Skip to main content
Home
The Online Resource for Modern FP&A Professionals
Please register to receive the latest FP&A news, updates and tips Login

Main menu

  • Home
  • FP&A Insights
    • FP&A Trends Digest
    • FP&A Trends Research
    • FP&A Trends Insight Paper
    • FP&A Trends Survey
    • Short Videos
    • Our Contributors
  • FP&A Events
    • International FP&A Board
    • FP&A Trends Webinars
    • Digital FP&A Circles
  • AI/ML Committee
    • Introduction
    • Members
    • Resources
    • Meetings
  • FP&A Tools
    • FP&A Trends Maturity Model
  • About Us
    • Company Policy
    • Privacy Policy
    • Editorial Guidelines
    • Our Ambassadors
    • Our Sponsors & Partners
    • Contact Us
image

FP&A Week: Breaking the Paradox

October 10-13, 2023

Register now

 

 

 

AI & Machine Learning Impact on FP&A
September 19, 2017

By Chris Ortega, Director of Finance at Emarsys, USA

FP&A Tags
Financial Planning and Analysis
AI/ML FP&A
FP&A Analytics

AIIn July 2017, I presented at the 2017 AICPA FP&A Conference in Las Vegas over AI (Artificial Intelligence) & machine Learning impact on FP&A. The session received great feedback from attendees and other speakers. So, I wanted to share an article summarizing the presentations main points. The goal of this article is to provide insights into the impact AI & machine learning will have on people, processes and technologies in FP&A. Hope you enjoy!

"The future of AI and machine learning as it relates to finance and accounting will revolutionize businesses and value of these teams." - Chris Ortega

Impact #1: Chase for 3 I's

The first impact AI & machine learning will have on FP&A is around the 3 I's which are introduction, implementation and integration. FP&A will be laggers in adopting these tools within our teams and businesses which means these factors will be vital to increasing our value proposition. Most organizations will do well in introduction and implementation, however few organizations will adopt the value and trans-formative aspects of AI highlighting a breakdown in integration. What do I mean by integration? Integration is where the tools, theory and application of AI & machine learning become entrenched in decision making and business processes. Additionally, AI & machine learning becomes part of the companies DNA and basis for business execution. So, the chase for 3 I's will impact FP&A by becoming part of the company culture.

Impact #2: Team Evolution

You're probably asking yourself, "Chris this is very general. Come on, man." However, what I mean by team evolution is improved the balancing of low & high-value activities within FP&A teams. AI & machine learning can eliminate focus on low-value activities such as data aggregation, data mining and turning data into information. I am not saying AI & machine learning will take your job but it will align your people/teams on high-value activities. Most companies are cash strapped or resource constrained but if AI & machine learning is integrated correctly. Then, FP&A teams will have more time to focus on high-value activities such as strategic planning, business partnership, and predictive analytics. Also, gone are the days where doing business the same way you have been for the past 20 or 30 years and expecting to remain relevant is business suicide. So, team evolution and activity balancing will be direct benefits of AI & machine learning.

Impact #3: DATA X

What do I mean by Data X? The best way to describe it is through an example. When I was in my hotel room in Las Vegas during the conference, I wanted to watch a movie. I found what I wanted to watch in minutes. AI & machine learning will bring the same self-serve and on demand data to FP&A teams. Think of Data X as Siri or Google Now which helps you get answers, directions, or facts quickly. AI & machine learning will bring the same elements to FP&A by asking, clarifying, or communicating financial or non-financial data in seconds. For example, asking Herman, what was total revenue for the past 6 months?" Or, what is our sales forecast for next quarter? Data X is the combination of tools, machine learning and providing quick reliable/actionable data instantly. Furthermore, companies such as Microsoft, Tableau, and IBM are already exploring and developing these features and the impact it will have on FP&A will be a game changer.

In conclusion, AI & machine learning is your friend, not your enemy and not going to take your job! However, organizations/teams pushing the limits and testing capacity/value of these tools will benefit tremendously. My 5 - 10-year outlook is tomorrow's FP&A teams/leaders will utilize AI & machine learning as another avenue to accelerate knowledge sharing and data decision making to drive business results. Let me know your thoughts, perspectives or insights on how you think AI & machine learning will impact FP&A by commenting below. Lastly, keep pushing & never settle! 

The full text is available for registered users. Please register to view the rest of the article.
  • Log In
  • or
  • Register
+

Subscribe to
FP&A Trends Digest

We will regularly update you on the latest trends and developments in FP&A. Take the opportunity to have articles written by finance thought leaders delivered directly to your inbox; watch compelling webinars; connect with like-minded professionals; and become a part of our global community.

