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1、Next-gen controllership Harnessing AI and emerging technologies to transform finance and accountingTable of contentsLaying the groundwork:Global research to trace the controllership technology journey 1Section 1:Artificial intelligence:How AI is reshaping accounting and finance 1Section 2:Beyond AI:
2、Technologies leading change in controllership 10Section 3:From traditional to tech:How emerging technologies are affecting controllership 15Section 4:How to thrive:A framework for future decision-making 19Conclusion:A way forward 23End notes 24About the authors 25About the survey 26Next-gen controll
3、ership|Harnessing AI and emerging technologies to transform finance and accountingDeloittes1 Center for Controllership Deloittes Center for Controllership is a research,resource,and collaboration center that helps chief accounting officers(CAOs)corporate controllers,and others in the controllership
4、function Deloitte helps organizations effectively navigate business risks and opportunitiesfrom strategic,reputation,and financial risks to operational,cyber,and regulatory risksto gain competitive advantage.We apply our experience in ongoing business operations and corporate life cycle events to he
5、lp clients become stronger and more resilient.Our market-leading teams help clients embrace complexity to accelerate performance,disrupt through innovation,and lead in their industries.For more information about Deloittes Center for Controllership,please visit wwwdeloittecom/us/cfcIMA(Institute of M
6、anagement 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)and CSCA(Certified in Strategy and Competitive Analysis)
7、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 350 professional and student chapters.H
8、eadquartered in Montvale,N.J.,USA,IMA provides localized services through its four global regions:the Americas,Asia/Pacific,Europe,and Middle East/India.For more information about IMA,please visit wwwimanetorgNext-gen controllership|Harnessing AI and emerging technologies to transform finance and ac
9、counting1Emerging technologies are transforming the finance and accounting industry.With the adoption of artificial intelligence(AI)and new functionalities available in the convergence of data location,process automation,and data analytics technologies,financial institutions can now process transact
10、ions faster,more accurately,and with seemingly greater efficiency.However,the integration of these new technologies comes with a set of challenges Legacy systems,which are often outdated and lack the necessary compatibility with newer technologies,can make the adoption of new technology innovations
11、difficult and expensive.Additionally,the implementation of new technology requires significant investment in training,infrastructure,and cybersecurity measures.Despite these challenges,the benefits of emerging technology in finance and accounting can be promising,and companies that integrate these t
12、echnologies effectively are likely to gain a competitive advantage in the industry.From the winter of 2023 to the spring of 2024,IMA and Deloittes Center for Controllership conducted a global survey of more than 900 finance and accounting analysts,managers,directors,controllers,and CFOs.The global s
13、urvey 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 controllership impact This report presents the findings from this survey alongside considerat
14、ions from industry experts 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 app
15、ly new tools,the challenges in adopting technology solutions and insights into overcoming these challenges,optimizing the positive impacts,and meeting expectations for the future of controllership.The insights gleaned from this research form the bedrock of our guidance on how controllers and their t
16、eams 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 controllershipLaying
17、 the groundwork:Global research to trace the controllership technology journeySection 1:Artificial intelligence:How AI is reshaping accounting and financeWhat is AI?For a term that is consistently in headlines and at the forefront of business discussions,you may find yourself wondering what exactly
18、is AI?The standard answer:Artificial intelligence(AI)is the theory and development of computer systems able to perform tasks normally requiring human intelligence.AI can be categorized into two main categories:traditional and generative(figure 1).Traditional AI is often rule-based and provides outpu
19、ts such as numbers,labels,or classifications.If you have ever used a virtual assistant on a website or leveraged predictive analytics technologies for your data,you were using traditional AI.This category of AI is optimized for processing large amounts of data following predefined rules that train t
20、he AI to respond to a given set of circumstances.It is distinguished by its response within prescribed parameters,but it does not adapt to situations outside its training set Generative AI(GenAI)has the ability to generate new content,as the name suggests.It is AI that can create content across vari
21、ous modalities,such as text,images,and code,which would have previously taken human skill and expertise to create.Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting2Figure 1:Defining artificial intelligence:Traditional AI vs.Generative AIGenerative ap
22、plicationsText,image,video generationSynthetic data generation Automated content moderation or translation ChatbotsContent creation Automated education Traditional applications Machine learning Natural language processingVirtual assistantsDeep learningPredictive analytics Robotics process automation
23、 Speech recognitionImage recognitionAI overview Artificial intelligence(AI)is the theory and development of computer systems able to perform tasks normally requiring human intelligence.Generative Generative AI is artificial intelligence applications that create new content across various modalities(
24、e.g.,text,images,audio,code,voice,video)that would have previously taken human skill and expertise to create.TraditionalTraditional 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.Next-g
25、en controllership|Harnessing AI and emerging technologies to transform finance and accounting3But what does that mean?Lets simplify.AI encompasses many technologies that work together to build innovative solutions that transform society and business alikeIn the finance function,that can include mach
26、ine learning,natural language processing,deep learning,predictive analytics,robotic process automation,and speech recognitionWhy AI matters The question is not if AI will affect your work,but when.Our global survey showed that the implementation and use of AI in the controllership function is expect
