Datarails, the FP&A platform for Excel users, has rolled out FP&A Genius, “the ChatGPT” for the CFO’s Office. The world’s first generative AI tool for FP&A, which offers unprecedented instant insights about budgets, forecasts, variance and spend, is now available when new finance teams sign up.
In total, Datarails has launched three powerful use cases for FP&A Genius following months of extensive testing and iteration with CFOs and FP&A leaders in sectors including manufacturing, tech, retail and healthcare.
The main features at the heart of the new Datarails platform are:
- Fast Finance Requests – Use of FP&A Genius enhances the speed and accuracy of information provided by financial analysts to a business. This enables finance teams to instead focus on long-term and value-adding strategic tasks. For instance, anyone in FP&A has found themselves in a situation when a lengthy board deck is finished after weeks of work. However, what tends to happen is that the day before the board meeting CFOs ask for an extra 5 slides in case of questions which may be asked. Using AI, analysts can leverage FP&A Genius to create and visualize such information in seconds rather than having to cancel evening plans. Similarly, an FP&A partner sitting in a meeting can provide detailed answers to crucial business questions in seconds. This compares to a previous scenario where it took days or weeks to return vital information.
- Executive Self-Service – Finance teams can grant executives the opportunity to self-serve and ask detailed questions about the numbers. Rather than tying up finance teams for days fulfilling such requests, CEOs and other company executives can directly access answers (themselves). Typical questions tested by CFOs and CEOs during the pilot include: ‘How is our revenue trending vs last year?’, ‘Which customers drove our revenue variance to budget last month? ‘Visualize our sales trend for the last 12 months’, and ‘which cost owners are overspending in February’? In each case, the CEO or other executive receives the information instantly and allows their finance team to focus on value-added and more interesting strategic tasks.
- AI Storytelling assistant– In just a few clicks you can transform complex financial data into engaging and actionable storytelling which goes beyond just the numbers. The constant challenge for finance professionals is rarely not knowing the numbers, but rather conveying them in a meaningful way. Datarails’ new AI storytelling assistant, “Storyboards“, uses AI to turn dashboards into game-changing presentations in seconds.
These new AI features are underpinned by Datarails’ FinanceOS™ patented technology which connects and syncs all previously disparate spreadsheets and sources of data within a company. Consolidated in the cloud, FinanceOS standardizes all data from a company’s financial systems, operational systems, and payroll, providing a complete financial picture for the CFO’s office in small and medium-sized businesses – with AI tapping this data for easy answers.
Get your demo of FP&A Genius here.
Didi Gurfinkel CEO and Co-Founder, Datarails says: “I predict that FP&A teams will transform faster within the next year than at any time in the past two decades. Frankly, most small and medium-sized businesses are in a hamster wheel when it comes to FP&A and are frustrated at growing manual tasks and inability to focus on value-added activities. The exciting and rapid evolution of AI is freeing up time for finance professionals to focus on more complex analysis and strategic decision-making and make the story around the numbers far more compelling. At the same time, collectively as CEOs, CFOs and finance teams, we are being energized by the untold ability to identify patterns and trends to get to successful decisions faster.”
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