Artificial Intelligence Will Transform FP&A Processes
The use of artificial intelligence (AI) that harnesses machine learning (ML) will be the single most important trend in business software this decade because it can multiply the investment value of such applications and provide software companies an important source of differentiation to achieve a competitive advantage. Our Analytics and Data Benchmark Research demonstrates that this movement is already underway, as it found that 59% of organizations regard AI and ML capabilities as either important or very important.
It is a common misperception that putting AI to work always or often will require the skills of data scientists—it will not. AI software continues to be made more accessible to those with different skill levels. Financial Planning and Analysis (FP&A) groups in particular will benefit from AI-enabled capabilities to accelerate planning, forecasting, budgeting, analyzing and reporting processes. However, FP&A leaders and finance executives must recognize the importance of creating a solid data foundation for the successful use of AI.