27、ed 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.GenAI captured the publics imagination when it burst onto the scene in the second half of 2022.Few technolog
28、ies have ever debuted to such fanfare.Adoption and use of GenAI have been sudden and rapid among the public.In one example,OpenAI reported reaching 100 million users within 60 days of releasing ChatGPT to the public2 GenAI may be the next great chapter in the history of information.3 For businesses,
29、the opportunity to augment professionals and controllers with machine-assisted intelligence is a generational opportunity.Its a paradigm shift that may be poised to unlock doors to new business opportunities and fundamentally change how the enterprise organizes and operatesThe current state of AI AI
30、 tools and other rule-based innovations are pervasive,but AI is entering a new era.The hype around AI innovation over the past year has reached new levels,and for good reason.What changed?In short,AI is graduating.It is transforming from rule-based traditional models to foundational data and languag
31、e models that can generate its own rulesWhile a rule-based model focuses on predictions and patterns using massive amounts of historical data and language models,GenAI can generate content and insights that builds upon foundational data.AI has advanced technological capabilities that can empower con
32、trollers and transform how business is done With tools from intelligent automation to machine learning,natural language processing,and GenAI,organizations are presented with both opportunities and risks in finance and accounting.There are many AI tools available that the accounting and finance funct
33、ion can leverage.When asked which AI products are currently being used the most in controllership,respondents identified Microsoft products such as Azure Synapse as the highest used AI tool.Azure Synapse,like most of the tools in our survey,is mostly used for analytics purposesThis tool was closely
34、followed by OpenAI,with over 30%of respondents who use AI claiming to use OpenAI in their organizations.Rounding out the top three AI tools that respondents mentioned using was Snowflake,which has AI capabilities to understand unstructured data,answer free-form questions,and provide intelligent assi
35、stance.Other AI tools also used within controllership include,Domo,Oracle,Sage Intacct,SAP Concur,and ThoughtSpot.Deloittes insights While the interest in traditional AI and GenAI is reaching new heights,organizations are adopting AI tools at a lower rate than many may have expected.Organizations se
36、em to be waiting for more niche tools to enter the market or more advanced out-of-the-box technologies to emerge with practical applications for the finance and controllership spaceNext-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting4GenAI adoption chal
37、lenges The top reported challenge for implementing GenAI tools was AI integration with existing systems,with 19%of survey respondents citing this has been a challenge with past implementations This challenge was followed by security concerns,data governance,and lack of skilled labor for the top impl
38、ementation challenges For future planned AI implementations,integration with existing systems remained the biggest concern;however,respondents ranked challenges with data governance and lack of skilled labor higher for future expected challenges.It is expected to see challenges with data governance
39、become a significant lift for many organizations as they plan to implement AI(figure 2).While specific implementation challenges may vary,one common barrier is the alignment of system architecture This relates to the noted challenges around data inconsistencies across applications Inconsistent data
40、governance across the organization leads to challenges in implementing integrated solutions.Lack of funding and lack of leadership support remained the smallest challenges for respondents,both for previous and future implementations;however,respondents identified that lack of funding was becoming mo
41、re of a concern going forward Other challenges noted by respondents included lack of skilled labor,limited use cases,trust concerns,reliance on bad data,a lack of leadership support,and problems with funding(figure 2).Deloittes insights AI has been receiving much attention in the current climate.As
42、it introduces a paradigm shift to accelerating transformation,finance leaders have been more engaged in the excitement,likely driving a willingness to fund implementations.However,that excitement may outperform the current impact of AI in the finance and accounting space.Therefore,the willingness,or
43、 perceived willingness,to fund AI tools may focus on more long-term or future investments until the impact aligns with the hype or offers more assurance for a return on investment.Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting5987632Security conce
44、rns4Figure 2:Top AI implementation challenges in the past five yearsIntegration with existing systems1Lack of skilled laborLack of trust in technologyLack of leadership supportAvailability of clean dataLack of fundingData governance5Lack of use caseNext-gen controllership|Harnessing AI and emerging
45、technologies to transform finance and accounting6Benefits of GenAI in finance According to respondents,the top reported benefits of AI are increased automation enablement and the reduction of monotonous responsibilities(figure 3).The global survey showed that 20%more respondents identified predictiv
46、e and prescriptive analytics as a benefit in the next five years compared to the previous three to five years.Deloittes insights Organizations have historically utilized predictive(forecast based on historical data)and prescriptive(forecast-driven recommendations)analytics in more simplistic use cas
47、es.However,professionals have noted GenAI can increase the power of predictive analytics.With GenAI,the model can offer a prediction with the additional benefit of context and explanations around that prediction.Natural language models will make this more accessible The adoption of built-in prescrip
48、tive analytics into larger offerings will also likely drive accessibility.GenAI has the potential to reduce the burden of manually intensive tasks on humans,freeing them up to focus on higher value and more ambitious strategies.It is rocket fuel for operations that can enable a workforce to utilize
49、technologies to guide decisions and focus more on critical or strategic tasks4 Figure 3:Top AI benefits in the next five years632Reduce monotonousresponsibilities4Increase automation1Reduce human errorPredictive and prescriptive analyticsEase of data analysis5HigherproductivityAI is an operations fo
