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FP&A Today
AI in FP&A: Your Big Questions Answered
Sep 5, 2023
Adam Shilton, Founder, Tech for Finance, and Sloane Kolt, Head of Datarails Labs, discuss the practical use of AI in finance and FP&A. Topics include generative AI, ethical concerns, common use cases, differences between big and small companies, privacy and security risks, effective prompting in finance, lessons from building a new finance AI tool, favorite non ChatGPT AI tools, and advice for getting started with AI in finance.
59:25
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Quick takeaways
- AI can automate low-value tasks, provide decision support, and analyze data in finance and accounting.
- Finance leaders should empower their teams to explore AI tools and foster a culture of openness towards AI.
Deep dives
AI in Finance and How Leaders Should Prepare
AI is being used in finance and accounting to automate low-value tasks, provide decision support, and analyze data. It can help individuals with tasks like document creation, decision-making, and data analysis. Organizations can leverage AI for tasks like process documentation, forecasting, analysis, and visualization. Finance leaders should think about how AI can offload low-value work and empower their teams to focus on high-value tasks. They should encourage their teams to explore AI tools and foster a culture of openness towards AI. Additionally, leaders should seek out AI tools that address specific use cases and provide clear instructions in prompts to get the best results.
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