How AI Will Impact Your FP&A Career
Artificial Intelligence (AI) has sparked a lot of interest, enthusiasm and even fear for finance practitioners. One thing is clear - it is already impacting the role of financial planning and analysis (FP&A) and the careers of those in the field. As with any disruptive technology, those who embrace emerging AI capabilities and put them to their advantage will reap the rewards.
Gareth Workman, Chief Artificial Intelligence Officer at Kainos, affirmed during a recent CIMA webinar, “In using AI, you'll see the strengths and benefits, that it can actually augment the individual as opposed to replace them. It's almost like giving them a superpower to be able to do certain things and do those things well. What it's really doing is enabling them to do their job better.”
AI is poised to significantly impact careers in FP&A, reshaping how professionals work and what skills they need to thrive. Here are three ways AI will transform FP&A roles:
1. Automation of Routine Tasks
AI will automate time-consuming and repetitive tasks like data collection, validation, and report generation. This will free up FP&A professionals to focus on higher-value activities, such as strategic analysis and business partnering. Tasks like budget consolidation and forecasting, which are traditionally manual, will be done in real-time, reducing errors and improving efficiency. By moving from the mundane to the strategic, FP&A professionals will elevate their value to the organization.
2. Enhanced Predictive Analytics and Forecasting
AI-driven tools can process large volumes of historical data and identify patterns that human analysts might miss. This enables more accurate predictive modeling and forecasting. FP&A professionals will need to shift towards interpreting these advanced insights and using them to guide business decisions, rather than just preparing reports. This creates an opportunity to take a more visible position in shaping business strategy.
3. Strategic Decision-Making Support
AI enables FP&A teams to become more strategic advisors to the business. With AI’s increasing ability to run complex “what if” scenarios and simulations, FP&A professionals can provide leadership with more actionable insights on a broader range of potential outcomes. This strategic role will demand a deeper understanding of business operations and a focus on scenario planning, risk management, and long-term growth strategies.
Accelerate your FP&A Career with AI-Driven Enterprise Performance Management
With AI advancing on an accelerating basis, how do FP&A teams decide where to invest their time and resources regarding enterprise performance management (EPM) software? The answer lies in the ethical approach as well as research and development budgets of the top EPM solution providers.
Workday is a leader in the human-centered approach to AI; meaning the technology is designed to strengthen one’s ability to perform– not replace them. In fiscal year 2024, Workday invested approximately 37% of revenue back into product research and development. That amounts to more than $2.4B in US dollars. Furthermore, Workday Ventures, the strategic capital arm of Workday, has made 10 new AI investments since the beginning of 2023, as part of its focus on AI innovations. More recently, Workday announced their new AI platform, Illuminate, which automates routine tasks and provides real-time assistance to enhance productivity and decision-making. It leverages extensive HR and finance data to deliver personalized experiences and significant cost savings.
The net effect is that Workday takes the “work” out of developing an AI strategy for clients. By choosing Workday Adaptive Planning as your solution and Kainos as your deployment partner, you gain a leading-edge AI strategy paired with the expertise needed to deploy and adapt it to your organization’s goals.
Ready to accelerate your FP&A career with an AI-Driven EPM solution? Let’s get in touch!
