Common sense and human expertise, combined with artificial intelligence, make a perfect blend that can bring many new benefits to corporate management.
Emotional intelligence can ultimately determine the winner.

The current economic and political situation does not allow management even a moment of respite, and this dynamism and volatility will certainly continue into the next year. Quickly generating reliable management information is becoming more and more important every day.

Many activities that impact business results still rely on common sense, yet it is clear that digitalization has an ever-increasing impact, and much is already expected from future AI tools.

How should controlling now create additional or entirely new values for business?

The task of controlling has long ceased to be merely a game of numbers; it is about understanding where the business is headed and fostering development, not just growth. Among other things, this involves the development of data collection, processing and use.

To achieve this, controlling must ask questions regarding data models and warehouses, as well as the integration of financial and non-financial data collected inside and outside the company. This is because today, the data history of the future benefits of artificial intelligence is being written.

What kind of data does is needed? Data quality mirrors process quality. Therefore, processes must be clearly defined, structured and clean, so that the data collected over a long period can be consistent, truthful and usable. Not only does controlling possess excellent professional and practical knowledge in this regard, but its very survival depends on it.

But that is not all – data is only as good as the people who use it. Anyone who uses AI tools without contextual knowledge risks misinterpretation and wrong decision-making. Understanding what is “beneath the data” is crucial.

Common sense and emotional intelligence

Artificial intelligence has been helping us for many years, and by now, we have realized that it should enhance human capabilities, not replace them. It should enable individuals to be human and develop their skills and potential in the best possible way.

Learning and adapting can create numerous new opportunities and professions related to management for humans, while AI performs tasks where it is better or faster than humans. This is because management and decision-making are not only a matter of data, but also of emotions, intuition, social influences or goals that are not only financial.That is why the development of employee competencies is just as important as the development of AI tools. If not more important.

Key messages from presentations:

• The latest task of controlling is to build the right foundations for the future operation of artificial intelligence
• Automation of analyses enables faster and better information, but common sense (still) makes decisions. AI is fast and powerful, but humans give it meaning and direction.
• Digitalization implies a change in the mindset of all employees, not just their actions.
• There is no data without data management.
• Applicable knowledge, creativity and innovation are becoming increasingly valuable.
• Great new opportunities lie ahead – new professions and greater appreciation for experts. There is a growing need for people who understand both sides – business needs and technology.

Conclusion:

New technology and business processes must be integrated. Technological solutions should also be aligned with business needs and with people who possess the competencies to understand both.

It’s not just about productivity and efficiency. The goal is innovation and new business models that will captivate everyone – from customers to employees.

Controlling’s task is to connect managers’ thinking with data analysis results and create space for making decisions originally and innovatively. This brings exceptional value to a company on its transformation journey