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Planful's Innovative AI-Driven Solutions for Finance Teams

In an age where financial management is increasingly challenging, Planful Inc. has stepped up to the plate by unveiling a suite of new AI-enabled features aimed at empowering finance teams. Founded as a pioneer in financial performance management cloud software, Planful is rapidly adapting to the emerging needs of Chief Financial Officers (CFOs) grappling with a shrinking talent pool and heightened demands for efficiency.

Addressing Talent Shortages with AI

As CFOs face constant pressure to deliver real-time insights while managing an influx of data, the introduction of AI solutions comes as a timely response. Steve Welsh, Chief Product Officer at Planful, emphasizes the urgency for finance teams, stating that they're often overwhelmed with routine tasks that can impede strategic thinking. To alleviate these burdens, the new capabilities introduced will automate mundane chores, promote cross-departmental collaboration, and pave the way for innovative thinking.

Among the solutions being launched are persona-based AI assistants tailored to different financial roles. These assistants serve to augment human capabilities, deliver insights, and facilitate better decision-making. For instance:

• - Analyst: Assists financial analysts with variance insights, report analyses, and scenario building.
• - Planner: Aids financial planners in crafting forecasts and optimizing scenarios.
• - Controller: Automates compliance reviews and adjustments for controllers.

Early users, such as Kimball Midwest, have reported substantial time savings that allow for enhanced strategic support across their operations. Kevin Washek, the Director of Financial Planning and Analysis at Kimball Midwest, notes that the AI capabilities drastically cut down on monotonous tasks, which he describes as a game-changer for their team.

Workforce Planning and Real-Time Insights

The enhanced Workforce Pro feature builds upon existing solutions to offer deeper insights into workforce management. Gone are the days of delayed decision-making; with advanced capabilities that include real-time forecasting and granular insight analysis, organizations can react promptly to changing conditions.

Key features of Workforce Pro include:

• - Granular Cost Transparency: These insights help ascertain compensation trends thoroughly, allowing for meticulous workforce planning.
• - Custom Compensation Logic: This enables users to manage bonuses and complex pay structures efficiently.
• - Live Headcount Tracking: A real-time overview of hires and exits permits swift organizational adjustments.

Luis Martinez Luna, Director of Finance at Rocket Software, mentioned that the flexibility afforded by Custom Compensation Logic allows them to modify calculations to suit their unique requirements, thus streamlining their operational processes significantly.

Enhanced Consolidation Processes

Next, Planful is also refining its Consolidations Premium solution, aimed explicitly at providing flexibility and visibility in managing complex ownership structures. By automating cumbersome tasks involved in the consolidation process, finance teams can focus their efforts where it counts most, which includes timely reporting and strategic forecasting.

New enhancements include:

• - Visualizations: A graphics-powered approach to visual organizing charts and support for various types of consolidations.
• - Automated Eliminations: This further facilitates manual work reduction by automating eliminations and currency conversions at all levels.

Strategic Integrations with Snowflake and Tableau

To further bolster its capabilities, Planful has introduced new connectors to popular data platforms like Snowflake and Tableau. This strategic move allows finance teams to integrate key operational data seamlessly, thus enriching the quality of reports and analysis available to the business. The native Tableau connector simplifies data transfers, enabling teams to visualize and interact with their data easily.

Conclusion

Planful's investments in AI-driven solutions and innovations signal a vital shift toward enhancing productivity and efficiency in finance management. By mitigating the struggles associated with talent shortages while fostering collaborative environments, the company is positioning itself as a leader in the financial services sector. As businesses across the globe look for reliable solutions to streamline operations, Planful's advancements are sure to drive significant impact.

Planful, utilized by over 1,500 organizations—including well-known names like Bose and the Boston Red Sox—remains dedicated to transforming financial performance management, helping teams close faster and report with increased accuracy. These innovations stand to redefine how finance functions, ultimately driving improved performance across the board.