Create new account

image

The FP&A Trends Webinar: Navigating Intelligent Transformation with FP&A Trends Maturity Model

Click here to view details and register

 

 

 

 

Pagination

  • ‹‹ Previous
  • September 2023
  • Next ››
Su Mo Tu We Th Fr Sa
27
28
29
30
31
1
2
 
 
 
 
 
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Moving from FP&A to Extended Planning and Analysis (xP&A)
 
Moving from FP&A to Extended Planning and Analysis (xP&A)
 
24
25
26
27
28
29
30
Creating Your Transformation Map with the FP&A Trends Maturity Model
 
Using AI to Enhance Your Predictive Planning and Forecasting
 
All events for the year
Data and Analytics
Data & Analytics
FP&A Case Studies
FP&A Case Studies
FP&A Research
FP&A Research
General
General
Integrated FP&A
Integrated FP&A
People and Culture
People and Culture
Process
Process
Technology
Technology

Future Meetings

The Face-to-Face London FP&A Board
The Face-to-Face London FP&A Board Creating Your Transformation Map with the FP&A Trends Maturity Model
September 27, 2023
The FP&A Trends Webinar
The FP&A Trends Webinar Using AI to Enhance Your Predictive Planning and Forecasting
September 28, 2023
The Power of AI and Human Intelligence in FP&A
The FP&A Trends Webinar Empowered Decision-making: Human-Led, AI-Backed Intelligence in FP&A
October 4, 2023
The Face-to-Face Amsterdam FP&A Board
The Face-to-Face Amsterdam FP&A Board Five Critical Roles for Building a World-Class FP&A Team
October 5, 2023
ZBB
The FP&A Trends Webinar A New Age of Zero-Based Budgeting
October 10, 2023
The FP&A Trends Webinar
The FP&A Trends Webinar Navigating Intelligent Transformation with FP&A Trends Maturity Model
October 11, 2023
The Face-to-Face New York FP&A Board
The Face-to-Face New York FP&A Board FP&A Storytelling in a Data-Driven World
October 12, 2023
The Face-to-Face Toronto FP&A Board
The Face-to-Face Toronto FP&A Board FP&A Storytelling in a Data-Driven World
October 17, 2023
Value Adding FP&A
The FP&A Trends Webinar Mastering the Art and Science of Value Adding FP&A
October 18, 2023
FP&A Storytelling in a Data-Driven World
The Face-to-Face San Francisco FP&A Board FP&A Storytelling in a Data-Driven World
October 19, 2023
The Face-to-Face Seattle FP&A Board: FP&A Storytelling in a Data-Driven World
The Face-to-Face Seattle FP&A Board FP&A Storytelling in a Data-Driven World
October 24, 2023
The Face-to-Face Boston FP&A Board
The Face-to-Face Boston FP&A Board Creating Your Transformation Map with the FP&A Board Maturity Model
October 26, 2023
Geneva FP&A Board
The Face-to-Face Geneva FP&A Board FP&A Storytelling in a Data-Driven World
November 7, 2023
Continuous Planning
The FP&A Trends Webinar Real-Time and Continuous Planning: What Does It Involve
November 8, 2023
Zurich FP&A Board
The Face-to-Face Zurich FP&A Board FP&A Storytelling in a Data-Driven World
November 9, 2023
The Face-to-Face Munich FP&A Board
The Face-to-Face Munich FP&A Board Moving from FP&A to Extended Planning and Analysis (xP&A)
November 14, 2023
Helsinki
The Launch of the Face-to-Face Helsinki FP&A Board Modern Financial Planning and Analysis (FP&A): Latest Trends and Developments
November 16, 2023
From Insights to Impact: Unveiling the Potential of FP&A Scenario Management
The FP&A Trends Webinar From Insights to Impact: Unveiling the Potential of FP&A Scenario Management
November 22, 2023
The Launch of the Face-to-Face Riyadh FP&A Board
The Launch of the Face-to-Face Riyadh FP&A Board Modern Financial Planning and Analysis (FP&A): Latest Trends and Developments
November 27, 2023

Please register to receive the latest FP&A news, updates and tips.

info@fpa-trends.com​

              

Foot menu

  • FP&A Insights
  • FP&A Board
  • FP&A Videos

Footer countries

  • Amsterdam
  • Austin
  • Boston
  • Brisbane
  • Brussels
  • Chicago
  • Copenhagen
  • Dubai
  • Frankfurt
  • Geneva
  • Hong Kong
  • Houston
  • Kuala Lumpur
  • London Board
  • London(Circle)
  • Melbourne
  • Miami
  • Munich
  • New-York
  • Paris
  • Perth
  • San Francisco
  • Seattle
  • Shanghai
  • Singapore
  • Stockholm
  • Sydney
  • Tokyo
  • Toronto
  • Washington D.C.
  • Zurich

Copyright © 2023 fpa-trends.com. All rights reserved.

0