of the other services, but we found the data transfer speed to be a bit slow.

Space for shutterbugs

It goes without saying digital cameras and smartphones in particular have made it easier than ever for everyone to shoot photos.

The real problem, however, is in managing your photos and finding a place to store them.

Most back them up to a desktop or laptop and while it’s better than not backing up at all, is not a good solution as all hard drives have a finite lifespan.

If you don’t have redundancy then you need to find a better solution in the Cloud and we recommend Flickr.

It gets our vote because it offers 1TB of space for free, which should meet the requirements of most users.

Photo size is capped at 200MB while video at 1GB for a single file which is reasonable.

It also has smart photo management which will automatically sort out ­images according to groups such as animals, people and buildings.

Free users will, however, see ads and will not be able to access the ­desktop app for uploading photos.

Like most services, it doesn’t support the uncompressed RAW file format which is preferred by photographers who use DSLRs.

If you like keeping your file as RAW, you will need a service like Amazon Cloud Drive which allows you to upload an unlimited number of ­photos, including RAW files.

Its Unlimited Photos plan will cost you US$11.99 (RM50) a year which is not too bad as RAW files take up a lot of space.

The unlimited offer doesn’t extend to other files, including video – for these files you are limited to only 5GB.

If you need to find space for your videos then you will have to opt for the more expensive plan called Unlimited Everything which costs US$59.99 (RM240) a year. This service, while expensive, lets you upload to your heart’s content.

Cross platform

Nowadays it’s not uncommon to own multiple devices running on different platforms.

If you have, say a MacBook Air for work, Windows PC at home and Android smartphone, you need a Cloud service that supports as many platforms as possible.

While the dominant operating systems – Windows, OS X, Android and iOS are usually supported, other operating systems such as Windows Phone and Linux are often overlooked.

Thankfully Dropbox doesn’t do that – it supports almost every platform, including the ones mentioned above. If you want an alternative, try Box, as it also works on many platforms except Linux.

By Lee Kah Leng The Star

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