Is your Finance Team Ready for AI?

The Office of Finance is on the cusp of a transformative evolution, driven primarily by advancements in AI.

While finance professionals often find themselves bogged down with manual tasks, leaving little room for strategic thinking and data analysis, AI provides critical data and time efficiencies enabling the Office of Finance to focus on business strategy.

The question is no longer whether you should implement AI across your finance team, but rather, how you should implement AI and when. 

The time to start exploring is now. Vena’s Co-Founder and Chief Solutions Architect, Rishi Grover, joined The CFO Show to share exactly what you should be doing as you set off on the AI journey for your organization.

The Three Major Areas of Impact

The impact AI is already having (and will continue to have) isn’t limited to any specific role or industry. Rishi breaks down three major areas of AI that will continue to compound and spark innovation regardless of industry. 

1. Efficiency and Productivity

Previously, a lot of really smart finance professionals have been doing very manual tasks. AI can handle most tasks, leaving the best and brightest with more time to focus on expert-level innovation, problem-solving and strategy. 

In finance, AI assistants like Microsoft 365 Copilot can remove manual tasks like note-taking in meetings, presentation creation, data summarization and so much more. 

2. Data Accuracy 

With AI taking over the analysis of copious amounts of historical data, forecasting is becoming more and more accurate. 

Machine learning models can be a game-changer for forecasting and planning in the Office of Finance.

3. Innovation

At the convergence of accuracy and productivity, finance professionals can get the benefit of greater innovation. AI doesn’t just recognize patterns — it pulls insights based on those patterns. While humans can do the same, AI does so in record time, providing experts with insights they can further analyze, explore, and adapt to today’s biggest business challenges. 

Ready to jump in? Start here for the most successful results…

Building Your Perfect AI Implementation Plan

AI implementation will look a little different, depending on your team and organization’s unique needs and limitations. Fortunately, this tech is becoming far more accessible and affordable. Follow these tips to ensure your AI implementation journey starts off on the right track. 

Start with Curiosity. Spend some time researching capabilities. Most software (many you may already be using) have AI capabilities built in. It’s also essential to understand how the tech works. You don’t need to unveil the deep intricacies of algorithms — instead, understand how the tech works on a basic level. What data does the AI need? Are you already gathering that data? 

Understand the variety of applications and existing offerings before deciding on which path is right for you and your business. 

Define Goals and Objectives. Every additional AI added to your tech stack should have a business case. Before committing to an AI, make sure it will provide tangible ROI to your team, whether in time saved, increased accuracy, or otherwise. 

Calculate ROI. Finding the ROI of AI doesn’t have to be difficult — think of this calculation from a time-save perspective. How much time is your finance team spending on tasks that could be handled by AI? How many actions hinge on waiting for these time-consuming tasks? By answering these questions, you can quickly calculate a tangible ROI. 

The Office of Finance is evolving, and AI is fueling the change to record pace. Ready to learn more about implementing AI for your team? Rishi shares all on this week’s episode of The CFO Show, available wherever you typically listen.

A Behind-The-Scenes Look at Vena Copilot for FP&A…

Vena Copilot for FP&A is a tool that acts much like a translator of financial and operational data. It can help tell stories, uncover narratives, decipher the meaning behind financial data and trends and put this information directly into the hands of stakeholders and decision-makers. Learn the how and why Vena created Vena Copilot.

In case you missed it…

Continuous learning is not just a nice thing to have; it’s a critical necessity in finance. Bryan Lapidus, Director of the FP&A Practice at the Association for Financial Professionals joined The CFO Show to share how CFOs and finance leaders can instill a culture of continuous learning, and embrace a growth mindset to advance in their careers.

What’s next…

Ready for strategies, solutions, and agile methods for streamlining the budgeting and planning process while increasing accuracy? Dominic DiBernardo, Partner at Citrin Cooperman Advisors LLC joins us to share how to leverage real-time data, cultivate a budget-conscious culture emphasizing accountability and shared objectives, and adopt budgeting practices that adeptly adjust to market shifts.