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How AI Can Help FP&A Teams Achieve Greater Accuracy with Fewer Resources

insightsoftware -
June 27, 2023

insightsoftware is a global provider of reporting, analytics, and performance management solutions, empowering organizations to unlock business data and transform the way finance and data teams operate.

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Since the launch of ChatGPT in late 2022, the professional world has been abuzz with reactions to this game-changing technology. Artificial Intelligence (AI) tools have been around for a while, but ChatGPT brought AI into the mainstream in ways that hadn’t previously been seen. You’ve probably heard about the disruptive effect of AI software on creative roles like graphic design and writing, but there’s been considerably less buzz about how potentially game-changing AI can be for finance roles.

The Many Benefits of AI to Financial Planning

AI is enabling finance professionals to make faster, accurate decisions. By integrating AI technology into finance workflows, FP&A teams can automate repetitive manual processes and free up as much as 50 percent more time for value-add analysis, financial modeling, and strategy. It’s particularly important to leverage AI’s potential to free up resources in a volatile market where finance teams need agility to drive resilience.

FP&A teams can also leverage AI to quickly evaluate vast amounts of data, acquiring insight into financial trends and patterns that would otherwise be challenging to detect. Additionally, AI-powered solutions can deliver more accurate forecasts, helping FP&A professionals make better decisions through more in-depth planning and analysis.

As well as eliminating tedious manual processes and facilitating deeper analysis, AI can also help finance professionals improve their productivity through greater time management and efficiency. With more time to devote to in-depth analysis and strategy, FP&A professionals will be able to provide better advice to stakeholders and strengthen those relationships.

The Challenges AI Can Pose to Financial Planning

AI is an extremely useful tool for finance teams, but it does come with its own unique challenges. When working with AI, it’s essential to double-check that the data is accurate; don’t just take it on faith that the finished product is correct. This is particularly important for visual reports, as tables/graphs and their accompanying descriptions may not always align the way you expect them to.

Additionally, AI can be expensive to implement and using it to its full potential may require specialized training. One of the biggest questions surrounding AI in finance is whether AI will eventually replace the finance function. As it stands right now, the answer is a resounding no, but AI does have the potential to change the way the job is done, and being able to effectively use AI will be an attractive skill.

Rather than invest significant time and money into upfront AI training, there is an option that will allow your FP&A team to realize the benefits of AI implementation out of the box: Bizview from insightsoftware.

Accelerate Your Planning Processes with AI

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Reap the Benefits of Bizview’s Built-In AI Capabilities

Bizview is a powerful financial planning and analysis tool that provides a path of least resistance for finance teams looking to quickly adopt new technologies like AI. Don’t spend precious time and resources on a lengthy implementation and training process. Bizview features an intuitive interface, Excel-like workbooks, integrated workflows, and insightsoftware platform integration so you can enjoy the benefits of AI out of the box.

Bizview’s built-in AI capabilities can help your team automate routine tasks, improve productivity, and make better data-driven decisions. Take advantage of automated reporting to create a repeatable, standard planning process that automatically reflects changes in your ERP system. Adjust and adapt your plans and forecasts throughout the year, changing existing models on the fly to facilitate evolving business needs. Keep track and compare your previous figures with built-in version control. Use embedded analytics to monitor performance and detect trends without relying on IT.

Bizview makes integrating AI capabilities into your FP&A workflow easy and painless.

  • Easily adapts to your business processes – Modern, flexible technology lets you handle any number of planning dimensions, and easily integrate operational and financial models without sacrificing a level of granularity.
  • The benefits of AI with the familiarity of Excel – A unique blend of the familiarity and flexibility of Excel with the scalability and enhanced productivity of a dedicated planning database.
  • Low risk deployment – Pre-built content and connectors, easy configuration using Excel formulas, and a shallow learning curve thanks to the spreadsheet-like interface make for quick, low-risk deployment, with low total cost of ownership.
  • Budgeting and planning flexibility – Intuitively add, expand, and adjust your solution as your organization grows. Manage new forms, dimensions, and users, without requiring technical expertise. Grow into using AI in your budgeting and planning process at your own pace, addressing your unique needs.
  • Address multiple needs along finance’s digital transformation journey – Bizview is live on insightsoftware’s Cloud platform, where you get more done by combining the power of numerous insightsoftware applications in one place. Address your business needs faster and with less risk by picking and choosing the capabilities you need across reporting, budgeting and planning, and controllership.

AI has the potential to revolutionize the way your FP&A team works, allowing them to focus more on high-value tasks and less on time-consuming manual processes. In the end, AI technology won’t replace your job, but it will enable finance professionals to make faster, more educated financial decisions. If you’d like to see how Bizview’s built-in AI capabilities can help your FP&A team achieve greater accuracy with fewer resources, schedule a demo today.

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