200 hours. That's how long AI COULD save you in FP&A
Two thirds (66%) of finance professionals ay that AI is set to save between 50 and 200 hours of work annually, enabling them to focus on more value-added activities like strategic planning, according to new data from ICit Business Intelligence.
Published on November 7, the new research shows that AI and Machine Learning (ML) will reshape the future of Financial Planning and Analysis (FP&A), empowering finance professionals to become more trusted, strategic partners to their organisations. According to the latest ICit-commissioned report: Harnessing AI for enhanced Financial Planning & Analysis, FP&A teams are already experiencing substantial financial and time-saving benefits by utilising AI.
The independent study*, conducted with 300 UK FP&A professionals, revealed that 85% of organisations are already using AI-powered FP&A software. From a cost saving point of view, these same companies are seeing financial savings of £50,000–£100,000 annually due to AI-powered FP&A software.
According to ICit’s Director, Mark Bodger, “AI’s ability to streamline complex data processes and deliver real-time insights allows finance teams to step into more strategic roles, enabling them to focus on high-level decision-making rather than manual tasks.”
As AI increasingly becomes a standard in financial operations, finance teams are evolving beyond their traditional roles of managing budgets and forecasts. With AI’s ability to analyse vast datasets and predict future trends, FP&A professionals are moving closer to the heart of business strategy, offering critical guidance to senior leadership.
ICit’s report highlighted the importance of AI in helping finance teams become strategic advisors, with 59% of respondents to the study noting that AI enhances financial decision-making through more accurate forecasts and real-time scenario analysis. AI adoption is also boosting trust in finance teams, with 67% of finance professionals citing AI’s critical role in providing senior executives with reliable, data-driven insights.
“AI is not just improving efficiency—it’s giving finance professionals the tools they need to advise their companies on strategic decisions, from market expansion to cost-saving initiatives,” says Bodger. “AI is enabling faster, more precise forecasting and insights, allowing finance teams to make better decisions and drive business success.”
The ICit study also showed that AI is becoming essential for finance teams looking to build greater trust with their C-suite executives. Over two-thirds (67%) of finance professionals believe AI will play a pivotal role in establishing confidence in their insights and decisions. As AI evolves, finance teams will be able to quickly adapt to market changes, reducing errors and providing more accurate financial forecasts.
“From tackling manual work to responding to economic instability, the challenges finance professionals face are diverse and growing. In the AI-era, a lack of agility will see slow movers quickly fall behind. The main barrier to achieving this, however, is trust – which is why finance leaders need to seize the opportunity and take action,” says Tim Wakeford, Vice President, Financial Product Strategy, at Workday.
“Leaders must also advocate for AI, cultivate a responsible culture and showcase how it overcomes the daily challenges finance teams face. This isn’t always easy – it may call for tough choices on budgets, or receive initial push back from other leaders. However, with the right steps, a more productive, strategic and high-performing finance department is in reach.”