#USA #San Francisco #financial analysis #AI in Finance #Drivetrain

The State of AI in Financial Planning and Analysis

Drivetrain, a pioneer in AI-driven business planning, has unveiled its groundbreaking report titled "State of AI in FP&A." This inaugural study highlights the profound transformations taking place within financial planning and analysis (FP&A) teams as artificial intelligence (AI) continues to infiltrate modern business practices. Conducted through a survey of 258 finance professionals, the report explores how finance sectors are adapting to the AI landscape and what that means for hiring and operational strategies.

AI Adoption Among Finance Teams

According to the report, a notable 79% of FP&A teams are currently utilizing AI tools. However, many of these implementations are still in their infancy, primarily restricted to improving existing processes such as Excel automation and enhancing report functionalities. Despite the dominance of chatbots and large language models such as ChatGPT and Google Gemini, which account for 93% of AI engagement, finance teams have begun to explore a range of AI-native tools designed specifically for financial applications.

Changing Landscape of Finance Roles

One of the most significant revelations from Drivetrain's findings is the anticipated shift in the qualifications and backgrounds necessary for new finance roles. Traditionally, finance hires required substantial experience or degrees in finance. However, Alok Goel, CEO and Co-founder of Drivetrain, indicates a paradigm shift: "For the first time in decades, the most critical new finance hires won't have finance backgrounds—they'll have technical skills that barely existed when today's CFOs started their careers."

Roles such as AI analyst and AI systems expert are projected to become regular features in finance departments within the next 2 to 3 years. This marks a significant departure from conventional finance roles, emphasizing the need for cross-disciplinary knowledge in technology alongside traditional financial acumen.

Optimism and Challenges in AI Integration

While 90% of respondents express optimism about the future of AI in finance, the report also highlights substantial barriers to effective integration. A striking 65% of finance professionals reported spending less than five hours in the past month learning about AI technologies, signaling a critical gap in education and skills training. Furthermore, only 28% of participating companies have established formal policies regarding the usage of AI technologies, raising concerns regarding compliance and decision-making integrity.

Strategic Roadmap for Future Transformation

The report serves as a vital resource for CFOs and finance leaders seeking to assess their AI implementation strategies against industry benchmarks. By identifying proven time-saving applications of AI alongside areas needing improvement, Drivetrain fosters a framework for rethinking organizational structure, governance, and training in finance teams.

As AI reshapes the landscape of financial services, finance professionals find themselves at a crucial juncture. Investing in upskilling, governance, and purpose-built tools is critical for defining the next generation of strategic finance. The clear takeaway from the report is that while AI is not poised to replace finance teams, it will necessitate a radical restructuring of roles and processes to ensure success in this new era.

To delve deeper into the findings and explore the complete results, professionals can download the full "State of AI in FP&A" report directly from Drivetrain.

For media inquiries, reach out to Ronjini Joshua at PR for Drivetrain.