AI in the Service of Business Performance
Is the time right? And for what purpose? At PerfectSight, we believe that Artificial Intelligence will enable Management Controllers to go beyond traditional FP&A solutions.
IS THE TIME RIGHT? AND FOR WHAT PURPOSE? At PerfectSight , we believe that Artificial Intelligence (AI) will enable Management Controllers or Business Performance Managers to go beyond traditional Financial Planning & Analytics (FP&A) solutions . It will be able to help any management controller or business performance manager in their daily work in several ways, both in planning, analysis, productivity, and communication. At first glance, we thought that AI could: help management controllers identify the drivers of financial performance and the consequences of uncertainty and risk in decision-making, produce predictive and even prescriptive analyses, help controllers add value by giving meaning to data, by linking financial data to operational data more easily, highlight business opportunities. But that was at the beginning! Today, the predictive or prescriptive aspects of such a tool, although interesting to use, are largely challenged by a world that moves so fast and can surprise us overnight. At PerfectSight , we believe that the real revolution of Artificial Intelligence is elsewhere. It lies in its research and assistance capabilities to analyze data and adapt our models day by day, for increased end-user productivity: 1 – INTELLIGENT SEARCH Indeed, an AI-based search tool can help users easily explore company data. The user will instantly receive help and benefit from a fluid user experience. They will formulate their queries in natural language (NLP) to obtain relevant answers in the form of tables, graphs, or reports. They can also suggest actions to take or questions to ask to deepen the analysis. Such an AI-based search tool offers many advantages, such as simplicity, speed, and intelligence. The search engine or directory as we know them are destined to disappear. 2 – INTELLIGENT ASSISTANT or CO-PILOT On the other hand, a Generative Artificial Intelligence (GAI) tool like ChatGPT can help the end-user in budgeting processes and monitoring their execution. GAI allows for increased automation of analysis and financial report production, improved risk management efforts, and optimization of financial operations. The impact does not stop there, however. GAI tools can also be used to improve business communication and automate certain internal tasks. Like a true assistant, a co-pilot, GAI can be used to transform basic processes, reinvent business partnerships, and mitigate risks. GAI co-pilots will work alongside finance professionals to create reports, explain variances, and provide recommendations, enabling the finance function to generate more accurate and personalized forward-looking information. At PerfectSight , we believe the time is now. We work every day to integrate these improvements that will enable finance professionals to make more informed strategic decisions, leading to increased operational efficiency and effectiveness.