Financial controllers embrace AI but lack support for value creation

8% lack staff, and 13% lack budgets to shift to value-creating roles

More than half of financial controllers in Singapore have embraced technology, yet many lack the support needed to leverage it for value creation, according to EY data.

In a recent report, EY revealed that six in ten financial controllers already use AI for daily tasks. However, 8% said they lack staff, whilst 13% reported that they don’t have the necessary budgets to transition into value-creating roles.

"The role of the financial controller is on the cusp of significant change. While it is not clear exactly how this will play out, it is evident that financial controllers must now deliver at a high level on multiple challenges at once," Ronald Wong, EY Asean and Singapore Financial Accounting Advisory Services Leader, said. 

"They need to strike a balance between delivering short-term performance and enabling long-term value, and their responsibilities now stretch far beyond the balance sheet."

Only 13% of respondents viewed technology as a primary tool for creating value, whilst 73% identified driving company growth as the top priority.

Currently, most financial controllers and senior finance leaders remain focused on optimising value rather than pursuing growth opportunities.

The top three priorities for finance leaders are identifying new value opportunities (28%), using data insights to recommend strategic actions (28%), and implementing cost-saving strategies (25%).