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Revolutionizing FP&A: How AI is Shaping Financial Analysis with Nicolas Boucher
Manage episode 428163029 series 3521265
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This week on the Expert Voices podcast, Randy Wootton, CEO of Maxio, speaks with Nicolas Boucher, an AI Applications in Finance expert. Nicolas shares his rich career trajectory from PwC auditor to corporate finance leader and his eventual transition into AI and finance training. He sheds light on the immense potential of AI in streamlining financial processes and enhancing decision-making. Nicolas and Randy discuss automated invoice processing, real-time financial reporting, and leveraging AI for strategic finance operations. They also explore the transformative impact of AI on business efficiency, explaining its practical applications and the importance of continuous learning for finance professionals.
Quotes
- “We get a lot of data. The problem is we pass through the data to management and then we don't help. There is a science that says that the brain registers and captures an image 60,000 times faster than a word or a figure. So if you really want to… advice for everybody working in finance and wanting to be noticed by management, thinking about the Napoleon map, send the graph that the management will remember and they will. This is what will stick. Not a long email. Not a nice report. The graph will stick.” -Nicolas Boucher [13:53]
- “We are the champions of Excel, we are the champions of ERP. I believe that we can be that good and be the champions of business in AI. We have a culture of using technology for our job. With AI, there is a lot of data that we can make sense of, and I think finance is ready to use AI.” -Nicolas Boucher [18:26]
Expert Takeaways
- Career Transition Insights: Nicolas’ shift from auditing to corporate finance and eventually to AI and finance training, emphasizes the importance of continuous learning and adaptability.
- AI in Invoice Processing: How AI can drastically reduce manual processing time in invoice handling and expense management.
- Real-time Financial Reporting: Integrating various sub-ledgers using AI tools like Puzzle IO to produce real-time financial reports and insights, improving business decisions.
- Practical AI Applications: Asking the right questions to AI models to get the most useful and specific answers, especially in financial analysis.
- Learning and Networking: Encouraging finance professionals to leverage communities and resources to advance AI adoption.
Timestamps
(00:12) The Impact of AI on Finance
(07:28) From Corporate Finance to Empowering Millions Through Digital Coaching
(12:50) The Power of Visual Data Representation in Finance
(20:05) Trusting AI Tools for Financial Analysis and Reporting
(27:13) AI Enhancing Invoice Processing and Accounts Payable Efficiency
(37:02) Key Metrics, Influencers in AI and Finance
(43:44) Learning and Entertainment in Effective Keynotes
Links
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