The Next-Gen Finance Business Partner: Thriving in the Age of AI and Business Intelligence

Abstract

The responsibilities of Finance Business Partners (FBPs) are shifting as a result of the revolution that has been brought by the implementation of Artificial Intelligence (AI) and Business Intelligence (BI) systems in the past few years. The role of the FBPs has been transformed in the process of moving from conventional qualitative analysis to a more strategic role that can facilitate the automation of many tasks, enhance the forecasting functions and offer real-time decision-making, allowing the FBPs to focus on value added work such as strategy, implementation and management, and integration with other areas of the organization. However, the integration of AI and BI is not without some challenges, which include resistance to change, data security risks, and a skills shortage. The importance of increasing the technical skills of the FBPs, the need for a strong partnership between the finance and operational teams and the need for strong ethical governance frameworks to guide the use of AI are also discussed. This paper also includes real world examples of how organizations are employing AI and BI to enhance their forecasting, improve the effectiveness of their financial processes and, most importantly, achieve their strategic objectives. Therefore, the results of this research support the concept that FBPs can be useful peers in relation to AI and BI if they adopt the technological tools and overcome the barriers to their usage. As a result of the findings, several practical recommendations are provided for FBPs to succeed in this evolving environment.