Richard Kapusta is an experienced Financial Controller with background in logistics, supply chain industry and in oil industry. He is skilled in Financial Accounting, Teamwork, Hyperion Financial Management (HFM), TM1, and Financial Analysis.
By Richard Kapusta
The main role of the controllers is to provide information, create value from which the CFO/CEO could develop a financial plan or strategy of the company. They are responsible for organization’s accounting and record keeping, and must produce timely and accurate monthly financial statements to help the management readily adapt to current events and the changing business environment.
In my 13 years of experience in the field of controlling and finance I have realized that in a lot of cases we are overloaded with requested reports from the management and head offices. However, those reports and demand are with minimum or without any kind of feedback and it is giving us the feeling that they maybe had not even been read and our contribution had no added value. This traditional controlling model where the biggest workload and focus is on the maintenance of data systems, reporting and only in the end the analysis and consulting.
Nevertheless, the environment is changing very fast and regarding to that is important to mention that the future tasks will also change and reorder.
Based on researches did by Big Four companies controlling processes as a part of finance have become in the next few years most likely where the implementation of the AI (Artificial intelligence) will work and replace people working in their positions. In financial controlling departments carrying out routine tasks, preparing comments for results, planning have become a minimum manually data input, where mostly AI be the alternative solution.
I see it same and mostly agree with them, that AI and robotics implementation could bring a huge benefits to companies, what could lead to speed-up processes, effectiveness and cost reductions. These solutions have been proven to deliver significant business benefits and the barriers to entry (cost and know-how) are significantly lower, it is not a question of „if?“ but „when and how?“ they should be implemented in the finance functions. Without adopting these IT solutions companies risk losing much of their competitiveness. Opening up the eyes and ears of the organization to robotics-based solutions and benefits will be the key success to improve the customer experience and to use data effectively to grow the top line.
Now I would like to place the question ”what will be with controllers?” Well, our organization have started to re-train and re-think the mindset of the finance and adapt to the new role of controllers at all from data analyss to business partnering where new requirement will be needed: Focus is a value creation, to act as a business advisor and integrator, provides insight and robust challenge to support decision-making, be agile. The journey of behavioral mission have started.