50、rce multiplier for human ambitions in financeNext-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting7Deloittes insights-Controllership AI use cases5 Increase automation Automate journal entries;reduce manual tasks in order-to-cash cycle;process,match,and p
51、ay in procure-to-pay process to support touchless invoice processingReduce monotony Create,track,and manage close activities;produce automatic smart accounting reports based on predefined template Data analysis Automatically analyze data and provide optional solutions;improve variance analysis with
52、unstructured data;generate insights in video,text,or image formatReduce human error Reconcile inconsistent journal entries;assess reliability of accounting entriesProductivity Reduce time spent on manual processes such as risk interviews,in which GenAI can analyze unstructured data sources such as d
53、iscussions to uncover takeaways,themes,and insights;produce diagrams,slides,and other insight material from datasets,allowing humans to focus on any identified exceptionsPredictive and prescriptive analysis Validate actuals in the close;provide trend analysis and insights for accountants;identify bi
54、ggest drivers of cash flow;analyze historical fulfillment rates for inventory management6 GenAI use cases in accounting and finance GenAIs broad applicability makes it a useful tool across personas and functions and throughout businesses.For example,using GenAI,the controllership function can system
55、atize recurring entries and reconciliations,perform source-to-target chart of account mapping,review and analyze contract terms,and prepare internal and external financial reporting that includes commentary and insights7Finance leaders can use GenAI to maintain a pulse on the business and adapt to c
56、hanging market conditions,predict and preempt strategic macroeconomic blockers,enhance organizational structure,and provide quick answers to evolving questions and real-time information.Controllers and finance leaders can use GenAI to run intelligent searches of knowledge bases,standard operating pr
57、ocedures,and regulatory documents;generate control compliance reports to provide domain-specific expertise to business decisions,and monitor compliance,ethics,and control across the business8With this ability,GenAI could create a more profound relationship between humans and technology.AI can be a f
58、orce multiplier or assistant for workersliberating them from more repetitive tasks and enabling the workforce to focus on more creative or strategic aspects of their jobs9 Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting8Figure 4:Generative AI adopt
59、ion in controllership 15%22%8%8%Currently usingCurrently adopting612 months away from adopting9%25 years away from adopting12 years away from adopting38%No plans to ever adoptImplementation considerations The use of traditional AI and GenAI in accounting and finance may vary across functions.Respond
60、ents identified that advanced analytics and intelligent systems,such as data science and AI,are being implemented the most in financial reporting and financial planning and analysis(FP&A)within controllership.Other areas leveraging advanced analytics and intelligent systems include controls and comp
61、liance,treasury,general ledger and close accounting,and operational accounting Deloittes insights Many experts identify the record-to-report process for internal or management reporting as one of the strongest use cases for FP&A.In addition,flux analysis and managing the close process could benefit
62、from GenAI implementations.Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting9While traditional AI tools will likely continue to exponentially increase in finance and accounting use cases,it is important to note that GenAI adoption is quickly gaining
63、traction across finance.Our global survey showed that 16%of respondents are either currently using or currently adopting GenAI,and almost half of respondents(44%)plan to adopt GenAI in the next five years(figure 4).Key takeaways The ongoing adoption of traditional AI will likely continue to grow as
64、it becomes standard technology in business.Per the survey results,emerging adoption of GenAI is also likely to increase over the next few years.When looking at the emerging AI tools and their various generative applications,the opportunities they present to finance and accounting are multifaceted.Wh
65、ile many tools currently have analytics applications,GenAI tools are a paradigm shift to the finance and controllership landscape because of their broad applicability and convergence with other emerging technologies.With the challenges to AI implementations and concerns over governance and security,
66、stepping into the opportunity to maximize benefits may be achieved with a successful AI implementation framework This is discussed further in Section 4Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting10Section 2:Beyond AI:Technologies leading change
67、in controllershipThe big players:Next-gen tech While the novelty of GenAI brings AI to the forefront of many emerging technology discussions,its crucial to note that AI is not the only emerging technology taking up real estate in the next-generation accounting landscape.Other technologies such as pr
68、ocess automation,data analytics,and data location continue to evolve and play a big role in accounting and finance.In this section,we will identify the most used technologies,implementation trends,and emerging functionalities for each category according to the survey(figure 5).First,lets define the
69、key areas in emerging technology outside of AI:Data location and management technology Data location and management refers to systems,methodologies,and infrastructure used to store,manage,and retrieve data across various physical devices and geographical locations.This technology encompasses both th
70、e hardware and software components necessary to ensure data is securely saved and efficiently accessible when needed.In controllership,this technology can include on-premise,cloud,or data mesh approaches to storage and data management Figure 5:Emerging technology areas in controllershipCommon locati
71、ons of dataProcess automationData analytics and visualizationArtificial intelligence(AI)Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting11With most technology implementation initiatives trending upward,it may come as a surprise that results from our
72、 survey demonstrated the implementation of data location technology within accounting and finance is expected to decrease by 32%in the next five years(figure 6).Respondents identified the most used data location technology as SAP,with 18%of respondents implementing SAP within the next five years.Oth
