Future finance
– “Fremtiden indenfor økonomi er kommet for at blive,
vi kalder det Future Finance!”
Form fremtiden for din organisation med AI-Forstærket indsigt og fremtid.
Opdag, hvordan kunstig intelligens, forudsigelige analyser og sky lagring gør planlægning, budgettering og prognoser for hele virksomheden smartere.
Introduction
Enterprises today operate in a constantly evolving commercial environment. It is marked by volatile markets, growing complexity, and increased global competition – not to mention the constant pressure to grow, be innovative, and make a profi t all at the same time. Responding to these new business dynamics, digital technology has transformed the enterprise, from how it relates to its customers and suppliers to how it structures itself. Everything from planning to operations to sales to service has been aff ected by this digital evolution, including what is often seen as the most conservative enterprise area: finance. As one major consultant noted, “In today’s digital world, finance must become more agile, forward-looking, and decision-centric. Finance must become Digital.”
Traditionally, the role of fi nance was principally focused
on managing cost, fi nancial accounting, and reporting.
Processes were rigid and spreadsheet-driven;
information requested and drawn from business units
provided limited feedback and insight into the business
itself. Financial systems were complex, infl exible,
and required signifi cant technical support from IT for
set-up, administration, and ongoing maintenance.
Increasingly, those systems are proving inadequate to
CFOs and fi nancial decision-makers whose roles are
changing with the times.
The Changing Role of Finance
From reporting the past to guiding the future
Past
Future
“81 % of CFOs view themselves as strategic business partners“
Finance has to be driving the digital transformation
To become pro actively involved in the management of the business instead of facilitating the processes of business management
Finance has to be driving the digital transformation
Finance has rapidly to change from the backward-looking financial accounting approach to become the prime driver of a forward-looking business pro-active business management approach ensuring active use of all company data in order to get further insights in customer demand and risk factors.
Furthermore, Finance has to take finance accounting process efficiency based on robotics to the next level covering business controlling efficiency based on Corporate Performance Management systems using AI capabilities for automated forecasting, etc.
Implied questions
A) How can the Finance function ensure the crucial dynamic ability to act in an international disruptive changing world ?
B) How can the Finance function ensure business competitive use of internal and external data ?
What is AI?
– The CFO’s Quick Guide to Artificial Intelligence
CFOs need to prepare for a new era where people and intelligent machines are working together towards a common goal. Data is the new currency, and businesses need to analyze data from multiple sources in real-time. Artificial Intelligence (AI) thrives on massive data. The Office of the CFO can leverage AI for more quality and automation in forecasting, new insights and recommendations for performance management, and to identify key drivers for simulating the future of the business.
Increased requirements and new capabilities
Increased requirements to the finance management process as budgets at many times are outdated before they become actual
Increased ability to get insight in customer demand and future changes in customer demand in order to stay competitive
Increased insight in risk factors and what drives the risk factors combined with a forward looking always up to date risk management
Business is changing rapidly
Most companies are directly or indirectly – due to a more or less disruptive international change in technology – facing rapidly changing markets conditions:
- Faster access to relevant information
- Less complexity
- More consistency
- And ultimately improved holistic management of the company
The use of primarily robotics force all businesses to ensure increased focus at continuously increase efficiency in all processes in order to stay competitive.
Furthermore, today’s hardware enable increased operational use of big data and software packages supporting traditional statistical algorithms and machine learning algorithms for both descriptive and predictive purposes
Implement a Corporate Performance Management (CPM) system
With a CPM system as Jedox it is possible to:
- Integrate business processes incl. workflow
- Integrate relevant data from all business systems in a systematic data lake
- Utilize modern AI technology to analyze and predict the future, i.e., enabling automated forecasting
- Fully integrated BI for reporting and analyzing the business
Ny teknologi gør dig klar til The Future of Finance
CFO´ens og finans teamet har i dag en mere strategisk rolle overfor forretningen og det stiller krav til den digitale parathed. For meget Excel, personafhængighed og for lidt integration, matcher ikke den moderne virksomhed.
Ny teknologi hjælper med at ændre den mere bagudrettet og historiske fokus, til den mere strategiske sparringspartner overfor forretningen og ledelsen ved at tilbyde dataintegration med real-time data opdatering med scenarie simulering og forecasting.
