Recently, I read an article in a CFO magazine about the wonders of AI in finance. Generative AI automating collections management, evaluating credit risks, and generating insightful financial reports in the blink of an eye. As a fervent advocate for digital innovation, I couldn't help but feel excited and dreamy. But as an experienced consultant working with numerous Flemish companies, I also realize: between dream and reality, many Excels stand in the way.
Let’s be clear: AI and BI are the future, and that future is now. The possibilities are endless, and the benefits are undeniable. But let’s also be honest about where the average Flemish finance department stands today.
CFOs often tell me: “AI? Great! But we’re happy if our Excels are correct.” Many finance teams are still struggling with the basics. I know plenty of Flemish companies where the monthly financial close is a major Excel marathon. And yes, I do see steps being taken in the right direction...
Today, we’re at a crossroads: AI is on the horizon, but heavy Excel use is still a reality. Because let’s face it: if your data is scattered across a dozen unstructured files, even the smartest AI assistant is powerless right now.
But that doesn’t mean we should wait to take action. On the contrary, now is the time to act. Start by centralizing your data. Experiment with BI tools. Automate wherever possible. Every streamlined process brings you closer to an AI-driven future.
I see wonderful examples around me. A manufacturer that, thanks to BI, gains better insights into its pricing. A retailer taking the first steps toward predictive analytics and optimizing their stock as a result.
The path to AI-driven finance is one of small but meaningful steps. It’s not about completely overhauling your systems, but about making gradual improvements. Maybe you start by automating reports? Or implement a dashboard for real-time insights? Every step counts.
We mustn’t forget that technology is a means to an end, not a goal in itself. It’s about adding value to our companies. Whether that value comes from implementing an advanced AI model, smartly utilizing Excel, or using a BI tool, it doesn’t fundamentally matter.
My advice? Embrace the possibilities of AI and BI, but don’t lose sight of reality. Start at the level where you find yourself. Critically evaluate your processes and data. What are the biggest pain points? What quick wins can you seize? Start there.
You might just discover that a well-implemented BI tool helps your organization far more than a rushed AI implementation. The future is undeniably AI-driven. But Rome wasn’t built in a day either. Every step is valuable. Every improvement counts.
So yes, keep dreaming of an AI future. But don’t forget, you can’t sprint if you haven’t yet learned to walk. Begin with that first step, even if it’s just upgrading your latest Excel to a BI dashboard.
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