Expert Insights – Marketplace tools for Automation and AI in FP&A
In the dynamic and complex world of financial planning and analysis (FP&A), the integration of Automation and Artificial Intelligence (AI) tools is not just a trend—it’s a revolution. With the burgeoning demand for real-time data analysis, accurate forecasting, and strategic financial planning, marketplace tools designed specifically for automation and AI in FP&A are transforming the landscape of finance operations.
In this session, Catherine Marks and Paul Barnhurst discussed the challenges of implementing automation and AI tools in financial planning and analysis, including lack of awareness and resistance to change. They also discussed the evolution and evaluation of FPGA tools for finance professionals, with a focus on data management, modeling layers, and workflow and collaboration.Â
Here are the highlights:
- Paul Barnhurst and Catherine Marks discussed various barriers organizations face when adopting automation and AI tools for financial planning and analysis, with many citing a lack of awareness about available options, cost concerns, and integration challenges.
- Barnhurst provided insights into how financial planning and analysis tools have evolved from custom on-premises solutions to modern cloud-based offerings. He segmented the market based on factors like company size and categorized tools as spreadsheet-based, web-based, or integrated with business intelligence platforms.
- The presenters emphasized that organizations should evaluate tools based on their ability to manage data, provide financial modeling capabilities, generate dashboards and reports, and enable collaboration and workflow. They also stressed the importance of assessing how tools incorporate artificial intelligence.
- Barnhurst predicted increased adoption among small- to medium-sized businesses and continued specialization in the market with more best-of-breed planning tools. He invited attendees to an upcoming webinar showcase featuring demonstrations of various financial planning software.
- Marks highlighted the need for organizations to focus on people, processes and culture in addition to technology when scaling financial planning and analysis functions or modernizing existing systems.
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