73、er notable data location technologies include SQL,and Oracle.While most data location implementations are expected to decrease compared to the previous five years,the survey showed that Amazon Web Services(AWS)will have a 25%increase in implementations in the next three to five years compared to cur
74、rent use,the highest increase compared to other data location technologies(figure 6).Data analytics and visualization technology Data analytics tools convert raw data into actionable insights.It includes a range of tools,technologies,and processes used to find trends and solve problems by using data
75、.Data visualization technologies enable the graphical representation of information and data,often through visual elements like charts,graphs,and maps.Its practical application can include the visualization of ad hoc or strategic analysis,compelling presentations of context underneath typical varian
76、ce analyses,and heightened understanding of data to communicate a wide variety of use cases including daily sales,revenue analytics,variance decomposition,and growth trends Process automation technology Process automation refers to the use of technology to automate repetitive and manual tasks within
77、 a business process.It includes technologies like robotic process automation(RPA),intelligent document processing(IDP),workflow orchestration,AI,system integrations,and business rules.Its practical applications include automating financial processes such as data validation,forecast reports,and recon
78、ciliationsSection 2.1:Data location and management survey trendsDeloittes insights While this trend deviates from other technologies,there are some possible explanations for this perception.The marketplace is moving toward modern ERPsa wave that started about five years ago and likely has five years
79、 left.While ERPs typically involve an on-premise data warehouse,many organizations are moving toward a modern cloud-based warehouse.Seeking to participate in the cloud data warehouse trend,some traditional ERP vendors have created their own offerings as well.Another emerging trend is the data mesh s
80、trategy,in which individual corporate functions can own their respective data and then publish to a data catalog for consumption in analytics by other functionsWith the move toward cloud-based solutions and emerging data mesh technology,data location implementations may be moving more toward IT owne
81、rship.As a result,finance and accounting leaders may have less visibility or involvement in data location implementations.Deloittes insights As noted previously,with the emergence of more cloud-based systems and the data mesh trend,the perception is that finance and accounting professionals may expe
82、rience less involvement in the IT side of data implementation Some considerations from professionals in the marketplace note that SAP is geared more to larger companies and has a stronger footprint in manufacturing rooted in its strength in ERP integration.Oracle,however,may have a stronger presence
83、 in other industries.rooted in its strength in ERP integration.Oracle,however,may have a stronger presence in other industriesNext-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting12The implementation of data analytics and visualization technology is expe
84、cted to remain steady,with approximately 24%of respondents stating they have implemented this type of technology in the past five years and expect to implement this technology in the next three to five years.The survey results found that PowerBI is the most used data analytics and visualization tool
85、 in controllership,with 35%of respondents stating their organization is using PowerBI and 33%planning to implement the tool in the next three to five years (figure 6).This is consistent with what Deloitte has seen in the marketplace.Native and naturally integrated tools have the added benefit of eas
86、e of use and larger platform integration.Other high-use data analytics tools include Python,SAP Analytics Cloud(SAC),and Tableau.We found that the use of SAC is expected to increase by 28%in the next three to five years when compared to the past five years,the highest increase in change of the analy
87、tics technologies Section 2.2:Data analytics and visualization survey trendsFigure 6:Most used data analytics and visualization tools in controllership for the next 35 yearsOther technologies available in survey question include Alteryx,Python,Qlik,R,and SAS.1PowerBIAn interactive data visualization
88、 software product developed by Microsoft with a primary focus on business intelligence2A cloud solution for business intelligence,enterprise planning,and predictive analytics that provides all analytics capabilities for all users in one productSAP Analytics Cloud3TableauA data visualization tool tha
89、t allows users to connect,analyze,and visualize any dataDeloittes insights SAC is a native SAP visualization tool,and with an increased interest in SAP S4HANA and Central Finance,SAC will likely see an uptick in the opportunity for its use.In addition to these traditional reporting and visualization
90、 tools identified in the survey,we are seeing organizations use desktop analytics toolkits to transform,enhance,and improve quality insight and data.Other tools offer visualization capabilities as well as tools to automate business rules,apply criteria,and pull reports AI impact on data analytics an
91、d visualization While natural language generation has been around in some form for many years,the next-gen AI capabilities may offer new applications for analytics and data visualization in controllership.Organizations will likely see an increase in AI integrations or add-on capabilities with the da
92、ta analytics and visualization tools on the market.There are multiple ways this could present itself with transformative applications.Notably,GenAI will likely be an innovative tool for producing prompt-based data and visualization analyticsincluding automated or generative language prompts that can
93、 produce new visualizations,stories,and analyses of data.Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting13The implementation of process automation technology is expected to remain steady with over one-fourth of respondents(26%)stating that they pla
94、n to implement automation technology in the next five years(figure 7).This is consistent with automation implementation trends Deloitte has seen in the past five years.With automation tools becoming increasingly available and user friendly,organizations are reviewing manual processes more frequently
95、 to identify automation opportunities The global survey showed that the most used tool for data preparation and automation is SQL server-enabled automation tools,with over 22%of respondents stating their accounting and finance function has used SQL-enabled automation in the past three to five years.
