Apply Artificial Intelligence - The Future of Enterprise Performance Management is dynamic
In the latest article on “Analytical Revolution with Artificial Intelligence”, we described how new capabilities in FP&A systems can support the future of Enterprise Performance Management and how much of the necessary functionality is already available today.
From static to dynamic EPM
New technology in budgeting, forecasting and analysis systems, such as machine learning and artificial intelligence, allows companies to switch from more static performance tools consisting of historical, custom business rules and drivers. The dynamic Enterprise Performance Management approach is driven by new insights, pattern recognition, real-time data response, and with incorporated predictions for future development.
Discover the value in your data
In this new world, with massive amounts of data, your enterprise system analyzes to automatically find hidden patterns and rules. Data from CRM, ERP and other systems are integrated and intelligently linked for analysis. It will also be possible to look for external data such as economic indicators, weather and social media for potential influences and drivers for your business.
More valid and automated forecasting
Once the key internal and external drivers are defined, the KI-enabled system develops a forecast or prediction for the future using machine learning and advanced algorithms. This allows enterprise data experts to validate user or completely automate individual forecasting from start to finish. Business indicator predictions contribute to increased budgetary and forecasting accuracy and help to understand risks and disadvantages. Business indicator predictions help increase planning accuracy and allow decision makers to understand the risks and disadvantages. For example, a more accurate sales expectation, better forecast of the number of employees, of financial budgets, sales incentives etc. are formed. It is also possible to make predictions about the impact of certain irregular events such as a new product introduction or how a change in the market can affect the company’s future performance and the company’s opportunities based on different scenarios.
Integrated and actionable Enterprise Performance Management
It is possible to integrate all these forecasts and predictions. It is now possible to see how operational drivers and financial goals are connected. For example, imagine being able to predict your core customer more accurately. You would be able to understand connections at the financial level while developing an operational plan for sales, marketing and customer service. This dynamic Enterprise Performance Management process drives processes more flexibility and efficiency through ongoing forecasting and integrated budgeting and forecasting across economics and business.
Finally, the system develops guide-lines and recommendations on how to best achieve the desired goals for different areas of the company. These KI-driven predictions can help IT experts to better and faster decision support for business.
In short, dynamic Enterprise Performance Management helps increase insight, accuracy and automate forecasting. Integrates business plans dynamically and across the company as well as guides and provides recommendations to users on how performance can be optimized and improved.
In this BARC Score, the analyst focuses on the market for integrated planning and analytics (IP&A) products and portfolios. They perceive the combination of these two topics of high importance for a growing number of companies.
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