By Rachel Burger March 4, 2025
Number crunchers. Bean counters.
Those descriptions have long served as corporate shorthand for financial planning and analysis (FP&A) professionals.
However, the truth is that those terms never came close to capturing the contributions of dedicated FP&A pros. Providing strategic insights, identifying efficiencies, and informing decision-making have always been in the job description.
Yet historically, the number crunching and bean counting chewed up an inordinate amount of time. This persistent challenge left precious few hours for the real value-add work.
Today, artificial intelligence (AI) in finance is playing a lead role in shifting that dynamic, handling many of the time-sucking repetitive tasks that remain essential activities. FP&A teams have, as a result, been freed to shift more focus to strategic priorities, deep analysis, and data-driven forecasting aimed at driving growth.
The CFO Magazine succinctly characterized the emerging evolution of FP&A in a recent article: “The truth (about AI) likely lies between utopian visions of eliminating repetitive manual work and dystopian fears of widespread job losses. While AI may not radically disrupt finance overnight, it presents real opportunities to augment human analysis and devote more time to strategic priorities.”
That reasoned approach likely resonates with many FP&A pros who have already ventured into the AI world. A panacea it is not, however. But a powerful tool with still untapped potential? Sounds about right.
So what are some of the most relevant ways in which AI is leading to a steady evolution of FP&A roles?
1. Greater Emphasis on Tech Prowess
Many AI tools and platforms are increasingly intuitive and user friendly. Yet there’s no denying that truly thriving as an FP&A pro today requires embracing technology and keeping up with changes and emerging FP&A trends. Ongoing training is essential to ensure all team members feel comfortable using AI tools and gaining maximum benefit from their vast capabilities.
2. Delegating Automated Tasks to AI
Determining which tasks are best handled by AI and which require human engagement and insight is an essential capability to succeed moving into the future. While AI tools still require steady oversight, they can handle many mundane tasks by automating data collection and routinely generating reports. Meanwhile, FP&A pros can be more strategic in redirecting their focus to higher-value activities such as strategic analysis, forecasting, and predictive analytics.
3. Increased Forecasting and Predictive Analytics
Talk about number crunching — AI can crunch numbers at warp speed. As a result, FP&A pros can access machine learning algorithms that analyze vast amounts of historical and real-time data. The result is more accurate and dynamic forecasts that can be updated in real time to reflect changing market or economic conditions. With this type of predictive analytics, organizations can anticipate market trends, identify risks, and seize opportunities.
4. FP&A as Strategic Advisors
Back in the day, FP&A could sometimes be an afterthought when it came to strategic planning or mapping out key initiatives. Certainly, FP&A was involved with that work. But at times it was limited to addressing the “Can we afford this? question at the tail end of the strategic planning process. Today, AI has made it critical to engage FP&A early and throughout the strategic planning process. This approach allows organizations to benefit from real-time strategic insights that help guide strategy and decision-making.
5. FP&A as Innovators
The Office of Finance traditionally hasn’t been looked at as the center of innovation. That is, until now. New AI capabilities, particularly for predictive analytics and forecasting, can empower FP&A teams to develop innovative ideas. Through those ideas, transformative approaches and growth strategies can emerge that extend beyond just the Office of Finance. Fully understanding AI tools and their capabilities can position FP&A pros to be at the center of that innovation.
6. Advanced Scenario Planning
Asking — and answering — the many “what-if” questions has always fallen under the FP&A purview. But limited time and less than robust insights made it difficult to game out the wide range of possibilities. With AI, FP&A roles can now include the development of sophisticated scenario analysis by simulating multiple variables and outcomes. This analysis allows for a quick assessment of the impact of different strategies, allowing for more data-driven informed decision-making.
7. Telling Stories with Data
Since the dawn of time, humans have turned to stories to make sense of complex issues. Yet crafting a compelling narrative hasn’t always been a core strength of finance pros who likely thrived in math class but not creative writing. AI has the potential to be a game-changer in this area by delivering a wide range of visuals and graphics that help increase greater understanding. In addition, AI can provide guidance on how to effectively craft a written narrative that explains and supports the numbers.
8. Strengthened Soft Skills
The shift from more repetitive tasks to generating strategic insights requires FP&A pros to communicate and collaborate more than ever with peers across the organization. Thus, honing active listening skills (i.e., deeply engaging with others to fully understand and effectively respond) is key to building trust and deepening critical relationships.
More on AI and FP&A roles?
Sure, the number crunchers and bean counters still exist. For the most part, however, they are no longer in human form. Smart and forward-looking FP&A teams assign those tasks to AI. By doing so, FP&A teams can focus on playing an ever-growing role in the success and strategic direction of the organizations they support.
To learn more about FP&A and AI, check out “How to Get Buy-In for AI Investment in Finance.”
