A new report commissioned by ICit Business Intelligence has found that artificial intelligence (AI) can and is playing an integral role in Financial Planning and Analysis (FP&A).
The ‘Harnessing AI for enhanced Financial Planning & Analysis’ report surveyed 300 FP&A professionals, with 85% of respondents stating they are already using AI-powered software to help accelerate their FP&A process.
Moreover, 66% of financial planners reported that AI is set to save between 50-200 hours of work annually, enabling them to focus on more value-added activities like strategic planning.
From a cost saving point of view, the same companies are seeing financial savings of £50,000–£100,000 annually due to AI-powered FP&A software, according to ICit Business Intelligence’s report.
ICit Business Intelligence Director, Mark Bodger, commented: “AI’s ability to streamline complex data processes and deliver real-time insights allows finance teams to step into more strategic roles, enabling them to focus on high-level decision-making rather than manual tasks.”
AI’s usage within the financial field has been the bedrock for many payment and management processes, with finance teams evolving beyond their traditional roles of managing budgets and forecasts.
The report highlighted the importance of AI in helping finance teams become strategic advisors, with 59% of respondents to the study noting that the technology enhances financial decision-making through more accurate forecasts and real-time scenario analysis.
AI adoption is also boosting trust in finance teams, with 67% of finance professionals citing its critical role in providing senior executives with reliable, data-driven insights.
“AI is not just improving efficiency – it’s giving finance professionals the tools they need to advise their companies on strategic decisions, from market expansion to cost-saving initiatives,” added Bodger.
“AI is enabling faster, more precise forecasting and insights, allowing finance teams to make better decisions and drive business success.”
“There is no doubt that AI is giving companies a competitive edge and our latest research indicates that organisations adopting AI in FP&A are outperforming their peers in operational efficiency, cost management, and strategic execution. As a result, these companies are better positioned to navigate financial uncertainty and seize new opportunities.”
