EY Report Predicts Radical Shift in Financial Controller Role Towards Value Creation and Innovation

EY Report Predicts Radical Shift in Financial Controller Role Towards Value Creation and Innovation

(IN BRIEF) The EY DNA of the Financial Controller Report reveals that 86% of financial controllers expect their roles to change drastically by 2030, with a shift toward value creation and supporting business growth. Many controllers anticipate the need for new, possibly unknown, skills. While some controllers are already leveraging AI and data for strategic insights, many feel under-supported in terms of staff and budgets. The report highlights a gap in innovation focus and the use of technology for growth, though a subset of “confident controllers” is leading the way. The report emphasizes the need for technological skills and innovation to unlock value-creating potential in the future.

(PRESS RELEASE) LONDON, 25-Sep-2024 — /EuropaWire/ — According to the inaugural EY DNA of the Financial Controller Report, 86% of financial controllers expect their roles to undergo significant transformation by 2030, with an increased emphasis on driving business growth. While controllers have traditionally focused on value protection and optimization, many anticipate a shift toward value creation, though a lack of support and resources could hinder this transition.

The report, based on a survey of more than 1,000 financial controllers worldwide, reveals that 26% foresee their future roles requiring entirely new and unknown skills. Despite widespread adoption of artificial intelligence (AI) and data analytics, many financial controllers are still focused on cost-saving strategies, with only a minority using technology to unlock growth opportunities. Additionally, a talent gap may be emerging, as only a third of confident controllers aspire to become CFOs.

Myles Corson of EY highlighted the need for financial controllers to lead the way in developing technological skills, while acknowledging the potential for innovation through the use of AI and data insights. The report calls for greater support to help financial controllers embrace this new value-creating role and fully harness emerging technologies.

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About the survey

This survey was conducted online in May and June 2024. Responses were collected from 840 financial controllers including 280 group financial controllers, 280 divisional financial controllers, and 280 regional financial controllers. Additionally, responses from 280 senior finance leaders – including CFOs – were collected to understand their view of the financial controller’s role. Respondents are from 28 countries – 46% from the Americas, 36% from EMEIA, and 18% from Asia Pacific – and 19 industry segments. To participate in the survey, respondents were required to work for organizations with $1b or more in annual revenue. In addition, 14 in-depth qualitative interviews were conducted with financial controllers from global organizations and EY subject matter professionals.

Media Contact:

Emile Abu-Shakra
EY Global Media Relations and Social Media Associate Director – Tax and Assurance

SOURCE: Ernst & Young Global Limited