5 steps to start using AI in FP&A

Understanding the value AI brings to finance professionals will facilitate smoother implementation and greater acceptance of new technologies such as Python, ChatGPT or Microsoft Copilot.

But where to start?

Well, I have this guide of 5 steps to start using AI in FP&A:

1. Define Objectives and Scope

The initial step in integrating AI within the Financial Planning & Analysis (FP&A) framework involves a meticulous assessment of the department’s specific needs where AI could introduce significant enhancements.

This phase is critical for pinpointing areas ripe for transformation through AI, including but not limited to predictive forecasting, risk assessment, and the automation of routine processes.

By identifying these key areas, the team can focus their efforts on implementing AI solutions that address real challenges and opportunities within the financial planning landscape, ensuring that the technology is applied in a manner that directly contributes to the organization’s strategic objectives.

Following the identification of these needs, you will need to set concrete, measurable goals for AI implementation.

This involves establishing clear benchmarks for success, such as a quantifiable…