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An exploration of the use of Artificial Intelligence(AI) in the management of Budgeting, Planning and Forecasting (BP&F) by the Financial Office.
Financial success is largely dependent on where the market is heading. Artificial Intelligence or “AI” offers an unprecedented ability to improve the accuracy and predictability of Budgeting, Planning and Forecasting (BP&F). This removes the expensive and time intensive exercise of an annual budget process that offers little in the way of practical application beyond its creation.
The objective of using AI is to better integrate managerial and quantitative estimates and thereby reduce forecasting errors. AI solutions with machine learning algorithms at their heart, self-improve as more data is fed into it. The fact is, the use of business intelligence, particularly through AI, to more effectively automate the process of BP&F is growing more important as speed, flexibility and agility take center stage...