HOW CAN CFOs TRANSFORM FORECASTING WITH AI INFUSED INNOVATION?
Sometimes, finance innovation comes from a surprising source. In this case, a mid-sized business in one of the most disrupted sectors of the global pandemic, which is taking advantage of Artificial Intelligence (AI) to catapult predictive forecasting capabilities to the next level.
Gary Simon, Chief Executive of FSN and Leader of the Modern Finance Forum on LinkedIn interviews Flora Selkirk, Head of Financial Planning and Analysis at Apex Hotels, an inspiring modern finance professional who has been trialling state-of-the-art AI capability with very promising results.
FSN’s “The Future of Planning Budgeting and Forecasting Global Survey 2017” found that only 14% of organizations considered themselves to be at the leading edge of technology in the finance function, using experimental tools such as AI. This 30 minute webinar interview provides a rare opportunity to discover first hand how AI infused innovation can really benefit the finance function, this interview is definitely one not to be missed.
Learn more about the “Role of AI and Machine Learning in the Planning, Budgeting and Forecasting Process?” as Gary Simon discusses the findings from FSN’s “Future of Planning, Budgeting and Forecasting” survey.
In FSNs “The Future of Planning Budgeting and Forecasting Global Survey 2017” CFOs and senior finance executives were asked which tools formed part of their PBF arsenal, and half said they used basic spreadsheet analysis in at least some of their processes. 81% described their analytics as advanced, incorporating pivot tables and business intelligence tools, while 42% said they used cutting edge tools like advanced visualization, charting and graphs. Only 14% described their tools as experimental, incorporating machine learning and artificial intelligence. While these descriptors weren’t mutually exclusive, the responses show a trend towards advanced tools and a sharp drop off at the experimental end of the scale. This is to be expected, as new technology will always take time to mature and plateau. What is telling, is how these companies performed in terms of forecasting accuracy, agility and forecast horizon. Discover more about AI in the finance function here where you can download your free copy.