2023 has hardly begun, and we have started talking about the age-old sci-fi notion of machines taking over humans! The advent of ChatGPT, an AI tool developed by OpenAI, has sparked several debates regarding the future of technology, insecurities amongst artists, threats to employees, etc.
While its impeccable accuracy and ability to mimic human actions are worrisome to many, ChatGPT’s benefits to finance professionals are undeniable. The AI tool is capable of automating complicated processes, analyzing data, creating Excel macros, financial modelling, creating machine learning algorithms, and much more. If used ethically and effectively, it can help finance experts leverage their skills and attain their objectives.
Modern financial planning and analysis (FP&A) cover a scope that goes beyond a company’s finance organization. It brings multiple departments together and focuses on fulfilling broader organizational goals.
Here are a few ways in which ChatGPT can work for finance and FP&A professionals:
Better Forecasting
ChatGPT is capable of understanding trends and analyzing complex data to generate valuable insights. Finance and FP&A professionals can use the AI tool to make accurate financial forecasts while preparing extensive plans.
Managing Risks
If utilized well, ChatGPT can act as an excellent risk management tool. Feeding the right business data to the AI tool will make it identify and analyze potential risks to your company’s financial health. This allows you to analyze the roadblocks and bottlenecks you may encounter along the way. ChatGPT can also help you create powerful financial models to mitigate risks and ensure the smooth execution of your projects.
Making Informed Investment Decisions
Looking at the AI tool’s performance so far, it is safe to say that it can make better investment decisions than most of us! Finance professionals can use the tool to analyze large volumes of data and make data-driven investment decisions. It can act as a virtual investment analyst and advisor, helping you make wise investment decisions.
Automating Repetitive Processes
Many finance professionals still struggle to perform repetitive tasks manually on a daily basis. ChatGPT can help them automate tasks like data entry, data analysis, data cleaning, etc. This will allow finance and FP&A professionals to focus on more important processes at the core of their businesses.
Managing Portfolios
ChatGPT can also be used as a powerful portfolio management tool. It is capable of helping finance professionals optimize their portfolio of assets, helping them make decisions in their company’s best interest.
Generating Customizable Financial Reports
Feeding it the right financial data can make ChatGPT generate different financial reports for your team, clients, and other stakeholders. You can also give the AI tool specific commands to customize and optimize your reports according to your requirements.
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If the finance and FP&A professionals in your company want to take their services a notch higher, VIZIO helps them work on systems that optimize technologies like AI, machine learning, and many more. Our skilled and passionate professionals set up a modern FP&A solution that helps you stay in tune with the latest technologies and trends in the industry.