FP&A Trends Digest: Issue #113
| | Dear colleagues, Nowadays, staying at the forefront of FP&A practices means embracing cutting-edge tools. Among the various technologies available, Artificial Intelligence/Machine Learning (AI/ML) stand out as a game-changer. These technologies not only enhance our competitiveness but also position us as leaders in setting new industry standards. Adopting AI/ML allows us to make more informed decisions and streamline our processes. In this newsletter issue, we've curated a collection of insightful articles and a video from senior finance practitioners exploring the revolutionary potential of AI/ML. You will also find the report with actionable guidelines on how to leverage these advanced tools. I hope this issue inspires you to develop a strategic FP&A technology roadmap for your organisation, helping you effectively navigate and harness the benefits of AI/ML. Kind regards, Larysa Melnychuk, CEO and Founder
FP&A Trends Group & International FP&A Board |
| | | Strategic Roadmap for FP&A Technology | FP&A leaders remain challenged to decrease reliance on spreadsheets in planning and decision-making. Explore underutilized components of FP&A technology, and how creating an FP&A technology roadmap sets organizations up to exploit modern capabilities. Read this report to uncover key findings on how to improve planning and decision-making processes, how to make timely decisions that will optimize business performance, and how to be more confident in your technology. | | | | Using AI to Improve Our Decisions - A Virtuous Cycle | By Thorsteinn Siglaugsson How can AI help us improve the decision-making process? Utilising large language models like ChatGPT allows finance professionals to bridge the gaps in qualitative analysis and enhance their decision-making capabilities. These AI models excel at interpreting complex data and delivering insights in real time, aiding FP&A professionals in integrating vast amounts of unstructured information into their strategic planning. Read this article by Thorsteinn Siglaugsson, a Logical Thinking Process Expert, who delves deeper into the transformative impact of AI in FP&A. He highlights the benefits of the Logical Thinking Process, a methodological framework that leverages AI for more structured and rigorous analysis. | | | | Could AI Take Over the Role of FP&A Professionals? | By Connagh Hopkins As AI continues to integrate into Financial Planning & Analysis, questions arise about its potential to replace FP&A professionals or become an indispensable ally. Although AI excels in data analysis and handling routine tasks, it lacks the human-centric qualities necessary for building relationships and providing nuanced context. To future-proof your career, Connagh Hopkins, Head of Business Planning and Reporting at Western Power, recommends enhancing skills that AI cannot replicate. Read this article to learn which skills you should develop to stay ahead in an AI-enhanced competitive landscape. | | | | Is AI/ML the Magic Bullet for FP&A? | By Michael Nudelmann We read and hear about the need to apply AI/ML in all areas to benefit from automation in all its facets. Hundreds of case studies prove its usability, and new business models arise from this technology. In the meantime, many conventional organisations, particularly their FP&A teams, feel as if they are missing the train. So why do we struggle to use AI/ML specifically in FP&A? Read this article by Michael Nudelmann, Director of Controlling and Head of Corporate Financial Planning and Analytics at SWAROVSKI, to explore the nuanced challenges and opportunities of these advanced technologies. | | | | AI Augmented FP&A Function: Longer-Term Vision | By Parth Kulkarni Traditional FP&A methods are no longer enough for today's complexities. AI-powered Predictive Planning is the game-changer we need for agile, data-driven solutions. During one of our recent webinars, Parth Kulkarni, Director, FP&A at Adobe, emphasised the significant influence of AI/ML on FP&A, highlighting their transformative potential. Watch this video, where Parth outlined six key areas where AI and ML can revolutionise FP&A, elevating it from historical reporting to strategic Business Partnering. |
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