Survey of accounting and finance professionals finds an expected increase in the application of AI in the controllership role
NEW YORK, NY and MONTVALE, NJ / ACCESSWIRE / December 5, 2024 / A new global survey from Deloitte's Center for ControllershipTM and IMA® (Institute of Management Accountants) finds that the implementation and use of artificial intelligence (AI) in the controllership role is expected to double in the next three to five years. AI was also ranked as the second most important technology skill for controllers to have training on in the near future.
The survey report, titled "Next-Gen Controllership: Harnessing AI and emerging technologies to transform finance and accounting," reveals the thoughts of more than 900 finance and accounting analysts, managers, directors, controllers, and CFOs regarding the impact emerging technology is having on the accounting profession and the controllership role. The report also shows the benefits these technologies may have on accounting processes.
In this survey, 16% of respondents are either currently using or adopting Generative AI and 44% plan to adopt Generative AI in the next five years. The report concluded that Generative AI has the potential to reduce the burden of human interaction for many types of tasks, freeing up a workforce for higher productivity and space for more ambitious strategies.
The survey also found that AI is guiding other emerging technologies in the profession which are, in turn, driving changes to the role of the controller as an authority in decision-making and the driver of strategic imperatives. Some organizations are initiating finance transformation initiatives and future growth will likely trend toward the convergence of these technologies and new integrations with AI functionality.
"Emerging technologies like Generative AI are quickly gaining momentum among controllers who are recognizing their long-term value for the profession," said Katie Glynn, partner and Deloitte Center for Controllership leader, Deloitte & Touche LLP. "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."
Surveyed controllership professionals identified concerns regarding a number of implementation challenges tied to new technologies, including a lack of alignment with systems architecture, funding, leadership support, and skilled labor, as well as concerns regarding the availability of accurate and sufficient data to feed into new tools, and the accuracy of model outputs.
"Technology adoption, implementation, and execution among accounting and finance teams has increased significantly, affecting the office of the controller and the greater controllership function," said Rebecca Baker, Ph.D., director of product management at IMA and co-author of the report. "As the role of the controller continues to evolve, aligning these technological transformations with business goals and objectives will be essential."
To read the full report, visit https://www.imanet.org/en/Research-Publications/IMA-Reports/Next-Gen-Controllership-Harnessing-AI-and-Emerging-Technologies-to-Transform-Finance-and-Accounting.
About IMA® (Institute of Management Accountants)
IMA® is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant), CSCA® (Certified in Strategy and Competitive Analysis), and FMAA™ (Financial and Managerial Accounting Associate) certification programs, continuing education, networking, and advocacy of the highest ethical business practices. Twice named Professional Body of the Year by The Accountant/International Accounting Bulletin, IMA has a global network of about 140,000 members in 150 countries and 200+ professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its six global regions: The Americas, China, Europe, Middle East/North Africa, India, and Asia Pacific. For more information about IMA, please visit www.imanet.org.
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Giuseppe Barone
IMA
(201) 474-1681
giuseppe.barone@imanet.org
Christine Oh
Public Relations
Deloitte & Touche LLP
561-962-7693
chrisoh@deloitte.com
SOURCE: IMA® (Institute of Management Accountants)
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