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Gartner, Inc. has identified five of the top artificial intelligence (AI) use cases for financial planning and analysis (FP&A) leaders to consider implementing in their functions.
“Organizations ignoring these use cases should have a good reason for doing so because they offer the best combination of feasibility and business benefit,” said Mark D. McDonald, senior director, research in the Gartner Finance practice. “Looking to apply AI to other use cases before getting these five working effectively is likely leaving process efficiency and business performance gains on the table.”
Gartner analysts examined 23 AI use cases in corporate finance representing the types of processes a future-looking autonomous finance organization will work on. They were ranked according to their business value and feasibility of implementation (see Figure 1).
Source: Gartner (October 2022)
“FP&A Leaders should take into account the maturity and needs of their own finance organization because the applicability may vary across organizations and industries,” said McDonald. “These use cases are commonly implemented and effective, but the most valuable use cases exploit a company’s unique strengths and allow it to further differentiate itself.”
To clarify the use cases, Gartner experts provided more detailed definitions.
"Forecasting is a popular use case in finance departments because legacy processes are manually intensive and notoriously unreliable. AI excels at automation and improving accuracy.” said McDonald. "Many pre-configured software packages address common finance processes such as accounts receivable and accounts payable but be aware that use cases which address unique business needs, such as forecasting, will require some internal skills to build."
Gartner clients can learn more in: Infographic: Artificial Intelligence Use-Case Prism for Finance.
CFOs and finance leaders can participate in Gartner research and get complementary access by joining the Gartner Research Circle.
About the Gartner Finance Practice
The Gartner Finance practice helps senior finance executives meet their top priorities. Gartner offers a unique breadth and depth of content to support clients’ individual success and deliver on key initiatives that cut across finance functions to drive business impact. Learn more at https://www.gartner.com/en/finance/finance-leaders. Follow Gartner for Finance on LinkedIn and Twitter using #GartnerFinance to stay ahead of the latest expert insights and key trends shaping the Finance function. Visit the Gartner Finance Newsroom for more information and insights.
Rob van der Meulen
Gartner
rob.vandermeulen@gartner.com
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Gartner, Inc. (NYSE: IT) delivers actionable, objective insight to executives and their teams. Our expert guidance and tools enable faster, smarter decisions and stronger performance on an organization’s mission critical priorities. To learn more, visit gartner.com.
©2022 Gartner, Inc. and/or its affiliates. All rights reserved.
©2022 Gartner, Inc. and/or its affiliates. All rights reserved.