This month’s release of Conversational Finance includes a groundbreaking capability for finance teams that spend significant portions of their time gathering, analyzing and comparing budgets vs. actuals for various areas of the business, including departments, product lines and revenue streams.
With this new feature finance and business analysts can now simply ask natural language questions related and get answers in seconds that surface variances and trends and unlock a rapid understanding of the health and performance of the business, with responses coming in under 10 seconds. With the business’ performance at their fingertips, finance and business teams can implement or accelerate strategies to improve the company’s performance, revise forecasts or budgets, or take other important actions radically faster than today’s slow and tedious processes allow.
Today, the ability to check on a business performance often requires significant effort from an analyst. Often a dashboard is required, which require onerous processes to build and maintain. Today, 75 percent of a business analyst’s time is spent on gathering data or administrative processes, according to a joint survey from the Association of Financial Professionals and the APQC.
Conversational Finance simplifies the entire stack — from the data connections to the ability to ask non-technical questions in natural language to receive responses. This in turn reduces the amount spent per dashboard in terms of time (10 seconds through Conversational Finance v. 4.5 business days with traditional methods) and cost ($18,000/dashboard today v the cost of a subscription).
The new capabilities add to the robust feature set of Conversational Finance, which includes anti-hallucination and the ability to connect directly to systems of record.
Contact us to learn more.