Adapting to Business Models Innovation
The possibilities of business models innovation are boundless, especially in this generation where technology is growing rapidly. Organizations should take advantage of the current technological growth to change their ways of doing things and unlock great value. Understanding new business models are emerging faster than ever before, back in 2012, 3E Accounting founder Lawrence Chai set up IT Solution, a technology company under 3E Accounting to provide a comprehensive range of IT solutions and digital marketing to complement the professional services offered to its clients as well as forming the firm’s Digital Research and Development (DR&D) team for leading development in new technological growth areas like robotics business automation (RPA), Machine Learning (ML) and Artificial Intelligence (AI), all to support their clients’ growing business model.
Changes in Business Model
With the nature of work changing due to automation replacing many manual tasks customarily performed by humans and the implications of AI, new business models arise addressing these needs. The business model design has evolved from a traditional modelling exercise to a new way of evaluating how an organization can initiate, create and gain value. With the rapid growth in technology and scaling infrastructure, new ways of thinking, rising market chances and more funding opportunities, new business models are emerging quickly. Business models evolve and change in response to different factors, including changes in supply and demand, customer preferences, technological change and shift in regulations.
Opportunities From New Business Models
With new business models emerging, accountants should be ready to upgrade their skillsets to make full use of these opportunities. Other than the required technical skills, accountants should hone competencies like financial acumen, business acumen to support business model innovation. Accountants can play a strategic role in building future-ready organizations by contributing to how a business model can propose, create and capture value. With business models innovation, it will create new ways of operation and new systems, this will enable professionals to play a role in supporting the new business model and enhance the value it will bring about.
Supporting Future Business Models
As part of the firm’s digital journey with the goal of improving productivity and enhancing value creation for both 3E Accounting’s internal and external stakeholders, a digital master plan was developed by 3E Accounting DR&D team. The digital master plan layout the fundamental challenges, identify future industry plans and charted an action plan, in support of the business’s digital transformation. Within 15 months of the forming of the DR&D team, 3E Accounting successfully undergone a digital transformation with all services offered to be fully processed digitally and the firm can go 100% paperless and fully digital. This successful digital transformation value adds for 3E Accounting clients and can support clients of all business models.
Embracing automation, 3E Accounting aims to build intelligent robots to replace humans in manual repetitive tasks and collaborate with human co-workers to improve productivity. 3E Accounting has successfully developed the Financial Report robot and Robotic Process Automation (RPA) robot and is currently developing the Tax robot and Bookkeeping robot. The deployment of robots helped save time and manpower, by saving time from the manual repetitive tasks, 3E Accounting is able to focus on value creation activities and help organizations make better decisions and derive greater insights.
Adapting to technological changes and changes in the business environment, business models have evolved and new industries are formed. With a strong belief that technology will continue transforming the business landscape and to better support future business models, 3E Accounting has invested over $2 million in researching and developing IT infrastructure and will continue exploring new technological growth areas.