A recent global survey by Deloitte’s Center for Controllership and the Institute of Management Accountants has revealed that the implementation and use of artificial intelligence (AI) in the controllership role is expected to double in the next three to five years.
Additionally, AI was ranked as the second most crucial technology skill for controllers to be trained on.
Titled ‘Next-Gen Controllership: Harnessing AI and emerging technologies to transform finance and accounting,’ the survey report gathered insights from more than 900 finance and accounting professionals, including analysts, managers, directors, controllers, and CFOs.
The report examines the impact of emerging technology on the accounting profession and the controllership role, highlighting potential benefits for accounting processes.
According to the survey, 16% of respondents are either currently using or adopting Generative AI, while 44% plan to adopt it within the next five years.
The report suggests that Generative AI could reduce the need for human interaction in various tasks, allowing the workforce to focus on higher productivity and more ambitious strategies.
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By GlobalDataAI is also found to be influencing other emerging technologies in the profession, driving changes in the controller’s role as a decision-making authority and a strategic driver.
Some organisations are launching finance transformation initiatives, with future growth is expected to focus on the convergence of these technologies and new AI integrations.
However, controllership professionals surveyed expressed concerns about several implementation challenges related to new technologies.
These include a lack of alignment with systems architecture, funding, leadership support, and skilled labour.
There are also concerns about the availability of accurate and sufficient data for new tools and the accuracy of model outputs.
Deloitte & Touche partner and Deloitte Center for Controllership leader Katie Glynn said: “However, a host of challenges remain that require a measured and strategic approach to support successful tech adoption.
“Ultimately, controllers who can navigate hurdles tied to legacy system integrations, skills gaps, and enterprise security posturing will likely be better positioned to contribute to a stronger balance sheet and maintain a competitive advantage.”
In June 2024, Deloitte’s 2024 Digital Consumer Trends research found that more than 18 million people in the UK have used Generative AI.
This finding was based on a survey of 4,150 UK adults aged 16 to 75.
