The implementation and use of artificial intelligence (AI) in the controllership function is expected to nearly double in the next three to five years, according to a survey conducted by Deloitte’s Centre for Controllership and the Institute of Management Accountants (IMA). The study, which surveyed over 900 finance and accounting professionals globally, highlights the accelerating adoption of AI in the finance function, with significant implications for processes, efficiency, and strategy.
Currently, 16% of respondents report either using or adopting generative AI in their operations. Another 44% plan to adopt the technology within five years, suggesting that by 2029, 60% of controllership functions could be using AI tools. Generative AI, which can create financial reports, provide operational insights, and automate repetitive tasks, is one of several technologies reshaping the profession.
Generative AI and emerging trends
The report titled “Next-Gen Controllership: Harnessing AI and emerging technologies to transform finance and accounting” reveals that finance teams are also adopting traditional AI tools. Among these, predictive and prescriptive analytics have seen notable growth, with 20% more respondents identifying these as benefits of AI compared to the past three to five years.
Respondents ranked AI as the second most important technology skill for controllers to master in the near future. Generative AI’s potential to reduce reliance on manual tasks and increase productivity was cited as a significant driver of its adoption.
Despite optimism about AI’s capabilities, integration with legacy systems remains a major hurdle. The survey found that 19% of respondents listed system integration as the most significant challenge in adopting generative AI. Security concerns, data governance issues, and a lack of skilled labour also emerged as critical barriers.
Data governance is a growing area of concern for future implementations, with respondents highlighting the need for clean and reliable data to ensure AI tools function effectively. While funding and leadership support were among the less significant challenges cited, respondents indicated that these areas could become more critical as organisations scale their AI efforts.
The survey outlines several key benefits of AI adoption in controllership. Increased automation was identified as a primary advantage, alongside the ability to reduce human error and streamline monotonous tasks. For example, 32% of respondents reported that AI’s capacity to ease data analysis is already contributing to higher productivity within their organisations.
The report also highlights the use of AI in automating journal entries, managing compliance activities, and producing smart accounting reports. These tools are enabling controllers to shift their focus from routine tasks to strategic initiatives.
AI’s growing role in controllership is reshaping the skills required in the finance function. The survey found that 25% of respondents believe data analytics and visualisation will require the most training in the next three to five years. Skills related to machine learning, robotic process automation, and AI were also ranked highly, with 21% and 19% of respondents, respectively, identifying them as priority areas.
However, the findings indicate that critical thinking and self-sufficiency are viewed as even more important than technical skills. When asked about the skills finance professionals should prioritise, 34% ranked critical thinking as the most essential, compared to 17% for technology proficiency.
The survey emphasises that the integration of AI and other emerging technologies will continue to transform controllership. In addition to the projected doubling of AI use, the convergence of AI with data analytics and process automation is expected to create new opportunities for innovation in financial reporting, compliance, and operational accounting.
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