Getting to an amazing FP&A Data story – Brandon Wilson
Aug 13, 2024
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Brandon Wilson, Founder and CEO of Steady Dynamic, shares his expertise in leveraging data for financial planning. He emphasizes the shift from predictive to prescriptive analytics, where data not only provides insights but also actionable recommendations. The conversation dives into the impact of AI on finance, real-time data acquisition, and the transition of FP&A from being a cost center to a value-adding function. Wilson also explores the role of complex modeling techniques and the benefits of different database systems in enhancing data analytics.
Brandon Wilson emphasizes the shift in FP&A from descriptive to predictive and prescriptive analytics, enabling enhanced forecasting and decision-making.
The importance of integrating diverse data sources like CRM and ERP is highlighted as crucial for obtaining a comprehensive view of business performance.
AI's growing accessibility is transforming finance by allowing professionals to engage with data through natural language processing, democratizing data analysis.
Deep dives
Career Journey and Digital Transition
Brandon Wilson began his career focusing on telecom equipment, where he was involved in pioneering early smart home technologies. His work with basic smart home sensors laid the foundation for his interest in how software and data collection could enhance user experiences through automation. Over time, he expanded his expertise into customer software solutions, automation, and AI, leading large-scale digital transformation projects. His experiences highlight the fundamental role of data in driving innovation and improving operational efficiency in various sectors.
The Role of AI in Business Efficiency
At Steady Dynamic, Brandon's consultancy specializes in developing custom software solutions that prioritize AI integration to improve internal business processes. Clients are increasingly recognizing the value of AI, moving from initial experimentation to implementing robust production systems that ensure security and efficiency. The agency focuses on providing clients with strategic insights through data, facilitating better decision-making and maximizing return on investment. This shift is indicative of a broader trend towards leveraging AI for operational advancements across industries.
Emerging Analytics in Finance
The podcast discusses the evolution of finance analytics as organizations shift from traditional descriptive methods to predictive and prescriptive analytics. Utilizing advancements in AI, financial professionals can better forecast trends by simulating various scenarios and employing real-time analytics. Generative AI enhances the accessibility of complex financial data, enabling stakeholders to generate tailored insights based on historical performance. This new approach not only enriches understanding but also helps finance teams transition from cost centers to strategic partners within their organizations.
Integrating Data Sources for Better Insights
Brandon emphasizes the importance of integrating disparate data sources—like CRM, ERP, and project management systems—to create a comprehensive view of business performance. By analyzing relationships and patterns within these data sets, finance professionals can derive valuable insights into revenue projections and cash flow management. Advanced analytics techniques, such as clustering models, can facilitate better predictions regarding payment terms and customer behavior. This holistic approach allows businesses to make more informed decisions and detect leading indicators of financial outcomes earlier.
The Future Landscape of Data in Finance
The conversation highlights the growing accessibility of AI tools, which enable finance professionals to interact with data using natural language processing without requiring deep technical expertise. The trend towards democratizing data is expected to enhance financial analysis and decision-making, while fostering curiosity about data utilization. As edge AI and IoT integration becomes more prevalent, it will increase data inflow, presenting both opportunities and challenges for finance teams. Ultimately, focusing on extracting value from data and aligning analytics with core business objectives will be key for organizations navigating this evolving landscape.
Continuing our “Masters of FP&A Data” series, we have the privilege of hosting Brandon Wilson, Founder and CEO of Steady Dynamic. Brandon works with clients from early-stage startups to Fortune 500 companies giving expertise to those who lack experience building digital solutions. He encourages big ideation, assuming technology can solve any problem, and works to prioritize and constrain scope relative to business objectives. “FP&A has to some degree implemented predictive analytics” he says. “Whether that’s custom or bespoke modeling or just using tools. The next generation is unlocking prescriptive analytics. That is not just presentation or data for the purpose of extracting insights, but insights that come with recommendations and, and the ability to run multiple scenarios. “Real time data acquisition and analytics is also empowering us to do things more on a daily, if not hourly basis, and see things way sooner, uh, from, from an analytics and forecasting perspective.”
In the second week of data-nerding-out we have a treat:
AI’s transformation of finance and financial modeling
Predictive analytics to prescriptive analytics
Moving from cost center to “value add” in finance through the data
How best to deliver and integrate your data to enhance financial functions
Studying sentiment analysis in your CRM to investigate pipeline
Complex models in FP&A including clustering and Naive Bayes
SQL vs no SQL and FP&A
The Panama papers
What the data environment looks like for FP&A in the next two years
Zero shot prompts and chain of thought prompting
Reverse engineering to get the best AI finance results
Connect with Brandon Wilson on LinkedIn:
https://www.linkedin.com/in/bkwilson/
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