FirstAlign issues a new white paper focused on Budget, Planning and Forecasting (BP&F) using Artificial Intelligence (AI). Published through FirstAlign’s Center of Excellence (CoE), we are strategically enhancing and expanding our management tools in support of scenario-based BP&F, though AI and predictive analytics for the finance office.
Executives need a better plan than one that goes out of the window so shortly after its completion. No matter if you’re a Fortune 500 organization or a small to medium enterprise, each will spend significant time and resources understanding corporate budgets. Plans and forecasts are generated using historical, and often unstructured financial data to predict the future.
A Finance CoE practice leveraging AI and machine learning helps increase accuracy by tracking and monitoring the organization’s financial health in near real-time. When tested against scenario focused forecasting, information and indicators can be used to identify accuracy. When applied against key business drivers, the direction of the organization can be monitored to create predictive outcomes.
Understanding becomes part of an auto-rolling adjustment process, making financial decisions more accurate and better directed. The need to reorganize the business on annual budgeting tasks is removed. The wait for the remainder of the year’s actuals before outcomes are understood, can often be too late, before the whole process starts again.
“It is a fast-paced world. Markets change at the blink of an eye; you cannot afford to wait to understand the financial direction and pivots that may be required. How we view data and planning has to be as close to real time as possible," explains Mike Biber, Senior Advisor. “We focus on how Artificial Intelligence has the unprecedented ability to analyze financial data and power leadership to make rationalize decisions quickly that promote the best chance of success.”
In this whitepaper we discuss how AI helps the Finance Office improve budget, planning and forecasting practices. We focus on how new methods are changing the way forecast models are being created and the business drivers behind them.
FirstAlign helps in creating predictive and scenario based models to monitor financial progress in near real-time. These indicators and analytics ensure business decision makers are better informed, for faster market reactions and pivots.
Download free at: Artificial Intelligence for Finance (Whitepaper)
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