fbpx Skip to content

The Rise of AI in FP&A: How insightsoftware Empowers Your Team

insightsoftware -

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.

24 05 Blog Theriseofaiinfp&a Website

Despite the transformative potential of AI, many financial planning and analysis (FP&A) teams are hesitating, waiting for this emerging technology to mature before investing. According to a recent Gartner report, a staggering 61% of finance organizations haven’t yet adopted AI. Finance has always been considered risk averse, so it is perhaps unsurprising to see that AI adoption in finance significantly lags other departments. This untapped potential suggests a significant opportunity for those willing to embrace AI and gain a competitive edge through intelligent automation and data-driven financial insights.

The Future of Finance is Intelligent

But this adoption lag will be short-lived; the very same Gartner report predicts a dramatic shift by 2026, with 90% of finance functions utilizing AI and half of all new hires in top finance departments coming from non-finance backgrounds. This highlights the growing need for AI-powered tools that can augment human expertise. However, automation isn’t about replacing jobs; the report suggests less than 10% of positions will be eliminated. Instead, AI will empower your FP&A team to work smarter, not harder.

insightsoftware is at the forefront of this movement, providing you with the tools FP&A teams need to thrive in this new era. Our AI solutions address real-world challenges, seamlessly integrate with existing workflows, and prioritize user-friendliness.

insightsoftware’s Approach to AI for FP&A

insightsoftware understands the day-to-day challenges of FP&A professionals. Our solutions leverage AI to automate tedious tasks, such as report generation, data validation, and source system updates, freeing up valuable time for strategic analysis.

As an ever-evolving market drives the need for greater business agility, finance leaders are squeezed between a rock and a hard place. Legacy systems hinder agility, while economic pressures demand optimization. Just throwing technology at these problems won’t unlock true potential. You need strategic investments that create new opportunities, not only solve existing ones.

Enter the insightsoftware Platform: your central hub for reporting, analytics, and performance management. This platform, built on an open business data fabric that integrates over 200 sources, seamlessly connects finance, accounting, and operations. It eliminates data silos and provides a single source of truth for data-driven decisions, giving you the agility needed in today’s market.

24 01 Ppt Righttowin Aiservices Slide 03

Now, AI adds another layer of possibilities. insightsoftware’s open business data fabric creates a common language for your financial, business, and operational data. This allows AI to generate insights directly relevant to your specific needs, like analyzing cash flow patterns and uncovering hidden liquidity opportunities. These AI services are embedded within the Platform, so they can easily be deployed across relevant applications, giving you consistent, contextual insights quickly – driving superior results across all your insightsoftware solutions.

By prioritizing AI-enabled solutions, you can achieve multiple objectives simultaneously. Based on our understanding of the challenges facing modern FP&A teams, we have developed an approach to delivering AI services based on four key pillars:

  • Platform-Based Advantage: Develop AI features once, deploy across many applications. This streamlined approach reduces development time and effort, allowing your insightsoftware products to leverage the latest AI capabilities quickly. No need to reinvent the wheel for each solution. Increase productivity and efficiency and reveal hidden insights to unlock new business opportunities.
  • Real-World Problem Solving: Free your FP&A team from repetitive tasks. Our AI automates these processes, boosting productivity and addressing the skills shortage. This empowers your team to focus on higher-value analysis and strategic initiatives.
  • Contextual Intelligence: Our AI goes beyond basic data. We understand the financial and operational context of your business, allowing our AI services to deliver highly relevant insights and streamline workflows specifically for FP&A teams. This translates to optimized performance and reduced time spent on unnecessary tasks.
  • Pragmatic Approach: Seamless integration with existing workflows minimizes disruption and ensures a user-friendly experience for finance teams, allowing them to adopt AI quickly and leverage its cost-saving benefits.

