The generative AI solution is part of FinanceOS™, connecting all sources of a company’s data.
NEW YORK, March 28, 2023 /PRNewswire/ — Datarails, the FP&A platform for Excel users, has launched FP&A Genius, “the ChatGPT” for the CFO’s Office giving companies unprecedented instant insights about budgets, forecasts, variance, and spend.
FP&A Genius provides generative AI answers based on complete and consolidated finance data from across a company. The chat function allows executives to quickly answer questions such as ‘How did revenue compare 2022 vs 2021?’, ‘What will happen to the bottom line if inflation is 2x the rate today?’ and ‘How will results be impacted if revenue grows by 10% next year?’
The AI feature benefits from the release of FinanceOS™ also released by Datarails today. FinanceOS is a response to the fact that finance teams face a challenge with multiple spreadsheets connected to different Enterprise Resource Planning systems (ERPs) and other sources of data. This creates an obstacle for finance teams seeking to access data from multiple ‒ and often disconnected ‒ systems.
FinanceOS connects and syncs all previously disparate spreadsheets and sources of data within a company. Consolidated in the cloud, FinanceOS, standardizes all data from financial systems, operational systems, and payroll, providing a complete financial picture for the CFO’s office in small and medium-sized businesses for the first time. Just as Windows serves as the operating system for personal computers, FinanceOS serves as the operating system for finance departments.
Datarails patented technology for consolidating and storing all Excel-based data on a cloud-based centralized database maintains Excel as the primary means of manipulating data but connected to a universal source of truth.
Under the FinanceOS offering, customers can access modules including Budgeting and Forecasting, and Cross-company reporting. The Financial statements module is included as standard comprising P&L reports, balance sheets, cashflows, board reports, and dashboards.
With FinanceOS technology, alongside the new AI features, customers can surface patterns and trends in real-time drawing on connected sources of financial information, delivering a single source of financial truth.
FinanceOS is already included for all Datarails customers, while FP&A Genius is being tested with customers ahead of a full-launch this summer. Sign up for the waiting list here.
Didi Gurfinkel CEO and Co-Founder, Datarails says: “Though there has been a lot of talk about AI in finance for several years, the reality is it is not used widely. That is going to change significantly within the next year with finance teams at small and medium businesses suddenly getting rapid access to AI-powered and connected insights. This will surface the true financial stories in their businesses allowing them to make rapid strategic decisions and stay ahead of trends and challenges.”
“This is combined with FinanceOS which is a game changer, connecting all sources of a company’s data. This provides unprecedented accessibility in real-time, version control, deep analysis of trends data, and real-time collaboration.”
Sloane Kolt, Head of Datarails Labs, says: “Finance professionals and particularly FP&A teams live in constant fear of questions they have not prepared for and streams of ad hoc tasks added to their plates. With capable AI tools, answers and charts can be generated instantly based on the turn a board meeting takes, or the latest pressing executive request. AI will help transform finance teams from reactive workers to strategic centers of their business.”
About Datarails
Datarails is a financial planning and analysis platform that automates data consolidation,
reporting and planning, while enabling finance teams to continue using their own Excel spreadsheets and financial models. Automating these time-consuming manual processes paves the way for finance teams to spend more time analyzing data and less time gathering it. It also empowers them to answer essential strategic questions like what their organization can do to increase revenue and reduce expenses. For more information, visit Datarails.com.
For further information contact Jonathan Marciano, Datarails Director of Communications +972586135342 or email [email protected]
SOURCE Datarails
