Artificial Intelligence (AI) and Machine Learning (ML) are already impacting our everyday lives but it is also becoming a valuable tool for FP&A. The technology is evolving at an incredibly rapid paste and it is challenging to keep track of all trends and innovations.
According to Forrester’s 2018 predictions for AI, 70% of enterprise expect to implement AI over the next 12 months. And by 2020, according to Gartner, AI technologies will be virtually pervasive in almost every new software product and service.
The Artificial Intelligence (AI) / Machine Learning (ML) FP&A Committee was established on the 29th of March 2018.
The mission of the Committee is to guide the development, application and promotion of better practices for using AI/ML and other related data science techniques within Finance (FP&A). This includes identifying, driving and supporting new trends by developing new content and sharing it with the global finance community. The ultimate strategic purpose being enabling quick and dynamic decision making that is reliable.
The core focus of this Committee is, therefore, on the practical application of AI/ML e.g. leadership, people, roadblocks and change management focusing ultimately on benefits realization.
- "Introductory Meeting: Defining the Mission" on 29 March 2018
- "AI / ML Projects in SBB Cargo and Maersk" on 19 June 2018
- "Vision and Microsoft Case Study" on 14 November 2018
- "Implementing Machine Learning for Forecasting in PayU" on 20 March 2019
- "Algorithmic Model in Konika Minolta" on 5 June 2019
- "Deutsche Bahn and Egencia Case Studies" on 9 October 2019
- "Strategy Discussion: achievements and next steps" on 24 February 2020
- "Using AI for creating a forward-looking planning framework" on 20 May 2020
- "AI-enabled capabilities use in Supply Chain" on 9 September 2020
- "Using AI/ML and automation for digital transformation at Sandoz" on 10 November 2020
- "Strategy Discussion: redefining the vision" on 2 March 2021
- "A Practitioner Vision and Experience on Digital FP&A" on 15 June 2021
- "IP Landscape Analysis and Technology Roadmap" on 7 September 2020
We are planning one more insightful sessions in 2021 and 2022.
The Committee's members are senior finance practitioners who represent large organisations that already started experimenting with AI / ML in finance or implementing it.
The Committee is a truly international think tank. The members come from different countries, namely Belgium, Canada, Denmark, Germany, Japan, Luxembourg, the Netherlands, Sweden, Switzerland, Ukraine, the United Arab Emirates, the United Kingdom, the USA.
At the moment Committee members represent over 30 leading organisations such as:
- A.P. Moller - Maersk
- Bank for International Settlements – BIS
- BeterBed Holding
- Brogues Consulting LTD
- Data Crossroads
- Deutsche Bahn
- Government of Ontario
- Griffith University Academic
- Institute of Management Accountants
- Janssen, Johnson & Johnson
- Jewelers Mutual Insurance Group
- Konika Minolta
- Providence Health & Services
- Siemens AG
- Stewart Title
- Swiss Railway Freight Logistics (SBB Cargo AG)
- T&B Software Solutions
- The NPD Group
Previous Meetings: Overviews and Case Studies
- Deploying Artificial Intelligence & Machine Learning in FP&A
- Global AI/ML Think Tank for FP&A
- AI/ML FP&A Committee: Third Meeting
- FP&A Teams Driving Step Changes in Business Performance with AI
- Intelligent Planning
Case Studies (articles):
- SBB Cargo: Using AI to Build an Intelligent Business Simulation Engine
- Microsoft Case Study: Data to Action — Drive Business with Technologies
- PayU Case Study: Experiences from implementing machine learning (ML) for forecasting
- Modern Finance. Leveraging AI/Machine Learning in Decision Making
- Baby Steps Towards Implementing ML for Forecasting
- FP&A Teams Driving Performance Change with AI
- Dynamic and Interactive Sales Planning Based on the Algorithmic Model
- How AI Could Replace Old-School Management Accounting
- The Future of FP&A. Incorporating AI Into the Financial Forecasting Process
- Machine Learning for Better Results in FP&A
- Egencia Case Study: Artificial Intelligence for FP&A