Bite-sized takeaways from FP&A Week 2023, part 6

FYI: Watch the full session recording.

Grab those golden nuggets of wisdom from FP&A Week in 500 words or less.

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Data visualization for better storytelling

Data visualization tools and techniques can help CFOs gain deeper insights and communicate financial data more effectively. This includes interactive dashboards, data storytelling, natural language processing, augmented reality, and self-service BI. These tools can empower users to create their own reports and visualizations, leading to a data-driven culture within the organization.

"Data can be overwhelming and hard to interpret. But when presented in a visual format, with a clear annotation, it can help audiences understand the story behind the numbers.” - Elghali Guessous, EPM Tech Lead at Octo Technologies

Continuous planning to keep up with changing conditions

When selecting planning and performance monitoring tools, CFOs should look for features such as scenario planning, integrations, and performance monitoring. Enabled through these features, effective collaboration and communication will help CFOs keep up with changing business conditions and track performance against targets.

"Continuous planning will help you ensure that your financial plans remain accurate and relevant. For example, if there is a sudden increase in the cost of your raw materials, you can adjust your financial plan accordingly to avoid a negative impact on your organization." - Elghali Guessous, EPM Tech Lead at Octo Technologies

The benefits of using AI and ML in FP&A

AI and ML solutions can provide insights, optimize costs, identify risks, and monitor changes in revenue growth. The main purpose of leveraging AI and ML in FP&A is to make accurate predictions, optimize costs, and take corrective actions quickly.

“In risk management, AI can help you identify potential scenarios and their likelihood, risk, and the impact on your financial performance. And then by leveraging all of these AI is playing a big role in real-time monitoring." - Elghali Guessous, EPM Tech Lead at Octo Technologies

Automation for the win

Using FP&A automation can streamline the reporting process, reduce burdens on finance teams, and allow CFOs to focus on strategic initiatives. Automation can save costs and improve efficiency and quality. Intelligent automation via chatbots further improves efficiency and helps retain process knowledge.

“As a CFO, it is important for you to receive the correct information to ensure its delivery to the right people at the right time. Streamlining your reporting process can eliminate the risk of data breaches or errors caused by human intervention." - Elghali Guessous, EPM Tech Lead at Octo Technologies

Want more? Watch the full session recording.