Controlling trends - How to future-proof your finance department

As the old philosophical saying goes, we cannot direct the wind, but we can adjust the sails. For controllers, it's also high time to embrace the shift from being a service provider for executives to becoming a business partner. In reality, that proves more difficult than anticipated because they have to overcome a wide range of new challenges and often fight for and justify their role among management.

We show you which way the wind will blow in the future and how Lucanet can help you optimally set sail on your controlling journey.

 

The top 3 trends in controlling

Controlling Trend 1 – Digitalization

Controllers still spend most of their time collecting and analyzing financial data, meaning that consulting and steering tasks get neglected.

The solution to this problem is digitalization. Using the right technologies, you can optimize your processes and save time. For example, you can do away with time-consuming and error-prone manual spreadsheets by automating financial planning, reporting, and analysis. Or you can use robotic process automation (RPA) to hand over repetitive tasks to a computer.

That will free up a great deal of time, which you can invest in analytics, consulting, and strategic planning, allowing you to influence business actions more.

 

Controlling Trend 2 – Turning big data into smart data

In the future, controllers will have to become data scientists. In concrete terms, that means filtering out even more company-relevant information from large pools of data as well as understanding and communicating this information. To successfully collaborate with the IT department, you need to have statistical and planning know-how, be able to use databases, and have a keen eye for patterns between data records. You'll also have a significant advantage if you know your way around common programming languages as well as methods for storing, scaling, and implementing big data technologies.

In a nutshell, if you have the skill to draw the right information from the torrent of data and optimally leverage it, you will also have the power to influence operational and strategic decisions in the company.

Controlling Trend 3 – Sustainability

Sustainability should be on every company's agenda. It's about taking responsibility for the environment, society, and employees, and long gone are the days of that being voluntary: Since 2017, certain companies have had to report on their sustainable actions in line with the EU's CSR guidelines.

That will also apply to medium-sized companies as of January 1, 2025. Listed SMEs, small and non-complex credit institutions, and captive insurance undertakings will have to publish ESG reports with effect from January 1, 2026. Currently, 11,000 companies are required to demonstrate that they act sustainably with regard to sales, investments, and operating expenses. The European Commission estimates that this number will increase to 49,000 in the future.

Turn an obligation into an opportunity! After all, the reporting requirement will help you embed sustainability in your company in a structured way. Publishing evidence will also have a positive impact on capital procurement, cost structures, and sales volume. What's more, you'll future-proof your company because long-term success is no longer just about your financial situation, but increasingly also about environmental, social, and governance issues.

 

How Lucanet helps you overcome these future challenges

Lucanet's software optimally prepares you for the trends presented here. We offer you an all-in-one solution for financial statement preparation, financial planning, analytics, reporting, and data management, consistently giving you a complete overview of your processes and delivering reliable data. Our controlling software is suitable for all industries and helps you map all areas of corporate planning. It automates your budgeting and financial planning processes and lets you manage them flexibly. Integrating our system into your IT structure is fast and easy, so you can be sure to have all the key figures to hand at all times. Even if your requirements change, you can adapt the solution quickly and independently, saving you time and money.

 

Open the door to better controlling

Lucanet helps you make your controlling more efficient. Our free content shows you exactly how it achieves that and how you can benefit from our software.

In our e-book, we thoroughly explore what trends await you and how Lucanet can support you:

E-book: Top 3 trends in controlling