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.
Machine Learning provides tremendous insight regarding market trends & business drivers. These factors include market propensity, consumer demand, economic factors, weather, & transportation costs. Many companies take these variables into consideration but provide limited or time-consuming analysis. This process limits corporate agility.
In the video, Asif Khan, Global FP&A Lead at PayU, shares 5 steps of implementing ML for fore
Takeshi Murakami, Group Controller at Microsoft, shares an interesting case study on leveraging AI/ML in decision-making. Microsoft Finance enhanced forecast accuracy by using ML instead of the traditional bottom-up process.
FP&A teams are using AI to drive step changes in business performance, pushing their influence beyond their traditional areas of analyses.
The pressure of globalization and agile decision-making requires companies to improve their business modeling. They must integrate big data in real-time, synthesize that data to identify causal relationships and value-drivers, and ultimately use the findings to make high-impact business decisions.