Artificial intelligence (AI) offers numerous advantages in enterprise performance management (EPM) in the financial sector that go far beyond traditional automation. It enables more precise planning and forecasting, real-time reactions to market changes and better collaboration through networked planning. Successfully integrating AI into EPM in finance requires a strategic approach.
From strategy to partner selection: Planning AI implementation
1 AI and data strategy: A clear AI and data strategy should be an integral part of the financial transformation strategy. The transformation of enterprise resource planning (ERP) often provides the ideal opportunity to anchor these topics and build the necessary infrastructure.
2. focus on specific use cases: There are numerous promising fields of application in the finance EPM area. The areas of planning, forecasting and reporting are particularly noteworthy.
In planning and forecasting, AI offers the opportunity to integrate processes and break down silos between different planning levels. With predictive forecasting, companies can significantly increase the accuracy of their cost and sales forecasts. This technology makes the work of controllers easier, reduces manual effort and at the same time increases agility in management.
Christian Willmes
Partner, Consulting, Head of Technology Transformation
KPMG AG Wirtschaftsprüfungsgesellschaft
In addition, scenario planning and simulations, such as those to be implemented with SAP Compass, allow different possibilities and risk scenarios to be taken into account. Optimized financial planning, which covers several dimensions of Group reporting, can thus be significantly improved.
In reporting, generative AI (GenAI) drives automation and effectiveness. Intelligent technologies such as SAP Joule are designed to quickly identify patterns and anomalies in large volumes of data. This not only leads to more efficient processes, but also to improved decision-making. Real-time dashboards that integrate data from various sources provide up-to-date insights and help companies to stay up to date at all times. The automatic generation of visualizations and dashboards is also an innovative approach that speeds up the creation of reports and improves presentation results.
3. choose a holistic partner: A successful AI strategy doesn't end with the technology. The key to success often lies in choosing an end-to-end partner that can deliver both consulting and implementation services from a single source. According to a study, more and more companies are opting for this type of partnership. The benefits are clear: seamless integration of business and IT services, faster project progress and the provision of the necessary expertise.
Success factors for AI implementation
In order for AI to be used successfully in the finance EPM area, a number of requirements must be met:
1. organizational readiness:
The willingness to change must be supported by all levels of the hierarchy, particularly through support at board level. A data-driven culture promotes the acceptance of AI-supported findings and also requires targeted investment in the further training of employees in the field of AI and data analysis.
2. integration into processes and systems:
The implementation of AI should be smoothly integrated into existing systems such as ERP platforms. A step-by-step introduction minimizes disruption and makes it possible to make necessary adjustments without disrupting existing processes. Cross-departmental collaboration is crucial in order to coordinate the various stakeholders and create synergies.
3. data quality and integration:
High data quality is the foundation of any successful AI strategy. Companies should harmonize their data sources in order to eliminate data silos and create a uniform data pool. Effective data governance and master data management strategies are of central importance here.
Conclusion
The use of AI in finance EPM requires strategic planning, organizational adjustments and a solid database. By combining clearly defined use cases, a sound data strategy and the right partnership, companies can make targeted use of the potential of AI and set the course for a successful future.