NextGen Controllership: Harnessing AI and emerging technologies to transform finance and accounting

Emerging technologies are transforming the finance and accounting industry. With the adoption of AI in finance and new functionalities available in the convergence of data location, process automation, and data analytics technologies, financial institutions can now process transactions faster, more accurately, and with seemingly greater efficiency. However, the integration of these new technologies comes with a set of challenges. But despite these challenges, the benefits of emerging technology in finance and accounting can be promising, and companies that integrate these technologies effectively are likely to gain a competitive advantage in the industry.

To gain a better understanding of these challenges and ways finance and accounting leaders may navigate them and leverage the benefits of emerging technologies, IMA® (Institute of Management Accountants) and Deloitte’s Center for ControllershipTM conducted a global survey of more than 900 finance and accounting analysts, managers, directors, controllers, and CFOs.

The global survey aimed to read the pulse of how the finance and accounting functions are navigating the influx of emerging technology available against expectations for future implementations, possible applications, and financial controllership impact.

This Deloitte and IMA report presents the findings from this survey alongside considerations from industry specialists and professionals, offering insights into common emerging technologies used in the controllership function, the benefits these technologies may have on core accounting processes, and how technology may transform the function of controllership. We explored how professionals apply new tools, challenges in adopting technology solutions and insights into overcoming these challenges, optimizing the positive impacts, and meeting expectations for the future of controllership.

Artificial intelligence: How AI is reshaping accounting and financial controllership

From traditional to Generative (GenAI)--the question is not if AI will impact your work, but when. Our global survey showed that the implementation and use of AI in finance is expected to nearly double in the next three to five years. Furthermore, AI was ranked as the second most important technology skill for controllers to have training on in the next three to five years. See how our report measured some of the challenges the controllership function is facing with AI integration, including how expectations may differ from reality, and emerging benefits for finance and controllership.

Beyond AI: Technologies leading controllership transformation

While the novelty of GenAI brings AI to the forefront of many emerging technology discussions, it’s crucial to know that AI is not the only emerging technology taking up real estate in next generation’s accounting landscape. Other technologies such as process automation, data analytics, and data location continue to evolve and play a big role in accounting and finance. Our report identifies respondents’ most used technologies, implementation trends, and emerging functionalities for some of the big players in next-gen tech.

How emerging technologies are impacting controllership

Emerging technologies impact controllership both as a function and through the role of controllers. As new technology, data, and intelligent tools continue to emerge and innovate, controllers and finance professionals will likely continue their trajectory toward catalyst and strategist roles within their organizations. In fact, with AI and other emerging technologies, the controllership function is expected to continue the shift toward a more sustained transformation mindset now and into the future. How else will NextGen tech impact controllership?

A framework for future decision making with NextGen tech

Today’s imperative to transform through emerging technology is changing the financial landscape. Technology is evolving rapidly and on a massive scale; it may seem like finance leaders can never keep up. This rapid pace of change drives the accelerated digital transformation of controllership and affects operating models, data models, processes, strategies, roles—the whole function. The speed and scale of this shift may leave controllers feeling uneasy about embracing emerging technology while maintaining stewardship over their organization’s financial information.

The insights gleaned from our survey report help form the bedrock of our guidance on how controllers and their teams can leverage a practical framework for navigating the unpredictable landscape of emerging technology. This framework aims to assist finance and accounting professionals to optimize the functional value of technologies that are set to become a staple in the next generation of controllership.

Explore more insights from IMA^® (Institute of Management Accountants) and Deloitte’s Center for Controllership™

We invite corporate controllers and other accounting professionals to explore our co-published research covering a myriad of topics that address the evolution of the controllership function in this fast-paced, complex, and increasingly digital age.

• The Future of Financial Controllership
  
• The Future of Automation in Finance
  
• Elevating the Role of the Controller