Data analytics and AI for FP&A teams – with Nathan Bell
Apr 9, 2024
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Nathan Bell, an expert in data analytics for FP&A teams, discusses bridging the gap between data and finance. He highlights the power of storytelling, setting up self-service data, federated data governance, and the importance of critical thinking in the AI age. Bell shares key insights on metrics cascading, implementing AI programs, and the significance of human insight in data analytics processes. Personal anecdotes about dinner conversations with his CFO wife and pole vaulting memories add a touch of humor to this insightful discussion.
Emphasis on data governance and analytics for finance operations.
Integration of AI for finance through pilot programs and critical thinking.
Personal anecdotes and diverse experiences of Nathan Bell shared during the podcast.
Deep dives
Nathan's Impressive Finance and Data Analytics Journey
Nathan Bell, a seasoned business transformation consultant, shares his remarkable career journey spanning finance leadership roles at Gartner, Digital Trends Media Group, and Native American Bank. Starting as a coder in credit bureaus, his path led to developing data storytelling skills critical for commercial banking decisions and later his position as Chief Credit Officer.
Importance of Data Governance and Analytics in Finance
Nathan stresses the significance of data governance and analytics strategies for effective finance operations. Highlighting the need for finance professionals to align metrics with business outcomes, Nathan emphasizes the critical role of data storytelling and contextualization. He advocates for setting up data governance committees to ensure data accuracy, consistency, and alignment with business objectives.
Advising on AI Adoption and Skill Development in Finance Teams
Nathan provides practical advice on integrating AI and advanced analytics in finance. He suggests setting up pilot AI programs and citizen data scientist initiatives to explore low-risk AI applications. Emphasizing the importance of critical thinking and domain expertise, Nathan recommends developing skills in data interpretation and decision-making to leverage the potential of AI in driving business value.
Life Insights of Nathan Bell
Nathan shares personal anecdotes, revealing that his wife is also a CFO, sparking interesting dinner conversations on financial matters. Additionally, he discloses his high school pole-vaulting achievements, having competed at the state level, showcasing his diverse talents and experiences outside the finance realm.
Favorite Excel Function and Python Library
While Nathan appreciates the versatile 'VLOOKUP' function in Excel for its practicality and familiarity, he refrains from naming a favorite Python library during the discussion, leaving the topic open for further exploration or reflection in a different context.
Getting FP&A teams to harness their data to reach their goals is the holy grail. Nathan Bell, Managing Partner, VAi Consulting, is among the most in-demand experts. Bell has unique experience– having started in computer science, before leading finance teams at Native American Bank, Digital Media Trends and Gartner– where he advised hundreds of FP&A teams facing chaotic data situations). In this masterclass, he shares a practical framework looking at the expectations, fear and hype surrounding data, analytics and AI for FP&A teams.
In this episode:
From a computer degree to leading finance teams
How Nathan discovered the power of telling stories as Chief Credit Officer at Native American Bank
Overcoming the challenge of presenting to non- financially literate CEOs
The challenge when finance is “last in line”
When companies don’t have good data and what FP&A teams can do
“Federated data governance” and avoiding turf battles
why setting up self-service data as CFO came back to bite me
Using a “metrics cascade” clarifying data and metrics
Critical thinking as the new superpower for finance teams in the AI age
Key to setting up pilot AI programs
Dinner time when your wife is also a CFO
Key quotes: Remember PPDAC. Problem Plan, Data, Conclusion.
Your Plan, what Data you need to capture against that plan, analysis, and Conclusion.
“If you can master that in that order, I think from a skillset, you’re, you’re ready” – Nathan Bell.
Critical Thinking as the new Superpower for FP&A
“Critical thinking is gonna be more powerful than ever. I don’t think there’ll ever be a situation where we’re going to let AI make the decision without going through a human to look at the data. We need to ask what do we do? What’s the action? What’s the decision?”
Connect with Nathan Bell on Linkedin https://www.linkedin.com/in/nathan-bell-1038662/
https://vai-consulting.com/
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