How can CFOs prepare for the future of automation?

Prophix Apr 23, 2023, 11:00:00 PM

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Artificial intelligence (AI), machine learning (ML) and finance—is this an unlikely combination? What about speech recognition, natural language processing, or deep learning? How do they come into play for finance teams?  

In our latest recent survey of 700 finance leaders, respondents noted that automation is a top priority for their finance teams.  

Additionally, investments in smart technology are on the rise, specifically AI.

A FSN research report notes that funding isn’t the roadblock to implementing smart technology, skills are. Our survey had similar findings.

In a recent webinar, Gary Simon, Chief Executive at FSN and Adrian Wilkinson, Product Marketing Manager at Prophix, explored how CFOs can prepare for a more automated future.

How can finance professionals use AI and machine learning

During the webinar, Gary asked Adrian what the most promising applications for AI and machine learning were for finance leaders.

Closing the books

A mountain of data and manually investigating every record to spot discrepancies or anomalies. Sound familiar? This is how finance teams are closing their books now. But what if there was an easier way? Adrian noted that AI can help augment this process. AI isn’t intended to replace analysts, but instead do the manual work so analysts can spend more time investigating or pulling insights.  

Scenario planning

AI thrives on data, so the more data you can bring to the table for scenario planning, the more value you can get from AI. To augment your scenario planning processes, AI can create those scenarios for forecasting versus formula-based scenario planning, so you have the insights at your fingertips to take the best path forward.  

Reporting

Reporting is a manual process. Analysts spend time sifting through data and writing reports, leaving little time to do deep analysis and uncover what the data is telling them. AI can highlight key points of business activity that analysts can then investigate, add value to, and leverage to drive positive impact across the organization.

What about ChatGPT? 

Bill Gates noted that ChatGPT will change the way we work, live, and communicate. And no doubt, there’s a lot of hype around it.

ChatGPT is an opportunity for people to get their hands on general AI and test the possibilities (or limitations). While ChatGPT is still growing and learning, it’s good to keep in mind that the chatbot looks at the world through a wide lens. It’s important to check the accuracy of an AI chatbot, especially in an area like finance where a high degree of specialized knowledge exists.

Will AI replace me? 

AI is meant to augment processes, not replace people. There’s a line between autonomous AI and augmented AI, and in the office of finance, augmented is where it fits best. In finance, AI can call out results, but you still need a human to verify and investigate further.

How can CFOs prepare for an automated future?

Learn more about AI and what it means for the future of finance in the on-demand webinar. Gary and Adrian cover the democratization of AI, the potential (and pitfalls) of chatbots like ChatGPT, and how you and your team can embrace AI.

Prophix

Ambitious finance leaders engage with Prophix to drive progress and do their best work. Leveraging Prophix One, a Financial Performance Platform, to improve the speed and accuracy of decision-making within a harmonized user experience, global finance teams are empowered to step into the next generation of finance with no reservation. 

 Crush complexity, reduce uncertainty, and illuminate data with access to best-in-class automated insights and planning, budgeting, forecasting, reporting, and consolidation functionalities. Prophix is a private company, backed by Hg Capital, a leading investor in software and services businesses. More than 3,000 active customers across the globe rely on Prophix to achieve organizational success.

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