AI Is Driving a New Era of Innovation Artificial Intelligence (AI) is transforming innovation by moving into areas once thought to be uniquely human, such as creative thinking and design. While many leaders focus on AI’s role in optimising operations—cutting costs, streamlining processes, and enhancing customer experiences—its impact goes far deeper. Through the automation of repetitive tasks and rapid pattern recognition, AI has the ability to craft highly personalised solutions and resolve complex problems more efficiently than human teams. Traditionally, innovation relied on human imagination and intuition. In the current innovation landscape, AI co-creates—generating ideas, visuals, and prototypes alongside humans. By rapidly testing and refining countless design options, AI rapidly speeds up innovation cycles and expands what’s possible. This shift…
The strategic value of accounting in business Accounting is often perceived as a back-office necessity— primarily to manage cash flow and for regulatory purposes. However, this limited view can be costly. Misconceptions about the role of accounting can lead business leaders to neglect financial oversight, increasing their risk of cash flow and compliance issues. Beyond simply transactional record-keeping, accounting can provide valuable insights to highlight operational inefficiencies, drive business growth and stabilise long-term financials. This article examines common misconceptions about accounting, challenging the belief that it is only relevant for large corporations or that profitable businesses can afford to deprioritise financial oversight. By tackling these five prevalent myths, we highlight how accounting is essential, regardless of the size, stage of…
What’s Next for Accounting? Key Shifts Defining the Next Decade Accounting has long been seen as a stable profession, but that image no longer holds. Similar to other industries, it is being reshaped by automation, artificial intelligence (AI), evolving regulatory frameworks, and shifting client expectations. The accounting field is being reshaped by four major trends, impacting how accountants work and the value they provide. Firstly, accountants are increasingly stepping into the role of strategic business advisors. The automation of repetitive and low-skill tasks enables accountants to take on more analytical and strategic responsibilities. As leaders face increasingly complex decisions, accountants are becoming partners in guiding long-term strategy. At the same time, emphasis on sustainability and integrated reporting is pushing companies…
Although he started his career as an accountant, Mr Loh Hoon Sun could never have foreseen that it would lead him into the dynamic world of stockbroking, where he would spend nearly 33 years with his current company. This reality unfolds for the Senior Advisor (formerly Managing Director) of Phillip Securities, a renowned financial institution spanning 15 countries worldwide. The 85-year-old finance expert, born in Fujian, China, shared some insights on how the path of accounting can unlock incredible opportunities and diverse career experiences. His remarkable journey serves as a testament to the boundless prospects that the field of accounting can offer. Humble Beginnings Even though Mr Loh was born in Fujian, he moved to Penang, Malaysia at the age…
Image by Freepik Every company strives to navigate its strategic course with the lightest possible asset footprint. Yet, finding the optimal balance can resemble solving a complex puzzle. Executives often grapple with a perplexing choice when considering the heft of their assets. On one hand, there is the allure of asset-heavy, vertically integrated models that promise unmatched control. But do they also tether too much capital and lack the nimbleness needed in today's ever-shifting business environment? On the flip side, asset-light business models offer newfound flexibility, but can they be effectively managed? Do they raise concerns with the looming risks of Intellectual Property (IP) leaks and potential depreciation in value? "The art of business lies in the ability to make…