Datarails, the leading FP&A platform for Excel users, has launched an innovative tool for CFOs called FP&A Genius, which acts like a virtual assistant or "ChatGPT" providing instant insights about budgets, forecasts, variance, and spend through its generative AI answers. This cutting-edge product is based on complete and consolidated finance data from across a company and uses AI to give executives quick answers to complex questions such as "How did revenue compare in 2022 versus 2021?" and "What will happen to the bottom line if inflation is 2x the rate today?"
FP&A Genius has been made possible thanks to the release of FinanceOS™, which is designed to help finance teams overcome the challenge of working with multiple spreadsheets connected to different Enterprise Resource Planning systems (ERPs) and other sources of data. By consolidating all financial data in the cloud, FinanceOS provides a standardized, complete financial picture for the CFO's office in small and medium-sized businesses. This allows customers to access modules including Budgeting and Forecasting, and Cross-company reporting, as well as the Financial statements module that comprises P&L reports, balance sheets, cashflows, board reports, and dashboards.
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. 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.
According to Didi Gurfinkel, CEO and Co-Founder of Datarails, the AI-powered insights that FP&A Genius provides combined with FinanceOS's game-changing technology, will transform finance teams from reactive workers to strategic centers of their business. This will allow executives to make rapid strategic decisions and stay ahead of trends and challenges.
Sloane Kolt, Head of Datarails Labs, added that "AI will help transform finance teams from reactive workers to strategic centers of their business." The launch of FP&A Genius and FinanceOS has given CFOs unprecedented access to instant insights about their company's financial performance. By signing up for the waiting list, companies can gain access to these innovative products and transform their finance teams into strategic centers of their business.
