The use of big data analytics and artificial intelligence by controllers - A knowledge-based view from multiple Finnish companies

Abstract

The role of controllers has significantly evolved with the advent of new technological developments, such as big data analytics. A newcomer to this business landscape is artificial intelligence (AI), which has the potential to further transform the work of controllers. Controllers are integral to the decision-making process of a company, as they provide vital management accounting information to the company's management.

The chosen perspective for this study is a knowledge-based view, focusing particularly on tacit knowledge, which is crucial in the value creation process of a company. This perspective helps understand how tacit knowledge is shared among controllers regarding analytics tools, as well as how the organisation as a whole assists controllers in adapting to and utilising analytics and AI tools.

The study is conducted as a qualitative study with semi-structured interviews. Seven controllers from seven Finnish companies participated in the research. These companies are large enterprises operating in five different sectors in Finland and globally.

The theoretical framework covers big data analytics, artificial intelligence, and their practical applications and impacts. Related topics such as business analytics, business intelligence, and advanced analytics are also discussed. Additionally, enablers and inhibitors of artificial intelligence and big data analytics are explained. Furthermore, the role of controllers within the organisation and the current state of their responsibilities are described.

The research findings indicate that companies are becoming aware of personalised challenges faced by controllers, and organisations are striving to encourage the sharing of knowledge about the use of analytics applications in various ways. Methods varied from formal training sessions and company manuals to informal channels. The use of big data analytics applications is common among controllers, and their proficiency level is relatively high for using big data analytics applications. However, there was no evidence of widespread use of artificial intelligence. The work of controllers has evolved with these technological developments, freeing up time for value-added tasks. It is believed that this trend will continue, and tasks will continue to evolve as artificial intelligence is implemented into the work of controllers.