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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Episode guests

Adam Shilton

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Highlights

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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.

Writing effective prompts and ensuring data integrity are crucial for accurate and valuable AI-generated responses in finance.

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.

Using AI to analyze and work with data efficiently

01:24

Solutions for Sharing Company Data Safely and Privacy Concerns with API Usage

00:49

Introduction

2min

Introduction and Backgrounds

10min

Applications of AI in Finance and FP&A

22min

AI Resources, Automating Presentations, and Educating in Finance

2min

Interactive podcast episode discussing AI add-ons, finance tools, and prompting

4min

The Importance of Asking Specific Questions in AI

14min

AI in the Workplace: Tips and Advice

6min

This special edition of FP&A Today saw 1,524 finance pros sign up for this LinkedIn Live session. In this episode Paul and a special panel answer all your burning questions on how Finance teams are practically using AI to advance their careers (and bring instant productivity to their businesses).

Joining Paul is Adam Shilton, Founder, Tech for Finance and a world expert on “Helping finance pros turn systems into superpowers with AI”. In addition he is joined by Sloane Kolt, Head of Datarails Labs, which recently launched FP&A Genius, an AI powered solution transforming FP&A.

Some of your big audience questions answered:

What was the last thing you used Generative AI for?
Ethical questions in AI and Finance (eg. Do we own the model that AI built?)
What are the most common use cases for AI in FP&A, and accounting post ChatGPT?
What are the differences between AI in big vs small companies?
How should finance leadership use AI and adapt it in their team ethos and processes?
Privacy, security, AI and Finance - what are the risks?
What are the secrets of effective Prompting in finance?
Clarifying tasks with your AI Chat
Lessons from building a new finance AI tool
Favorite non ChatGPT AI tools you have seen
Best advice for getting started with AI in finance
Rapid fire questions: favorite Excel function and person I would most like to meet.

FP&A Today is brought to you by Datarails,the AI-powered financial planning and analysis platform. Keep your own Excel financial models and spreadsheets and benefit from AI for data consolidation, reporting and planning.

YouTube video of the episode

Blog post and full transcript

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