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Data analysis tops the skill set
Looking ahead five years, 22% of industrials controllers predict that their role will require new, even unanticipated skill sets. This reflects a cautious optimism about future opportunities in a landscape that is ripe for disruption, such as artificial intelligence (AI) adoption, enterprise resource planning transformation and elevated data management.
A striking 91% of industrials survey respondents selected data analysis as the most critical area for today’s controller, compared to 87% of the broader set. This highlights a shift toward a data-driven approach to the role and the need for solid analytical skills to navigate the complexities of current financial landscapes.
The survey also revealed interesting differences in the work activities that respondents in the industrials sector prioritize. As AI adoption skyrockets and offshoring continues to increase, only a third of controllers believe that traditional team-building activities, mentoring and career development will be necessary in five years. In an industry traditionally considered reliant on relationships and personal interaction, that implies a major shift in focus toward automation and technology-enabled solutions, with offshoring as a given.
What the future holds
As the role of industrials controllers continues to evolve, it will be important for professionals to balance the efficiency gains from automation with the human elements that foster innovation and employee satisfaction. The industry’s ability to navigate this balance will impact its success in the coming years.
The survey paints a picture of a foundational industry at a new crossroads. While the diminishing emphasis on team-building and mentoring could have a negative impact on a cohesive and motivated workforce, the increased focus on data management skills and cost-saving measures reflects a proactive approach to adapting to market pressures and delivering value to clients.
In response to questions about the key qualities of controllers, industrials controllers ranked both business growth and innovation significantly higher than their counterparts in other sectors.
When it comes to the future of their profession, expectations are mixed. Industrials controllers are less likely than the overall sample to believe that the role of the controller will undergo significant shifts over the next five years.
Overall, 63% of industrials controllers expect their role to change significantly, compared to 87% of all controller respondents. And 34% of industrials controllers believe that their role will continue to exist with similar required skill sets in five years, compared to 13% of all respondents. This suggests greater confidence among the industrials controllers in the stability of their roles.
Industrials controllers indicate a strong understanding of the importance of value creation, data analysis and cost saving. There is also a sense of resilience and agility among them. As the sector continues to evolve, investments in enterprise resource planning and data management, as well as associated talent upskilling and training, will help financial controllers prepare for a future where they can expect to play a critical role in navigating the challenges and opportunities that lie ahead.