Digitalization is changing controlling. Business analytics enables more efficient processes and data-supported decisions. But what does this mean for the role of controllers? A recent study by the Competence Center for Business Controlling & Accounting at FHWien der WKW shows which skills will be in demand in the future.
Digitalization has fundamentally changed controlling. Business Analytics (BA) plays a central role here, as companies are increasingly relying on data-based decision-making. A recent study shows that this not only requires new technical skills, but also permanently changes the role of controllers.
Supporting management as a business partner
According to the study conducted by Thomas Kaufmann-Lerchl, Christopher Liska and Clemens Löffler from the Competence Center for Business Controlling & Accounting together with Gabriel Koch (Controller at MyPlace Selfstorage), BA primarily serves to support forecasting processes and optimize the internal flow of information. The automation of data preparation and analysis enables controllers to position themselves more strongly as business partners and support management directly. However, this change also brings with it new challenges: while self-service tools enable decision-makers to access relevant data independently, the risk of misinterpretation increases.
In addition, the increasing use of BA requires close cooperation between controlling and IT departments. While some companies emphasize joint responsibility for system development, others see the need for a clear separation of responsibilities. A lack of technical infrastructure and a lack of exchange between departments make the use of BA considerably more difficult.
Communication, presentation and willingness to change
The changed requirements are also reflected in the required skills. In addition to business know-how, analytical and statistical skills are increasingly in demand. At the same time, social skills are becoming more important: communication skills, presentation skills and a willingness to change will be decisive for success in controlling in the future.
The authors of the study conclude that BA will not replace controlling – on the contrary: the role of controllers will become more relevant due to the growing complexity of data. Companies should therefore make targeted investments in training and further education to make their controlling departments fit for the future.