Artificial intelligence tools like ChatGPT are quickly revolutionizing the way we work, play, and communicate. While still in the early stages, the introduction of ChatGPT has brought significant change to the way we think about tasks that once seemed beyond the scope of machines. From writing poetry to correcting computer code, ChatGPT has captured the attention of businesses, researchers, students, and curious onlookers.
As a finance professional and tech evangelist, I was curious to see how ChatGPT could be deployed to enhance the financial planning and analysis (FP&A) function. I started a project that aimed to leverage the power of AI to create useful tools for FP&A tasks, even for finance professionals with limited programming skills.
The project focused on importing three years of financial statements into a simple database and using ChatGPT to write code that would analyze the financial statements to identify trends, correlations, and deviations in the data. We then demonstrated how we could deploy code that would allow users to ask questions about the data in natural language. By keeping the analysis simple, we hoped to provide an introduction and proof of concept for the potential of ChatGPT and other AI tools in the field of FP&A.
The project goals were successfully met, with Python scripts used to extract and analyze the data, create financial ratios, identify variances, and make forecasts. By using ChatGPT to write all SQL statements and Python code based on prompts, we were able to show how even finance professionals with limited programming skills could leverage the power of AI to develop useful tools for FP&A tasks.
The power of databases over spreadsheets was evident, offering more advanced analysis capabilities and the ability to automate many analysis and reporting tasks. With the help of natural language processing and AI, querying financial data will become even easier, making it possible for the software to answer the kinds of questions that today have to be answered by a human financial analyst. This will save time and improve accuracy and is a major step forward for the industry.
This project serves as an introduction to the potential of AI tools in the field of FP&A, showcasing the power of AI to unlock valuable insights from financial data, even for those without programming backgrounds. As AI tools like ChatGPT continue to evolve and expand, we anticipate that they will become increasingly sophisticated and play a more significant role in financial analysis and decision-making.
You can download the link here: https://github.com/ghopper3/ChatGPT-Project/blob/main/ChatGPT%20for%20FPA.pdf
