Next-gen controllership
Emerging technologies for finance and accounting
A blog post by Court Watson, Jonathan Haynes and Katie Glynn
As organizations adapt to rapid technological advancements, the controllership function is well positioned to leverage artificial intelligence (AI) and emerging technologies to enhance finance and accounting operations. Through the spring of 2024, IMA® (Institute of Management Accountants) and Deloitte’s Center for Controllership™ conducted a survey to collect data on the impact of emerging technologies to the controllership function. With the results from our survey report, Next-gen financial controllership, we held a webcast to further explore some of the benefits, risks, and opportunities that AI and other emerging tech bring to controllership, their impact on the function, and a framework to help enable the convergence of next-gen tech and finance.
Against the backdrop of the current state of AI in finance and accounting, we explored how technology is evolving the role of the controller. We reviewed key technologies such as process automation, data analytics, and data location management and their convergence with AI. In addition, we looked at what this convergence of technology looks like for the future of AI in finance and accounting—how it can elevate strategic value, empower future controllers, and drive next-gen controllership. Here are some key insights and considerations from our exploratory survey and webcast about the future of technology in next-gen controllership.
AI is the behemoth of next-gen technology in finance and accounting
What is AI? AI is defined as the theory and development of computer systems able to perform tasks normally requiring human intelligence. But AI is constantly evolving and, for the purposes of our survey and AI’s use in finance and accounting, it is best to define the differences between traditional AI and Generative AI (GenAI), and what those mean for finance and controllership.
- Traditional AI is artificial intelligence that is often role-based and provides outputs such as numbers, labels, or classifications without the ability to generate new content.
- GenAI is artificial intelligence applications that create new content across various modalities (e.g., text, images, audio, code, voice, video) that would have previously taken human skill and expertise to create.
The benefits, risks, and opportunities Generative AI can offer controllership
The introduction of GenAI enables the ability to automatically label and classify big data and generate new content that would typically take human skill to create. This tool to help augment human work has the potential to significantly benefit the controllership function. In our survey, when asked what the greatest benefits achieved with AI tools was, the top benefits identified were increased automation, reduction of monotonous responsibilities, and ease of data analysis.
While AI is the latest large-scale technological advancement, there are also many key challenges to adoption and implementation for the controllership function today. In our survey, some of the biggest challenges respondents identified were integration with other systems, security concerns, and data governance.
New functionalities to existing and emerging technologies are impacting accounting and finance
In addition to AI, our 2024 survey also covered other evolving technologies that impact accounting and finance, including data location, process automation, data analytics, and trends around these emerging technologies’ use in controllership. Here are some trends to these functionalities and how they are affecting the controllership function.
AI and emerging technologies will impact controllers and the skills necessary for the function
The impact of AI and emerging technologies extends beyond the controllership function itself—it is also reshaping the roles and skill sets of controllers and finance professionals. According to our global survey, 78% of surveyed accounting and finance professionals reported having a high or medium level of involvement in technology-related decisions, highlighting the growing importance of tech fluency in the field. As a result, developing relevant skills will be critical over the next three to five years. Interestingly, when asked which skills are most important to improve during this period, respondents ranked critical thinking as the top priority. Self-sufficiency—encompassing self-awareness, curiosity, and a commitment to lifelong learning—was identified as the second most important, ahead of technology-specific skills, which only 17% of respondents ranked among their top priorities. When it comes to technical training, however, 25% of respondents pointed to data analytics and visualization as the areas requiring the most development for controllers, followed by data science, machine learning, and AI.
As the finance and accounting landscape continues to evolve, the controllership function stands at a pivotal crossroads—where traditional responsibilities are being reshaped by the transformative power of AI and emerging technologies. From increased automation and enhanced data analysis to innovative applications in process automation and cloud data strategies, the potential to drive efficiency and strategic value is immense. However, this transformation also comes with new challenges in integration, security, and skills development. Controllers and finance professionals should embrace a mindset of continuous learning, with a strong focus on critical thinking and data literacy, to remain agile and future-ready. Ultimately, the convergence of AI, analytics, and automation is not just enhancing controllership—it is redefining it for the next generation of controllership.
