In today’s fast-paced world, your ability to forecast both short and long-term outcomes with a high degree of accuracy is what gives your organisation the competitive edge.
For this reason, your Financial Planning and Analysis (FP&A) team take on the huge responsibility of sorting through millions of data points across large datasets within your organisation to provide you with the insights that you need to make smarter business decisions.
The reality is, though, that this is an extremely difficult task for humans to complete alone, and aside from being an enormously time-consuming process, there is also a high chance that important trends and patterns in your data may simply be overlooked.
However, with Artificial Intelligence and Predictive Analytics, your organisation can work to streamline these important analytical processes to help produce more accurate insights for your business in just a fraction of the time that it takes your human team to complete alone.
Today, we want to discuss the true benefits that AI can bring to your FP&A team, and in turn, your growing organisation, to help support your internal decision-making and improve business performance.
What is Artificial Intelligence capable of with FP&A?
There are several ways in which AI can be integrated into your FP&A team to help improve your processes and increase analytical output for your organisation. These include:
Automated Processes
Through Robotic Process Automation (RPA), AI can take the repetitive, tedious and monotonous processes that make up the majority of your FP&A team’s daily tasks and automate these to give your team back the precious time and energy they need to provide better insights for your organisation.
Data Preparation
Through the automated processes that we just mentioned, AI can collect and prepare the data that your organisation needs so that it can be more effectively analysed to gather valuable insights and accurate forecasts for the future. They can then focus more on Data Storytelling.
Trend Analysis
AI can perform trend analysis across huge datasets in a significantly shorter amount of time and with more accuracy than your human team to provide you with valuable insights, as well as short and long-term forecasts, to support your decision-making.
Correlation Analysis
Much like using trend analysis to find patterns in your data, AI can perform correlation analysis to find the relationship between different sets of data within your organisation to determine how changes in one area can impact other areas.
Now we understand the capabilities, what are the true benefits of using AI for your FP&A?
While we’ve already mentioned some of the advantages that AI can bring to your organisation through the listing of its most notable capabilities, we want to take the time to walk you through 7 of the biggest benefits that using AI for FP&A can bring to your organisation:
1. AI will enable your organisation to scale faster
With better access to the data and insights that you need, you can use this valuable information to make better business decisions, allowing you to scale your business much, much faster and more efficiently than ever before.
2. AI will improve your forecasting and prediction accuracy
As humans, we sometimes make mistakes. Machines, however, rarely do.
Using properly trained and developed AI models, you can drastically improve the accuracy of your short and long-term forecasts—not only to make better business decisions but to have more confidence in the direction your business is going.
3. AI will create more time and cost efficiencies
The implementation of AI can save your organisation countless hours and hundreds of thousands of dollars by streamlining your processes and minimising the need for additional resources.
4. AI will increase innovation in your organisation
Through thorough analysis, AI can help to find and fill knowledge gaps within your organisation, enabling you and your team to develop a deeper understanding of what’s going on around you and foster better, more innovative ideas for the future.
5. AI will transform your business
With AI, the impossible becomes possible.
Through streamlined processes and greater efficiencies, AI can identify new opportunities that can transform your organisation into a key leader within your industry.
6. AI will make your FP&A team smarter
Using AI, your FP&A team can more effectively discover new trends and patterns to build more accurate predictions and forecasts, enabling them to make smarter business decisions overall.
7. AI will enable greater organisational impact
Through the power of AI, your organisation can better achieve its goals and its mission, thereby increasing the positive impact that you have on your clients and the world around you.
If you’re looking to gain more accurate insights, make better business decisions and maximise your organisation’s output, there’s no better way to do this than to embrace the true power of AI within your business’ Financial Planning and Analysis team.
Let Minerva show your FP&A team how to embrace the true power of AI for your organisation
At Minerva, we can help you get started with assessing and adopting AI into your BI & FP&A processes and access previously out-of-reach analysis capabilities.
We work together with your organisation to understand your goals and requirements, before implementing the right AI systems that get the most out of your data—helping you to become truly better at what you do.
If you’d like to learn more about how Minerva can help your business, contact us on 1800 646 378 or email info@minerva.com.au.
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