96、Forward looking,SQL-enabled automation tools will continue to be the most used tools with 18%of respondents stating their organization plans to implement SQL in the next five years(figure 7).Other common automation tools used in controllership include Power Query and Tableau,with 16%and 13%of respon
97、dents currently using these tools in the accounting and finance function.(figure 7).Automation Anywhere use has the highest expected growth,with an increase by more than 50%over the next three to five years compared to current use according to the survey.Automation Anywhere is utilized to automate t
98、ransactional workflows,such as customer service and service management.Section 2.3:Process automation survey trendsDeloittes insights What we have seen in the marketplace aligns with our view that RPA and intelligent automation will continue to grow These technologies leverage a synthetic keyboard a
99、nd mouse to execute business processes.AI impact on on process automation AI is having,and will continue to have,a transformative impact on process automation.The convergence of these two emerging technology solutions has wide-ranging applications in the finance environment.Process automation tools
100、are already starting to leverage AI for user-generated automations,allowing all users to create automation without the need for deep tech knowledge For example,a user can leverage AI to automate a process by specifying various inputs to produce an output.Another example may be reporting automationwh
101、ere a user can generate reports with a prompt or question using GenAI.Finance and accounting professionals may notice some prominent automation providers already offering AI integrations with broad use cases.Some of these may look like utilizing AI to accelerate the user experience or generating con
102、tent,context,and output to accelerate reviews.Other applications may be creating and handling customer queries without the need for human interventions,and shorting the life cycle of a desired stateincluding workflows,validation,and processes.Deloittes insights SQLs popularity may be due to the broa
103、d applicability of multiple tools that leverage SQL data.SQL acts as a reconciling source to hub systems,so businesses that leverage multiple data tools can use SQL to reconcile multiple sources of data or match source to target data.Other tools also utilize SQL servers,which further drives its expa
104、nsive implementation.For example,SQL can be used in ERP systems to automate data validation processes.It is levered by various applications to perform automated reconciliations and for financial forecasting and data imaging What sets SQL apart from other systems on the market may also be how well kn
105、own it is.It is also noted as being very user friendly,explainable,and traceable.SQL offers a common language for individuals who process large amounts of data and leverage scripts to manage data.Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting14Key
106、 takeaways Emerging technologies such as data storage,data analytics,and process automation play a big role in finance and accounting,driving continued evolution to the controllership landscape.With most technology implementation initiatives trending upward,many organizations have already undergone
107、massive finance transformation initiatives and future growth will likely trend toward the convergence of these technologies and new integrations with AI functionality.AI is having,and will continue to have,a transformative impact on other emerging technology solutions,enabling wide-ranging applicati
108、ons and emerging functionalities for finance and controllership Controllership can harness the convergence of emerging technology capabilities to optimize the functions value and shape a more impactful role for the controller Figure 7:Most used process automation tools in controllership1SQL ServerA
109、proprietary relational database management system 2An ETL tool for data extraction,loading and transformation;used to retrieve data from sources,process it,and load data into one or more target systemsPower Query3A data visualization software that enables users to create interactive and shareable da
110、shboards from various data sources to visualize and analyze information in real-timeTableau Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting15Figure 8:Controllership involvement in technology decisionsIT and Finance work together to make technology
111、implementation decisionsMedium involvement 41%Finance drives technology implementation decisions and works closely with IT to supportHigh involvement 37%IT makes most technology implementation decisionsLow involvement 22%Deloittes perspective on a sustained transformation mindset Emerging technologi
112、es affect 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 continue their trajectory toward toward catalyst and strategist roles within their organizations10 T
113、echnology should facilitate less time spent building and publishing reports in favor of automated real-time reporting;less time of risk identification and more time on resolution;and a constant need for new skill sets to keep up with technology and AI innovation.In fact,in this rapid-paced world,it
114、is expected that the controllership function will continue the shift toward a more sustained transformation mindset now and into the future Controllerships involvement in tech implementations One of the impacts of emerging technology on controllership includes the necessary involvement of the contro
115、llership function in technology decisions.A low involvement is defined as IT making most technology implementation decisions,medium being one in which IT and finance work together,and high involvement being one in which finance drives technology implementation decisions and works closely with IT to
116、supportFindings from our global survey showed 37%of accounting and finance professionals have a high involvement in technology decisions(excluding“Not sure”answers).However,with almost half(45%)of respondents that hold leadership positions claiming accounting and finance professionals have high invo
117、lvement,there is a noted difference in perception.For the finance function,41%of respondents claimed their finance function had medium involvement,and only 21%claimed low involvement(figure8).Section 3:From traditional to tech:How emerging technologies are affecting controllershipDeloittes insights
118、To implement the right technology solutions for their organizations,controllers need to be more involved.Controllership professionals may need to become more educated on proper requirementsfor technology and often need to have more agency in the decision-making.Low involvement from accounting and fi
119、nance professionals can result in a tech implementation that fails to meet the needs of the controllership function The right solutions require full business involvementand that especially includes controllershipNext-gen controllership|Harnessing AI and emerging technologies to transform finance and
120、 accounting16Crucial skills for controllership professionals While technology skills may seem like the obvious answer for valued skillsets among finance and accounting professionals,we found that it is still not the most important in the eyes of leadership As technology skills are still in high dema
121、nd,when asked what the most important skills are to improve in the next three to five years,respondents identified critical thinking as the most important skill This was followed by self-sufficiency(self-awareness,curiosity,and lifelong learning)as the second most important skill(23%)to improve on i
