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"How Data-Literate Companies Use AI and Automation for FP&A"
Bring "The Power of Language" to your financial reporting
Artificial intelligence (AI) has caused seismic shifts in almost every aspect of financial planning and analysis (FP&A). Natural language generation (NLG) and conversational AI influence asset management; compliance; shareholder communications; financial reporting; fund analysis; and more.
Data-literate companies can manipulate and analyze vast quantities of both structured and unstructured data in near real-time to uncover trends and produce actionable insights.
Automating manual processes and repetitive transactions saves time and cuts costs while improving productivity. Robotic Process Automation (RPA) saves countless hours just by creating variance reports that show pre-population forecasts as well as actual business outcomes.
Most RPA platforms push data to business intelligence dashboards, which present findings in the form of visualizations. Integrating AI like natural language narratives augments data visuals, identifying hidden metrics at the communications layer of analytics.
Considered the last mile of data, NLG enables the analysis, assessment and communication of data with precision, accuracy, and scale. Natural language explanations extend the reach of data – and its value – to team members who may not be as well-versed at interpreting analytics.
NLG furthers the ability to tell a story with data. Adding contextual commentary and drill-down analysis complements illustrative graphs and charts, which are indistinguishable from analyses written by a human subject matter expert.
In the context of variance reporting, NLG narratives don’t just show that your team missed its numbers, they harness data to also explain and prove the reasons why.
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