Will AI Replace Your Financial Analyst?

Summary: The burning question of how AI affects jobs is on everyone’s lips. Discover how AI is shaking up — and shaping up — global finance teams.

After years of advancing quietly and overcoming setbacks, AI has finally exploded onto center stage and is disrupting our daily lives.

The widespread adoption of AI is changing the way we work and how customers interact with service providers. Generative AI tools like ChatGPT are gaining serious momentum as its capabilities and applications rapidly expand and drive business value.?

When it comes to the world of finance, CFOs are already championing the success of finance transformation in financial planning and analysis (FP&A) for organizational prosperity.?

This, coupled with the fact that AI, advanced analytics, and machine learning are reshaping the face of financial planning and analysis, FP&A professionals might well be wondering how AI will impact the role of financial analysts.?

What does AI mean for finance professionals?

The AI frontier is constantly advancing with new and thrilling applications being discovered across all business areas, including corporate finance.?

In fact, Gartner identified five of the top use cases of AI in finance for delivering business value and feasibility.?

For a comprehensive overview, head over to our practical guide to AI in finance. It’s the perfect way to discover how the fascinating topic of AI is impacting finance teams.???

From quickly analyzing vast quantities of financial data to automating routine processes like budget approvals, the use cases of AI in finance are making a positive impact.?

Given the incredible potential of AI, should you as an FP&A professional be preparing yourself for AI replacing the role of finance analysts??

AI applications transforming the finance function

Organizations everywhere are jostling to integrate AI into their operations to gain a competitive advantage. Gartner boldly predicts that finance outsourcing for AI process technologies will rise from 6% to 40% by 2024.

It’s an exciting time for those with strategic finance roles given the transformative impact of AI in FP&A and other finance functions. In fact, AI is one of the seven key FP&A trends of Q1 2023.

So how can AI help finance teams deliver greater value to their organizations? Let’s take a look at some of the ways that AI is automating time-intensive tasks:

Automated workflows?

High-impact FP&A teams are automating workflows. Historically time-intensive activities like budget approvals and invoice processing are having a much-needed make-over.??

Data management

Want someone else to do the heavy-lifting? AI-powered data management collates and processes vast quantities of information, putting crucial data points at your fingertips faster than ever before.

Risk management

AI is a game changer for risk management, especially in financial services. Its ability to learn continuously using new data enables it to help organizations manage credit risks and make access to capital more equitable.

Is AI coming for my finance job?

Humans have long feared machines becoming sentient and taking over.?

Surprisingly, the movie industry has played to this fear for almost 100 years, with the 1927 German sci-fi movie Metropolis initiating this movement. But for now, the concept of AI taking over still isn’t entirely convincing, no matter how good the visual effects.?

When it comes to the corporate world and strategic operations, AI is revolutionizing business planning and driving efficiencies and profitability in the process. So could AI replace finance jobs?

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