A budget takes high-level goals (revenue, profit growth, etc.) and turns them into a workable plan by allocating resources. The traditional bottoms-up approach has its own set of restrictions.
The budgeting process requires a large amount of time and effort, which causes finance teams to lose sight of strategic projects. This is where artificial intelligence (A.I.) can help. Though artificial intelligence (AI) cannot replace traditional bottom-up budgeting, it can assist teams in becoming more productive.
For forecasting, FP&A teams in several firms have used A.I./Machine learning algorithms. However, because of lack of finances, time, and technological knowledge, just a few organizations have used them in budgeting.
How AI/ML can aid budgeting:
Budget time is the most stressful time of the year -Allison Johnson, FP&A Manager
Points to Consider:
If you’d like to learn more about incorporating AI into your budgeting and forecasting, feel free to send us an email email@example.com
How can we leverage all the data points we have in our budget preparation
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