Committed to Security: Safeguarding Your Data With insightsoftware’s AI

In prioritizing user trust, insightsoftware takes a multi-layered approach to securing our AI features. User authentication protects all AI services within the Platform, ensuring only authorized users can access them. For functionalities outside the Platform, access is restricted to publicly available product documentation and knowledge articles. Additionally, all communication with AI services is encrypted for secure data transmission.

When it comes to data storage, we aim to minimize your data footprint. Most user queries and analyzed data are not retained. In cases where some metadata (like table structures or report descriptions) is stored, it’s anonymized and inaccessible to other customers. Importantly, this data is never used to improve or train AI models outside its intended purpose. Finally, we leverage Microsoft Azure OpenAI’s capabilities, adhering to their data privacy practices documented online.

AI Doc Assist: Empowering FP&A Teams With Instant Knowledge

Let’s take a closer look at AI Doc Assist, the first of insightsoftware’s suite of AI tools designed to empower FP&A teams. AI Doc Assist functions as an intelligent assistant, providing instant answers to your product-related questions.

Imagine this: you’re in the thick of a critical budgeting and planning cycle. Suddenly, you encounter a challenge integrating data from a newly acquired subsidiary. Wasting time flipping through manuals or waiting for IT support can throw your entire timeline off track. This is where AI-powered solutions like Doc Assist, the first of insightsoftware’s suite of AI services, come into play.

AI Doc Assist acts as your personal FP&A knowledgebase, providing instant answers to your product-related questions. Here’s how it streamlines your workflow:

  • Effortless Inquiry: Simply type your question into the AI Doc Assist chat box. Need help with a specific product function? Ask “How do I calculate weighted averages?” Struggling with a new data source configuration? AI Doc Assist is there to help you navigate the process.
  • Intelligent Search: AI Doc Assist doesn’t just scan for keywords. It leverages sophisticated algorithms to understand the context of your question and delve into relevant user documentation, knowledge base articles, and even video tutorials.
  • Instant Insights: Forget sifting through mountains of text. AI Doc Assist surfaces the most pertinent information directly within the chat window, saving you valuable time and frustration.

AI Doc Assist’s impact goes far beyond simply providing instant answers. It empowers your team to work smarter, not harder. By eliminating time wasted searching for solutions, AI Doc Assist frees you to focus on core analysis and strategic tasks, significantly accelerating your workflow. Additionally, it fosters a culture of continuous learning within your team. With on-demand access to reliable information sourced directly from insightsoftware’s knowledge base, you can gain confidence in your decisions and eliminate second-guessing. Furthermore, AI Doc Assist empowers your team by allowing them to explore new features and upskill themselves at their own pace. This reduces reliance on IT support for basic product inquiries, freeing them to focus on more complex issues and strategic initiatives.

A Glimpse Into the AI-Powered Future of FP&A

The future of FP&A is not just smarter, it’s transformative. insightsoftware is developing a suite of next-generation AI tools designed to streamline your workflow and empower deeper analysis. Imagine an AI assistant that can automatically summarize key points from financial documents, suggest relevant content as you build reports, and even co-author reports themselves. AI Doc Assist is just the first step in this exciting journey.

Here’s a sneak peek at what’s on the horizon:

  • Automated Analysis: This AI assistant leverages the insightsoftware Platform’s deep understanding of your business logic and data structures to provide insightful analysis, identify trends and anomalies, and summarize complex information.
  • Contextual Text Summarization: Say goodbye to manually summarizing lengthy reports. The AI assistant will analyze textual information, extracting key points and providing insightful summaries. Imagine a group financial report with commentary from subsidiaries – the AI assistant will automatically pull out key points and highlight them for your executive audience.
  • Report Authoring: With AI-powered report authoring, our software takes the grunt work out of generating financial statements. Simply describe what you need, and the AI assistant will automatically draft your report without requiring deep product knowledge or multi-step UI wizards.

These advancements will free your FP&A team from tedious tasks, propelling them to a new level of efficiency and data-driven decision-making. Check out our website to learn more about how insightsoftware AI functionality can transform your FP&A productivity.