Milan lost 1-0 on Wednesday night with Dan Ndoye scoring Bologna's winner.
At the final whistle, Furlani admitted: “I wish firstly to congratulate Bologna for this historic achievement for the club and the city.
“After that, I cannot deny this is a failure of a season. Despite winning the Supercoppa, we are still a long way off where we wanted to be.
“Now there are two games left to play, we will try to end the season in the best possible way, even if we are distant from the targets that we had set at the start of the campaign.
“We share the disappointment of our fans, I as a supporter and now as a director have to admit various errors were made. We must go forward, correct them, and get back to where we ought to be.”
Decisions to be made
Milan now sit eighth on the Serie A table, with Europa Conference League qualification in doubt.
Asked about major changes this summer, Furlani added, “At this moment there is huge disappointment for this match, a trophy which we could’ve won. I don’t feel ready to answer this question right now.
“There are another 12 days to go in the season and two games, then we will make some decisions and see.”