Today, business leaders are closely watching emerging technologies such as artificial intelligence and automation to help them integrate and analyze growing data to effectively run their organizations. The emergence of AI is accelerating the evolution of the finance function, with finance departments increasingly being asked to take on the role of strategic corporate leaders.

Kristi Chapman, leader of enhanced corporate reporting and accounting at Ernst & Young Americas, says that in an era where data is readily accessible, the role of the controller is becoming more forward-looking and creative. Chapman, who has worked at the Big Four accounting firm for nearly 30 years, says her role is to advise the controller function on the skills and tools needed for transformational events.

Chapman noted that data management has long been a core responsibility of the controller, but in today's world, it goes beyond the traditional scope of information they focused on. Controllers are becoming the source of information across the entire enterprise, "to drive the company's forward-looking thinking and strategic areas," she said in an interview with CFO Dive.

"I think that's why when we look at what controllers do today, collecting data and presenting it in a way that other departments can easily access is becoming increasingly important," she said.

Data steward

As the finance function becomes a more strategic leader, the ability to quickly access large amounts of information becomes increasingly critical. As CFOs take on more responsibilities beyond finance, controllers are rapidly becoming their trusted advisors, with finance chiefs "increasingly relying on controllers to quickly provide those scattered pieces of information," Chapman said.

However, this reliance is not limited to the CFO. Modern controllers hold key data streams and are working cross-functionally to ensure that "all parts of the organization have access to the right information and the right perspective on what they need," she said.

"In terms of providing information to the rest of the organization, the controller is like the hub of a wheel," Chapman said.

As controllers become key information hubs, their own scope of responsibilities is also expanding. For example, historically controllers were responsible for monitoring changes in accounting standards, but now they are seen as executives responsible for keeping up with sustainability or other key regulatory developments, Chapman said.

"We see this happening frequently, especially in sustainability or ESG reporting," she said. EY has also found "a huge intersection between the controller's responsibilities and knowledge needs and what is happening in the supply chain organization," Chapman said.

Technology and talent balancing act

The growing demand for clear, data-driven insights is not only changing the role of the controller, but also affecting the technology controllers need to use themselves, as well as the skills or experience they seek when hiring team members.

"We really see a difference in the needs of controllers when it comes to team composition," she said. Controllers need a team that can anticipate the needs of other parts of the business, she said.

"They can't wait for parts of the organization to come and ask for information; they have to constantly think: 'How do I slice and integrate information to best serve business needs and truly create easy access?'" Chapman said.

Additionally, as controllers take on more forward-looking roles, they are also re-examining how AI can improve their own day-to-day work, Chapman said. A 2024 EY survey found that,89% of controllerssaid they have adopted AI in some form, while 65% said they regularly use generative AI, the report showed.

"Now, everyone in the controller function seems to have the need, willingness, and openness to try new technologies, whether AI-driven or third-party provided services," Chapman said.