Ny teknologi hjælper med at ændre den mere bagudrettet og historiske fokus, til den mere strategiske sparringspartner overfor forretningen og ledelsen ved at tilbyde dataintegration med real-time data opdatering med scenarie simulering og forecasting.
Det gør os for sårbare og vores reaktionstid for lang – midt i en mere og mere konkurrencepræget og digital verden.
I Qbit arbejder vi hver dag på at gøre os fortjent til at blive CFO´ens bedste ven.
Det gør vi ved at tilbyde moderne og agile løsninger, der hjælper med en hurtig og effektiv overgang til en integreret og levende platform. En platform der strømliner de finansielle og operationelle processer på tværs i din virksomhed, som gør vores kunder agile og digital parate. Det er også det der i dag kaldes
A Data-Driven Culture.
AI in Enterprise Performance Management
It requires no experts – or for you to be one to expand budget/forecast and Enterprise Performance Management with AI. Jedox is a modern EPM software platform and comes with integrated AI recommendations to support users throughout the company.
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Add AI to your FP&A Toolbox and become a Strategic Business Partner
Rise to new heights with artificial intelligence. AI can help you work through massive data and discover new insights – all with highly scalable cloud computing power. Meet AIssisted™ Planning, the AI engine embedded in the Jedox Enterprise Performance Management platform. Financial Planning and Analysis becomes faster and goes further through the power of Jedox AI.
Læs mere om AI via Jedox
Make Artificial Intelligence interesting for Business Intelligence and Financial Planning & Analysis
Jedox er i gang med at indarbejde AI og funktioner fra machine learning. Jedox kunder, anvender i dag den fleksible, tværgående Jedox softwareplatform til at tilpasse budgetter, planer og prognoser mellem økonomi og driften.
Apply Artificial Intelligence - The Future of Enterprise Performance Management is dynamic
New technology in budget, forecast and analysis systems, such as machine learning and artificial intelligence, allows companies to switch from more static performance tools to the dynamic Enterprise Performance Management approach.
Automated sales budget / forecast solution with Predictive Analytics - Making AI Real
I virksomhederne i dag er rollen for økonomisk kontrol eller FP&A ikke kun for virksomhedens økonomiske indsigt eller videre beslutningstagen, men det leder vejen mod en mere moden brug af analyseteknologi.
Think Big, Start Small, Execute Quickly: Step-by-step with measurable benefits
The day-to-day reality for organizations and the technical possibilities of modern Enterprise Performance Management solutions are often worlds apart. In many organizations the handling of manual, error-prone and often Excel-based planning and forecasting processes is still prevalent. On the other hand, there is the vision of fully integrated, AI-based performance management solutions that help finance departments to better fulfill their role as business partners who can optimize value creation.
The problem is often how to get there: While numerous, often heavily prefabricated FP&A solutions offer quick success in eliminating spreadsheet chaos, these systems often reach their limits when you leave the prefabricated solution environment. There are also highly functional performance management suites.
Often these have grown together over many years through the integration of various specialty tools into more complex solutions. Their implementation is usually lengthy, complex and expensive.
With the Jedox solution you get the best of both worlds:
- The lightweight solution architecture enables you to achieve success in days instead of weeks.
- Old Excel solutions can often be easily converted into automated FP&A solutions.
- The unrivaled flexibility of Jedox allows you to easily expand to integrated xP&A.
- The AIssisted™ Planning functionalities support the step-by-step expansion to continuous performance management.
- Integrations with Power BI
Thousands of companies have already chosen Jedox!
We offer the opportunity to try Jedox for free – Our consultants are always ready with instructions for using the Jedox software or ready to answer any question you might have.
What Qbit's costumers says
“In 2011, we were hitting the limit with our Excel model, which had become very complex. We entered into a “Master of Science” collaboration with the purpose of converting our Excel to Jedox within 3 months. Today we use Jedox in the 5th year as our group budget and reporting platform”
“Rambøll chose Jedox as a group budget and forecast solution for all 500 budget users worldwide – due to self-service, flexibility, user-friendliness and price – and for the first time ever, Rambøll has submitted its consolidated group budget on time”
”We chose a partnership with Qbit in August 2016 based on using Jedox to upgrade our Group forecasts to more automatic and modern management. We see great opportunities. We see great opportunities in the collaboration in terms of eliminating / upgrading the group’s many complex and manual spreadsheets, with the more flexible and user-friendly Jedox.”
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