122、n the next five years,ahead of technology with only 17%of respondents ranking it in the top important skills(figure 9).This finding emphasizes that while technology is an important tool to utilize,it does not replace the human aspect of the role and the need for accounting professionals with critica
123、l thinking and self-sufficiency skills.Deloittes insights While this survey focused on technology,it was interesting that technology skills were only ranked third most important for skills in demand So,are critical thinking and self-sufficiency more important?The short answer is yes.When implementin
124、g a new technology solution,finance leaders need to critique and provide sensemaking of a current or new design They need to critically think through the processes that will leverage the new technology and ask whether the processes need to evolve or adapt to enable the features and capabilities in t
125、he new implementation Companies that implement technology solutions arent necessarily the ones building it,so technology skills may not be as important in controllership as the critical thinkers who can come up with a tech-enabled solution that meets the needs of the business and desired stateNext-g
126、en controllership|Harnessing AI and emerging technologies to transform finance and accounting17Technology skillsCritical thinkingSelf-sufficiencyFigure 9:Most important skills for controllership teamsLeadership and governance skills34%23%17%14%Teaming and collaboration12%Next-gen controllership|Harn
127、essing AI and emerging technologies to transform finance and accounting18However,this does not negate the importance of technology skills.When asked which areas of technology will require the most training for controllers in the next three to five years,25%of respondents stated data analytics and vi
128、sualization was most needed(ranked 1,2,or 3),followed by data science,machine learning,and AI(21%)and robotic process automation(19%).Blockchain technology was identified as the least important skill for controllers,with only 5%of respondents identifying this in the top three(figure 10).Data analyti
129、cs and visualizationCloud-based accounting solutionsBlockchain technologyFigure 10:Technology skills needed in controllershipBudgeting,forecasting,and reporting tools25%21%19%16%14%5%Data science/machine learning/artificial intelligenceRobotic process automation(RPA)Next-gen controllership|Harnessin
130、g AI and emerging technologies to transform finance and accounting19AI+Humans=a new era of potential AIspecifically the relationship between AI and humansmay be one of the primary drivers of change that will have an impact on the finance and accounting workforce in the coming years.In fact,an AI-emp
131、owered workforce may help deliver a new era of human potential Because for all its tantalizing possibilities to automate and augment processes,AI still requires human talentand organizations that tackle finance technology and talent together may better position themselves to achieve a competitive ad
132、vantage.It is essential to remember that as AI becomes more prominent in its use and importance in finance and controllership,the human connection is and will remain just as(if not more than)important as ever.Key takeaways Emerging technologies are driving a lot of change to the role of the controll
133、er as an authority in decision-making and driver of strategic imperatives.The majority of finance and accounting leaders are moderately or highly involved in technology implementations,which,in turn,is changing the skills demanded of the role,including the demand for critical thinking,self-sufficien
134、cy,and technological skills.While emerging technology is changing the role of the controller,increased controllership involvement in technology implementations through the life cycle of transformation may drive better outcomes and successful transformations that align with business objectives.Contro
135、llership and the new technology imperative Controllers can harness the capabilities of emerging technologies and optimize the functions value by taking the reins and performing a more hands-on role throughout the transformation and implementation process.Todays imperative to transform through emergi
136、ng 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 affecting operating models,data models,processes,strate
137、gies,rolesthe whole function The speed and scale of this shift can leave controllers feeling uneasy about embracing emerging technology while maintaining stewardship over their organizations financial information.While transformation through technology has challenges,a key to successful transformati
138、on is ownership Controllership can harness the capabilities of emerging technologies,operate efficiently through change,and optimize the functions value having a more hands-on role throughout the implementation process.Taking the reins Enhanced,targeted involvement by the controllers organization in
139、 its technology implementation can help achieve its vision for transformation.With a focus on key areas,organizations can drive outcomes that reflect their organizational requirements and aspirations,and continually aim for best-in-class transformation.Finance leadership involvement:Many technology
140、transformations have a lot of stakeholders across the enterprise and with that comes competing priorities and objectives both inside and outside finance.As such,it is imperative that the controllership function has a seat at the table as a leader in the transformation journey,which is all the more c
141、rucial in the complex landscape of technology implementations.Clear roles and responsibilities Any process needs clear roles and responsibilities,communicated effectively to the affected workforce to successfully achieve objectives.However,organizations may have multiple directives or have challenge
142、s defining roles and responsibilities that support the transformation lifecycle in a meaningful way Aside from clearly defined responsibilities,consider roles beyond legacy involvement to support other activities throughout the implementation life cycle that would benefit strategic objectives(figure
143、 11).Section 4:How to thrive:A framework for future decision-makingDeloittes considerations to help drive next-gen controllershipNext-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting20Cross-functional integration:Many technology-enabled transformations w
144、ill affect multiple functions across the organization,and the requirements of each function will affect how far controllers can go with a potential solution To enable a more successful transformation with the right solutions for the business,cut through the functional,business unit,or geographic sil
145、os from the start to promote collaboration and avoid designing solutions that do not capture the full set of requirements,leading to rework.Consistency and traceability:Digital technology solutions that truly benefit the business will always have strong,consistent,and transparent documentation durin
146、g the entire life cycle of the transformation program.Everything should be documentedfrom the design,to building and testing,through go-live and post-launch.This includes decisions,change management,status tracking,and results.It will also involve tools,resources,and training for team members and th
147、e ongoing efforts after implementation.Figure 11:The technology implementation life cycleKick-start transformation with a strong program management plan and transparent project governance.Design for the future for your business processes,data structure,reporting,operating model,governance,and contro
