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AI ADOPTION IN FP&A SAVES PROFESSIONALS UP TO 200 HOURS AND £100,000 ANNUALLY

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AI Revolution in FP&A is Set to Offer One of the Most Impactful Transformations in Finance

LONDON, Nov. 6, 2024 /PRNewswire/ — ICit Business Intelligence, a leading Workday Adaptive Planning Solution Provider, has today released new research showing that Artificial Intelligence (AI) and Machine Learning (ML) will reshape the future of Financial Planning and Analysis (FP&A), empowering finance professionals to become more trusted, strategic partners to their organisations. According to the latest ICit-commissioned report: Harnessing AI for enhanced Financial Planning & Analysis, FP&A teams are already experiencing substantial financial and time-saving benefits by utilising AI.

AI’s potential for savings and efficiency gains is transforming the role of teams

The independent study*, conducted with 300 UK FP&A professionals, revealed that 85% of organisations are already using AI-powered FP&A software. Two thirds (66%) of finance professionals reported that AI is set to save between 50 and 200 hours of work annually, enabling them to focus on more value-added activities like strategic planning. From a cost saving point of view, these same companies are seeing financial savings of £50,000–£100,000 annually due to AI-powered FP&A software.

According to ICit’s Director, Mark Bodger, “AI’s ability to streamline complex data processes and deliver real-time insights allows finance teams to step into more strategic roles, enabling them to focus on strategic decision-making rather than manual tasks.”

AI is Elevating FP&A Teams into Strategic Leaders

As AI increasingly becomes a standard in financial operations, finance teams are evolving beyond their traditional roles of managing budgets and forecasts. With AI’s ability to analyse vast datasets and predict future trends, FP&A professionals are moving closer to the heart of business strategy, offering critical guidance to senior leadership. ICit’s report highlighted the importance of AI in helping finance teams become strategic advisors, with 59% of respondents to the study noting that AI enhances financial decision-making through more accurate forecasts and real-time scenario analysis. AI adoption is also boosting trust in finance teams, with 67% of finance professionals citing AI’s critical role in providing senior executives with reliable, data-driven insights.

Bodger continued: “AI is enabling faster, more precise forecasting and insights, allowing finance teams to make better decisions and drive business success.”

AI as a Driver of Trust and Competitiveness

The ICit study also showed that AI is becoming essential for finance teams looking to build greater trust with their C-suite executives. Over two-thirds (67%) of finance professionals believe AI will play a pivotal role in establishing confidence in their insights and decisions. As AI evolves, finance teams will be able to quickly adapt to market changes, reducing errors and providing more accurate financial forecasts.

Tim Wakeford, Vice President, Financial Product Strategy, Workday commented: “From tackling manual work to responding to economic instability, the challenges finance professionals face are diverse and growing. In the AI-era, a lack of agility will see slow movers quickly fall behind. The main barrier to achieving this, however, is trust – which is why finance leaders need to seize the opportunity and take action. Leaders must also advocate for AI, cultivate a responsible culture and showcase how it overcomes the daily challenges finance teams face. This isn’t always easy – it may call for tough choices on budgets, or receive initial push back from other leaders. However, with the right steps, a more productive, strategic and high-performing finance department is in reach.”

Mark Bodger concluded: “There is no doubt that AI is giving companies a competitive edge and our latest research indicates that organisations adopting AI in FP&A are outperforming their peers in operational efficiency, cost management, and strategic execution. As a result, these companies are better positioned to navigate financial uncertainty and seize new opportunities.”

*The findings presented in this report are based on a study of 300 UK financial decision-makers, commissioned by ICit. The survey focused on AI/ML adoption in FP&A software between 9th-14th August, 2024.

About ICit Business Intelligence:

ICit is a leading provider of managed services and FP&A software solutions, specialising in Workday Adaptive Planning. We help finance teams leverage advanced technologies like AI and ML to drive performance, improve decision-making, and enhance strategic leadership.

