________________________________________________________________________________________ Financial
Workflows estimation running up to 75 per cent faster and estimates becoming 25 per cent more accurate with AI support.
Data from the Association for Project Management suggests that across various industries, AI use in project management has doubled between 2023 and 2025. The research also states that the large majority of professionals surveyed now use AI in their work or have plans to adopt it, with just one per cent saying their organisation neither uses AI nor plans to.
By automating financial data collation into a single source of truth, contractors have greater visibility over project financial health and can therefore take greater control over project direction. Having access to realtime expenditure also means it is easier for project teams to protect their margins and allocate resources more efficiently. It is the difference between taking leaps of faith against historical data and making betterinformed decisions with the support of more reliable, up-to-date figures.
Conclusion
Financial visibility extends beyond finance teams, enabling contractors and project managers with clear insights and visibility into budget data.
Live financial data, automatically pulled, aggregated, and updated, means important project decisions can be made more efficiently, and that project teams have a better understanding of how the decisions they make could affect the bottom line.
Crucially, gaining financial visibility means reducing surprises and allowing for more confident, reasoned decisions. With live financial data automatically pulled and updated, project teams can make informed choices that keep clients satisfied and ensure project needs are met without straining budgets. ■
Kierian Davis www. prophix. com
Kierian Davis is a Senior Product Marketer at Prophix focused on Financial Close and Consolidation. He turns the real challenges finance teams face into clear, practical stories that show how Prophix helps teams work faster, stay in control, and feel confident in the numbers.
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