Students analysed AI capabilities in modern finance systems for PwC Finland

Aalto University School of Business master’s students Alex Antila (Accounting & CEMS MIM) and Shradha Khanal (Information Service Management) completed a Customized Student Business Project with PwC Finland. The project focused on analysing how artificial intelligence is currently utilised in modern finance systems and what capabilities may emerge in the near future. The aim was to provide PwC with structured insights to better advise and support its clients in developing AI strategies within finance operations.

Mapping the AI landscape in finance

The project began with an in-depth review of what artificial intelligence means in the context of finance and accounting processes. The students then analysed how leading ERP and FP&A software vendors currently integrate AI into the finance processes selected within the project’s scope. In addition to reviewing vendor capabilities and product portfolios, the students conducted semi-structured interviews with the vendors to gain further insights into their respective AI strategies.

Beyond assessing existing functionalities, the team evaluated the maturity of AI capabilities and compared differences between software providers. Through an extensive AI capability mapping, the students linked vendor capabilities to finance processes and identified gaps and potential challenges where AI solutions may not yet fully meet business needs. They also evaluated whether companies should buy ready-made solutions or build their own AI tools.

The final deliverable incorporated insights from the project supervisor, Assistant Professor Jukka Sihvonen, and his recent research on AI adoption in Finnish companies, further enhancing the credibility and practical relevance of the recommendations.

Insights from a real client engagement

The collaboration provided PwC with a comprehensive overview of the current AI finance software landscape and actionable recommendations for future initiatives. At the same time, the students gained first-hand experience working with one of the world’s leading professional services firms on a strategically important topic.

‘I had full trust in the students throughout the project, and I was impressed by their ability to link insights from research and studies into coherent, practical recommendations for PwC,’ says Jukka Sihvonen, the project supervisor.

In addition to deepening their understanding of AI capabilities, the students strengthened key professional skills, including project management, client communication, and practical problem-solving in real-world scenarios.

Shradha Khanal’s understanding evolved during the project. ‘At the beginning, almost everything was classified as AI. As the project progressed, we became more mindful of what qualifies as AI and how to distinguish between different types, and to separate them from non- AI capabilities that might still be marketed as AI.’

One of the most valuable aspects of the project for Alex Antila was the opportunity to work at the intersection of technology and advisory. ‘With AI playing such a central role in today’s finance operations, it was especially rewarding to explore its practical impact for clients.’

Both students were also pleased with the communication with PwC and grateful for their support in connecting with the relevant vendors and providing all necessary materials.

Marko Viitanen and Totti Tyynilä, the project representatives from PwC, said they were thoroughly impressed by the students’ work and the insights they produced. Thanks to the initiative of Kirsi Parviainen, Head of Performance Management Consulting at PwC, the students also had an opportunity to present their findings to her team, as they had expressed a strong interest in the project.