View original content:https://www.prnewswire.co.uk/news-releases/ai-adoption-in-fpa-saves-professionals-up-to-200-hours-and-100-000-annually-302297384.html

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Oberon Securities Advises Keens Steakhouse in Sale Transaction

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Oberon Securities acted as exclusive advisor to Keens Steakhouse in the sale transaction.

NEW YORK, Nov. 23, 2024 /PRNewswire-PRWeb/ — Oberon Securities, a New York-based middle market investment banking firm, acted as exclusive advisor to Keens Steakhouse in the sale transaction announced yesterday.

With more than 70 senior bankers serving businesses across the country and around the world, Oberon is one of the fastest growing New York City based middle-market investment banking firms. Its clients benefit from the market credibility associated with the firm’s longstanding relationships with many of the nation’s largest and most prestigious institutional investors. Oberon’s approach has generated numerous long-term, multi-transaction client engagements and attracted investment bankers who have spent their careers working with middle-market companies.

Media Contact

Steven Alschuler, Oberon Securities, 1 917-647-2151, steve@alschulerpr.com, https://oberonsecurities.com/

View original content to download multimedia:https://www.prweb.com/releases/oberon-securities-advises-keens-steakhouse-in-sale-transaction-302314708.html

SOURCE Oberon Securities; Oberon Securities

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Specified Technologies Inc. Unveils Firestop Clash Management and Locator Updates

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SOMERVILLE, N.J., Nov. 23, 2024 /PRNewswire/ — Specified Technologies Inc. has announced their latest Firestop Clash Management (FCM) and Firestop Locator (FSL) releases. FCM automates the process of locating and assigning firestop solutions to conditions within Autodesk® Revit®, enabling firestop novices to find firestop solutions like a firestop expert. In this latest release, STI has further expanded the capabilities of FCM by integrating it with their firestop documentation and compliance tool, Firestop Locator (FSL). FSL enables contractors and facilities’ teams to document the status, location, and products used for any and all fire life safety services across a building.

In the latest update for FSL, teams can now create custom items to track any service on their project beyond the base six (Penetration, Joint, Extinguisher, Door, Damper, and Barrier). Teams can also modify the base six items to include project specific inspection and maintenance requirements and any other details that they would like to be tracked.

With this new integration, decisions made during the design phase of a building using FCM are seamlessly passed into FSL during the construction phase, giving implementation teams a jump start on work to be done. This integration also improves data integrity and eliminates the guesswork in the field of determining what firestop systems and products are to be used where.

“We’re proud of the latest releases of FCM and FSL and look forward to continuing to support the fire life safety community,” says Justin Pine, Sr. Manager of Software & Services.

Specified Technologies Inc. promotes life and building safety by developing innovative fire protection systems and accompanying digital tools that help stop the spread of fire, smoke, and hot gases. Our SpecSeal® and EZ Path® product lines are engineered for easy installation and deliver powerful performance, often resulting in lower installed costs. Since firestopping is our only business, we concentrate all our resources on providing the highest quality, fully tested, innovative firestopping solutions.

Contact: Jess Bern; jbern@stifirestop.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/specified-technologies-inc-unveils-firestop-clash-management-and-locator-updates-302314629.html

SOURCE Specified Technologies, Inc.

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ZICC: Internet Experts Pay Attention to the Development of Artificial Intelligence

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BEIJING, Nov. 23, 2024 /CNW/ — During the Wuzhen Summit of the World Internet Conference, ZICC interviewed Internet experts from all over the world.

Lampros Sterg, UNESCO Chair in AI & Data Science, said that AI can accelerate social progress, but it needs to be used properly to avoid its negative effects in order to benefit citizens and society. Latif Ladid, the president of the IPv6 Forum, called for the establishment of a global governance system to allow artificial intelligence technology to serve humanity for good. South Korean computer scientist Kilnam Chon shared insights on AI’s positive role in healthcare. He urged global efforts to ensure AI safety and prevent its misuse in weapons. Indian entrepreneur Bibin Babu said he believes that AI will not replace humans, but will create more new jobs.

View original content to download multimedia:https://www.prnewswire.com/news-releases/zicc-internet-experts-pay-attention-to-the-development-of-artificial-intelligence-302314745.html

SOURCE ZICC

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