148、ls.Build,test,and validate solutions of configured technology and data based on business requirements.Deploy new technologysolutions and processeswith user-centered training experience and post-go-live support.PrepareExploreRealize,build,testDeploy,go-live1234Source:Deloitte tech implementation read
149、inessNext-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting21Building an AI risk management framework A strong AI risk management framework puts trust at the core of AI operations.It contemplates the AI life cycle stages,regulatory jurisdictions,adjacent
150、programs,control frameworks,and governance cadences needed to manage AI risk and establish trust in AI capabilities for internal and external stakeholders.The first step to bringing this framework to life is implementing an enterprise AI policy,which can serve as the foundation for effective,respons
151、ible,and ethical AI practices.To give an idea of a trustworthy framework,lets look at the framework through each governance-cadenced routine that would make up an enterprise AI policy.11The framework within the enterprise AI policyAI tracking and inventory The first step in the framework is defining
152、 an AI standard across the organization.Without it,there is no trust for the framework or foundation for a responsible AI use case.Defining AI for the enterprise also includes incorporating a risk rating or tiering methodology and using a centralized inventory that can be maintained.Life cycle stand
153、ards Across the lifecycle at the core of the framework are clear and concise standards.This means having defined processes and procedures across the AI life cyclefrom design,to development,and deployment.Creating and implementing a well-defined control structure is just as important along with estab
154、lished tollgates with cross-functional stakeholder involvement.Risk assessment and measurement An enterprise AI policy that builds a trustworthy AI framework must put risk management at the forefront.Organizations should prioritize designing and monitoring risk metrics and categorizing risks aligned
155、 to an organizational risk taxonomy.It is also critical to enable meaningful reporting that includes qualitative and quantitative approaches to AI risk.Regulatory and functional alignment The enterprise policys congruence to other regulatory standards includes aligning an AI framework to risk progra
156、ms such as data risk,model risk management,and privacy risk.This is a key enabler of successful AI integration and should provide the flexibility to meet different regulatory requirements across jurisdictions.Pillars of a trustworthy AI framework Comprehensive AI risk management principles serve as
157、the cornerstone of sound AI practices.Deloittes Trustworthy AI framework can provide a backdrop to a sustainable,safe,and responsible AI environment and risk management program These are the pillars that make up our Trustworthy AI framework(figure 12).Next-gen controllership|Harnessing AI and emergi
158、ng technologies to transform finance and accounting22Figure 12:Pillars of Deloittes Trustworthy AI framework Pillar one:Safe and secure AI systems can be protected from risks(including cyber)that may cause physical and/or digital harm.Pillar two:Private Consumer privacy is respected,and customer dat
159、a is not used beyond its intended and stated use Consumers are able to opt in or out of sharing their data Pillar three:Robust and reliable AI systems have the ability to l earn from humans and other systems and produce consistent and reliable outputs Pillar four:Accountable Policies are in place to
160、 determine who is responsible for the decisions made or derived from the use of GenAI technology.Pillar five:Responsible The technology is created and operated in a socially responsible manner Pillar six:Fair and impartial AI applications include internal and external checks to help ensure equitable
161、 application across participants.Pillar seven:Transparent and explainable Participants can understand how their data is being used and how AI systems make decisions;algorithms,attributes,and correlations are open to inspectionNext-gen controllership|Harnessing AI and emerging technologies to transfo
162、rm finance and accounting23Todays imperative to transform through emerging technology is continuing to evolve the financial landscape.Process automation,data analytics,and data storage play an increasingly significant role in finance and controllership.The convergence of these technologies and the i
163、ncreasing adoption of AI are now creating new functionalities that are expected to have an all-encompassing impact on the next generation of technology and future of the controllership function However,the integration of these new technologies comes with challenges.Finance and controllership functio
164、ns are navigating the influx of emerging technology available against expectations for future implementations and uncertainty.Data governance and legacy systems,often outdated and lacking the necessary compatibility with newer technologies,can also create hurdles when adopting new technology innovat
165、ions.The simple fact is transformation through technology is hard But the convergence of emerging technologies and the introduction and layered integrations of GenAI present a generational transformation for controllershipand finance leaders have an opportunity to take on the challenge The key to th
166、is opportunity is ownership The controllership function is more critical to technology transformation and strategic delivery than ever before,and leading organizations recognize the competitive advantage of having controllership occupy an influential seat at the decision-making table throughout the
167、technology implementation life cycle To take that seat,controllership functions should be prepared to play leading roles in the strategic objectives and transformation of operations and service offerings through new technologies,GenAI,and integrated applications Finance and controllership leaders wh
168、o take the reins of transformation through ownership and involvement in technology implementations can better position themselves to harness the full spectrum of benefits possible in emerging technology and GenAI in the finance ecosystem.With a trustworthy technology implementation framework,organiz
169、ations can support key integration activities to prepare,explore,build,and deploy new technologies;and controllers can steer emerging technology solutions that are set to become a staple in finance and empower next-gen controllership.Conclusion:A way forwardKey takeaways Controllers can harness the
170、capabilities of emerging technologies,operate efficiently through change,and optimize the functions value by having a more hands-on role throughout the implementation process A successful implementation process utilizes controllership and finance leader involvement,cross-functional integration,clear
171、ly defined roles and responsibilities,and consistent and traceable processes and documentation throughout the implementation lifecycle A strong AI risk management framework puts trust at the core of AI operations.Controllers and finance professionals can create an AI policy for the enterprise throug
172、h a trustworthy framework that defines and standardizes AI across the lifecycle,manages risk,and aligns to regulatory requirements.Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting24End notes1 As used in this document,“Deloitte”means Deloitte&Touche
173、LLP,a subsidiary of Deloitte LLP.Please see wwwdeloittecom/us/about for a detailed description of our legal structure.Certain services may not be available to attest clients under the rules and regulations of public accounting2 Mike Bechtel et al.,Tech Trends 2024,Deloitte Insights,2024.3 Ibid.4 Ibi
