At the fifth Committee meeting, Kevin McConnell, Intelligent Technologies Solution Strategy at SAP, shared an interesting presentation about using Machine Learning for better results in FP&A. In the video, Kevin talks about the evolution of Machine Learning and how machine learning automation works.

At the third meeting of the AI/ML FP&A Committee, Xena Ugrinsky, Principal and Founder at GenreX, talked about the future of FP&A and some ways of incorporating AI into the financial forecasting process. Also, Xena provided an example explaining how Stanley Black & Decker improved financial forecasting by 60%.

In this video, Stefan Spiegel, CFO at Swiss Railway Freight Logistics (SBB Cargo AG), talks about the program that they used in SBB Cargo to replace management accounting. Instead of using a classical cost-accounting system, SBB Cargo switched to Intelligent business simulation engine.

In a recent ACCA survey about the future of the accountancy professional, digital is listed as one of the 7 quotients for success. ACCA defines digital as “the awareness and application of existing and emerging digital technologies, capabilities, practices, strategies and culture”. One of the more talked about area in technology is artificial intelligence. This article attempts to explore whether artificial intelligence can replace people in the FP&A arena.

At the fifth AI/ML FP&A Committee meeting, Igor Panivko, FD & MD at Konica Minolta, talked about dynamic and interactive Sales Planning based on the algorithmic model. He shared his experience in harnessing data in FP&A and how the company tried to solve some of the challenges which are typical for the finance function. 

Xavier Fernandes, Analytics Director at Metapraxis, talks about how FP&A teams are using AI to drive changes in business performance. Xavier also mentions a couple of examples where FP&A teams were faced with ongoing disappointing business performance and what AI approach they chose.