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AI for FP&A: The use cases to pursue and pitfalls to avoid

FP&A teams should look at AI as a welcome tool to help transform their role from reactive to becoming a strategic business partner

  • Important reasons for FP&A teams to seriously consider using AI in their work
  • How AI can support FP&A with four common use cases
  • Precautions to take when using and implementing AI in FP&A
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Why FP&A teams should adopt AI sooner rather than later: Two reasons

A Gartner survey conducted in 2023 showed that 61% of finance organizations were not currently using AI. While this number has likely improved, it shows a widespread hesitation about AI among finance leaders.

However, many finance departments would also like to take a more strategic seat at the table in their organizations and fear they’re falling behind. 62% of CFOs are seeing more demand for insights from financial data, but 53% worry that finance is too reactive (Accenture). Finance leaders want finance to be a strategic business partner, but instead, manual and tactical tasks keep the department stuck doing reactive bookkeeping.

Ironically, AI is predicted to be a key mover for finance teams who want to make this transition. Finance leaders should consider AI’s potential to free their teams for higher value work and transform their department into a strategic leader.

Table of contents
  • Why FP&A teams should adopt AI sooner rather than later: Two reasons
  • Common FP&A use cases and how AI can help
  • Caution: 6 AI pitfalls to avoid
  • Take the path to more trust, credibility, and leadership for finance teams