As our customers have adopted Conversational Finance to speak to their enterprise systems of record, a few distinct use cases have emerged as key value drivers inside the company. CFOs, FP&A professionals and others in the finance organization have vastly sped up their ability to get answers from financial data, shifting the way they work.
Below are key use cases, as we’ve seen among our customers:
Variance Analysis:
Finance users can simply use the prompt “compare” to see figures for a comparison of revenues, expenses or other key metrics over time. The system returns the percent change over time, as well as the associated amounts.
This powerful capability allows finance users to understand budget v. actuals on an ongoing basis and to get that data in real-time, providing a simple way to see where the company is on key indicators and metrics vs the forecast.
Revenue Intelligence:
With the ability to dial in deeper into any topic without specialists, IT intervention or other additional resources, our customers’ CFO offices are transforming how they analyze the revenues within the company.
CFOs can now drill into the detail behind high level dashboards, ask follow up questions, shift data sources, and go from a high-level topic (such as the largest sources of revenue) to a more focused topic (such as the specific revenue for a product). CFOs can seamlessly and quickly shift from a high-level overview into a deep analysis.
Expense Management:
Similar to revenue, expense management becomes a real-time exercise on an ongoing basis, with real-time q-and-a against a system of record for everything from expenses within a particular P&L to expenses related to regions or subsidiaries to expenses at the global level. Instead of waiting for pulls from last week or last month, the system can generate actionable insights on what is happening with expenses on a multitude of dimensions.
This enables business users to understand what’s happening within the business coming on the fly, even in the middle of a meeting.
Product Analysis:
In addition to understanding the revenue or expenses, Conversational Finance provides the ability to understand key metrics around a product. A business user can receive information on suppliers, material expense, production costs and more.
Conversational Finance provides a holistic view of the products, associated materials and aids in understanding pricing for various goods — should there be discrepancies between the price for various components.
Spend optimization:
Should a company be looking to optimize its spend on a specific topic — such as marketing expense for a product or personnel spend in profit center — Conversational Finance has the depth and breadth to provide these answers.
The real-time analysis enabled by Conversational Finance enables an interrogation of the data, to get a detailed understanding of spend, return and associated time scales.
Finance organizations are increasingly seeking generative AI built for finance users, to accelerate their time to insights, support them in faster data-driven decision-making and ultimately help them steer the business in the right direction, based on fast, accurate data on key financial levers.
Conversational Finance provides the simple, easy and readymade solution that provides reliable answers in real time. Learn more and get in touch with sales today.