ASI Kairos is an innovative initiative designed for our SMP and SME members as a vital step in equipping businesses, particularly small to medium sized enterprises (SMEs) with access to skills and tools to access big data in a meaningful way. The programme will bring together a collection of work streams, systems and platforms under a single umbrella encompassing:
It will use a collection of tools, dashboards, and predictive models supporting a range of client scenarios, aimed at saving time and delivering the opportunity for SMP Members to have meaningful insights leading to richer conversations and reliable business predictions with their SME Clients.
Kairos is ancient Greek for the opportune moment. We believe that now is the time for Chartered Accountants to move into the predictive space using data to give clients better business advice.
ASI Kairos, operated by ASI Solutions, will continue to evolve as we work with our SMP members to ensure it continues to deliver for their practice's evolving needs.
It's about leveraging accounting data and predictive analytics software to find patterns in data that an ASI Kairos member can use to predict scenarios for clients in advance, helping them to maximise opportunities and limit risks.
Beyond data, the accounting professional expectation in 2018 is to have a mindset that is no longer just reactive, e.g. focusing on tax and related events, but proactive and eager to assist clients in a trusted advisory capacity on a variety of business and financial areas.
The concept of data analysis is well established but is being given impetus by the exponential growth in the volume of data that is available from a myriad of sources and breakthroughs in technology that are enabling savvy businesses to harness this data commercially. For example, how Uber identifies demand for taxis at any given time or location, and the generation of surge pricing when demand outweighs supply based on major events or incidents.
It also hasn't historically been applied to the accounting profession and their ability to provide commercial and financial advice.
It is true that the larger accounting practices have been offering similar services. However, this is a transformational initiative from a leading professional body seeking to launch to its SMP and SME members.
Also, the technology available from vendors and the open source community no longer requires each accounting practice to have data scientists with deep analytical skills. This is now available in advanced applications being recognised as "democratising data science".
Another important distinction is the increasing use of big data, e.g. social media data, to help make predictions when relevant. This differs markedly from traditional forecasting associated with time series and estimating an aggregate future value based on past data. Prediction has the ability to focus at the individual customer behaviour level.
The intent is to benefit ASI Kairos members, particularly SMEs, by helping them become more agile and competitive. We also are endeavouring to help ASI Kairos members become more efficient and effective in growing their practices by assisting in delivering increased relevance and value to their clients.
Accountants are trained to be good with numbers and are trusted advisers because they have a fiduciary duty. Predictive accounting simply requires a mind shift from reactive to proactive coupled with a willingness to embrace data and technology. The ASI Kairos platform provides members with data analysis to be more predictive in the approach through the adoption of technology.
It is important that Chartered Accounts ANZ continue to support their members' position as trusted leaders in business and finance. Through education initiatives we aim to help fill the demand for an estimated 30,000 data managers required by 2018 in Australia and New Zealand. Also, the nature of the profession allows mobility and presents accountants with an opportunity to participate in the global shortage of data savvy managers. The use of data analytics as a key tool to support our SMP and SME members in equipping businesses, particularly small to medium enterprises, with the skills and tools to access, analyse and find insights in not only existing data but also the emerging big data.
As the preferred technology provider for CA ANZ, ASI Solutions is best equipped to ensure the ASI Kairos Platform continues to remain a purpose digital solution that will help small to medium practices to analyse and use data more efficiently.
Chartered Accountants ANZ Members particularly those working in small- to medium-sized practices, face competition on a number of fronts: from the big global firms at one end of the spectrum to book keepers at the other end. Predictive accounting provided by ASI Kairos may assist them to be competitive and add value to their clients as they continue with their professional development education over the lifetime of their professional activities
Members receive a Getting Started document to introduce them to the ASI Kairos platform. There are also a range of explainer videos within the tool itself to help guide members in the implementation of ASI Kairos into their business strategy. Should members have any additional questions regarding the platform our team of experts are available at assist@asikairos.net or 1300 368 010.
It is early days but we hope to see a number of forward-looking firms embrace predictive accounting.
We are at the beginning of an ongoing process of engagement and development is likely to take anywhere from 12 to 36 months depending on the desires of individual practices to embrace key components of the programme. Also, a number of the members have already commenced the move to embrace a connected practice and data analytics out of competitive pressures.
We think SMEs across Australia and New Zealand will react very positively to ASI Kairos having the tools to enable them to be more forward looking and commercial in their advice. These SME business are time poor and inundated with data from numerous sources. We believe they will see great value from their CAs as trusted advisers who can help them make sense of this information quickly and easily.
An additional aspect is an ability using the key components of the programme for a member to serve clients on a personal basis with "data driven" products, including dashboards specifically designed for each client utilising their business and financial data enriched with new sources of data hitherto not considered or available to help provide insights in local, regional and global markets.
the Kairos platform will be managed by Chartered Accountants ANZ's technology partner ASI Solutions. The platform will be known as ASI Kairos.
The decision to partner with ASI Solutions will provide more value to members, this includes delivering support services as effectively and efficiently as possible.
ASI Solutions is an Australian owned IT services provider with over 30 years' experience, backed by 120 staff and over 250 local contractors.
The Accelerator/ Incubation hub has been set up to provide ASI Kairos members with accounting analytics innovation to help seed a marketplace of new applications.
It is as much 'Cloud' based as it is a physical environment, providing a safe place to develop accounting algorithms and templates that can be made available to ASI Kairos members, as part of the tools and dashboards.
The key areas of attention will likely include big data analytics and blockchain technology. The latter will ensure transactions maintain integrity and cannot be altered.
Please email assist@asikairos.net
The ASI Kairos Connected Practice is based on Microsoft Office 365. Depending on the device you are using, you may have a different experience.
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