174、d.5 Deloitte,The FinanceAI Dossier,20246 Deloitte,Generative AI,accessed November 2024.7 Deloitte AI Institute8 Beena Ammanath et al,The Generative AI Dossier,Deloitte AI Institute,2023.9 Bechtel et al,Tech Trends 202410 Anthony Waelter and Beth Kaplan,“World-class controllership:Charting your cours
175、e to success,”Deloitte,2017.11 Beena Ammanath et al,Trustworthy AI in practice,Deloitte AI Institute,2022.Next-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting25About the authorsKatie Glynn Katie Glynn is partner with Deloitte&Touche LLP and also holds v
176、arious leadership roles to help drive leading practices and enhance the Deloitte brand,including leader of the Deloitte Intercompany Center of Excellence and director of the Deloitte Center for Controllership.She specializes in helping clients address complex record-to-report challenges to reduce ri
177、sk and enhance management oversight through business process redesign,enabling technologies,and finance master data governance.A primary focus of Katies is assisting organizations to transform the end-to-end intercompany process by designing and implementing solutions that meet the specific needs of
178、 her client constituents across finance,treasury and tax.Katie holds a bachelor of science in accounting from California State University,Long Beach,and is a CPA licensed in the state of California She can be reached at kaglynndeloittecomBeth Kaplan Beth Kaplan is a managing director with Deloitte&T
179、ouche LLP and also serves as the founder and chief advisor to Deloittes Center for Controllership.Beth has more than 40 years of experience as an auditor,CFO/controller,and financial operations consultant.Beth specializes in helping the controllership function improve overall finance processes,reduc
180、e cost of delivery,and reduce risk.She has served some of the largest global and national organizations as they transform their controllership function due to mergers,accounting changes,and systems transformation As a thought leader in operational finance and controllership,she is a frequent contrib
181、utor to Deloittes content for the Center for Controllership and hosts the Controllership Perspectives Dbriefs series on relevant topics,including the changing role of controllership,process automation,and talent of the future Beth holds a bachelor of science in accounting from California State Unive
182、rsity,East Bay,is a CPA licensed in California,and is a chartered global management accountant(CGMA).She can be reached at bkaplandeloittecomKate Gates Kate Gates is a Risk&Financial Advisory senior consultant with Deloitte&Touche LLP.Kate serves as the IMA sponsorship lead with Deloittes Center for
183、 Controllership,where she has contributed to various reports,articles,and webcasts,including Stepping into the future of controllership and Exploring the future of controllership.Kate specializes in digital finance transformation and product costing for clients across multiple industries.Kate holds
184、a bachelor of science in accounting and supply chain management from USCs Darla Moore School of Business and is a CPA licensed in Colorado She can be reached at kgatesdeloittecomRebecca Baker Dr.Rebecca Baker,IMA director of Product Management,started her career as a research assistant at the Space
185、Vacuum Epitaxy Center at the University of Houston working on creating new forms of semiconductors grown in space and later moving into more grounded areas in the software industry,which led to getting her PhD in information science from the University of North Texas.The author of Agile UX Storytell
186、ing,she holds a patent for information encapsulation and is a frequently requested speaker at conferences on topics spanning technical/UX writing to remote usability testing to agile UX processes and beyond.Her passion for research and helping people understand the“why”behind design combined with th
187、e recent developments in LLM-based artificial intelligence led her to partner with her colleague,Dr Rekart,to write a new book,Designing for Original Intelligence in an Artificial Intelligence World,to be released in early 2025The authors would like to thank the following Deloitte professionals for
188、their contributions:Gina Schaefer,Consulting managing director,Deloitte Consulting LLP()Cate Robinson,external advisor to Deloitte Services LP ()Cameron Andriola,Audit&Assurance Accounting Advisory&Transformation Services senior manager,Deloitte&Touche LLP()Eric Merrill,Consulting managing director,
189、Deloitte Consulting LLP()Evan Kruger,Consulting senior manager,Deloitte Consulting LLP()Eric Johnson,Risk&Financial Advisory senior manager,Deloitte&Touche LLP()Court Watson,Risk&Financial Advisory partner,Deloitte&Touche LLP()Nimisha Kapur,Risk&Financial Advisory consultant,Deloitte&Touche LLP()Nex
190、t-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting26About the surveyJob titleDemographic summaryFinance or Accounting ManagerFinance or Accounting DirectorExecutive Officer or Vice PresidentC-level executiveOther(please specify)I do not have work experie
191、nce in the accounting and finance position29%23624%19911%905%38 Controller/Comptroller12%1026%515%418%64U.S.CanadaAsia-PacificEuropeIndiaMiddle East&North Africa2%1435%2365%318%5315%10326%173Other(please specify)9%60Accountant/AnalystRegionNext-gen controllership|Harnessing AI and emerging technolog
192、ies to transform finance and accounting2748%335College/universityPrivately held company or sole proprietorshipGovernment/state-owned enterpriseNonprofit entityPublicly traded corporationWholly foreign-owned enterpriseOther(please specify)4%2912%875%37 21%1447%463%22Company market positionAhead of ou
193、r competitorsOn par with our competitorsLagging our competitorsNot sure29%21044%31413%9514%9914%99Company structureDemographic summary(contd)8%57Consumer and Industrial ProductsEnergy and Resources(includes power and utilities)Financial and other business servicesGovernment and Public ServicesLife S
194、ciences and Health CareTechnology,Media,and TelecommunicationsOther(please specify)30%20623%1575%37 6%4211%7417%113Company industryNext-gen controllership|Harnessing AI and emerging technologies to transform finance and accounting28Below 10 million USD10 million to 100 million USD101 million to 1 bi
195、llion USD1 billion to 10 billion USDMore than10 billion USD28%18329%18519%12013%85 11%73Company size(number of employees)Less than 1001015005011,0001,00110,000More than 10,00024%16025%16111%7420%13320%134Company size(annual revenue)Demographic summary(contd)This publication contains general informat
196、ion only and the authors are not,bymeans of this publication,rendering accounting,business,financial,investment,legal,tax,or other professional advice or services.This publication is not asubstitute for such professional advice or services,nor should it be used as a basisfor any decision or action t
197、hat may affect your business.Before making any decisionor taking any action that may affect your business,you should consult a qualifiedprofessional advisor.The authors shall not be responsible for any loss sustained byany person who relies on this publicationIn addition,this publication contains th
198、e results of a survey conducted by Deloitteand IMA.The information obtained during the survey was taken“as is”and was notvalidated or confirmed by Deloitte or IMA.Copyright 2024 Deloitte Development LLC.All rights reserved.2024 Institute of Management Accountants,10 Paragon Drive,Suite 1,Montvale,NJ 07645