Why finance needs AI
The importance of AI in finance is now starting to be truly recognised and embraced across industries. As businesses navigate through complex financial landscapes and strive for accurate predictions and efficient resource allocation, AI serves as a valuable ally in eliminating biases and enhancing decision-making processes. With the rapid advancement of technology, AI is becoming increasingly indispensable in revolutionising the way financial data is analysed and interpreted. Its ability to streamline processes, uncover hidden insights, and drive strategic growth is reshaping the future of finance.
Management is constantly pushing for more precise forecasting, and AI serves as the unbiased solution to eliminate any potential biases in analysis. Teams strive for efficiency by optimising resources, utilising machine learning algorithms to pinpoint key internal and external factors that have the most significant impact on the business. Practical AI solutions promote collaboration throughout the organisation, freeing up analysts’ time for more strategic and valuable tasks.
Make informed decisions and drive growth
By seamlessly integrating your diverse data sources with the user-friendly AI planning wizards, organisations can accelerate the process of realising value. With the ability to enhance predictions for revenue, demand, cashflows, and customer churn, these wizards streamline what-if analyses and pave the way for your company’s success. Leveraging the power of AI, you can unlock new insights, optimise resource allocation, and stay ahead of the curve in a rapidly evolving business landscape.
What you can do with Jedox AIssisted™ Planning Wizards
Easily accessible, clear, and instant machine learning aids decision-making. Swiftly validate your assumptions and make well-informed choices guided by the outcomes. Transparent and traceable results illuminate the process through which algorithms generate reliable predictions that you can rely on.
Revenue forecasting
Examine and refine extensive datasets to uncover the key influencers on your business. Assess and contrast forecasts based on your trust in the model, identifying potential risks and opportunities across various regions, products, or customer segments. Gain clear insights with scenarios depicting both the best and worst-case outcomes.
Demand planning
Understand the driving forces behind your business to optimise the allocation of resources to meet demand. Utilise historical data from your ERP and other business systems to tailor machine learning algorithms to the specific needs of your business. Enhance your internal data with external datasets to refine forecasts based on factors like commodity fluctuations, political risks, seasonal patterns, and weather forecasts.
Customer churn predictions
Segment your customer base and analyse the key factors influencing customer churn. Proactively identify customers at risk of churning to implement effective strategies that retain them as loyal paying customers.
Cashflow forecasting
Examine and scrub through extensive datasets to pinpoint the key factors driving cashflow. Empower your decision-making process regarding capital expenditures, investments, and expansion strategies with the aid of an automated forecast of future cashflows, allowing you to make informed and confident choices for the growth and success of your business.
How Jedox AIssisted Planning Wizards work for you
AIssisted planning is fully integrated into Jedox with no need to access third-party AI tools or transfer data for calculations. Empower everyone in the organisation with an AI experience that is simple to use and works “out of the box” with your Jedox solution.
Data preparation
Ensure that your data is pristine to yield accurate results. Fill in any missing pieces in your source data using interpolation. Detect and handle outliers intelligently to maintain consistency in your data. Extend your source data by extrapolating key insights.
Prediction
Utilise time-series prediction, driver-based prediction, and classification wizards to analyze your source data and forecast potential outcomes based on the underlying factors. As the algorithms classify new data, they continuously improve their predictive capabilities. Automate ongoing predictions to generate a multitude of scenarios based on varying parameters, enhancing your decision-making process and strategic planning.
Insights
Gain a deeper understanding of your business by simulating various scenarios to uncover the key factors that drive both internal and external forces. Effortlessly create forecast scenarios with a range of different drivers to enhance your decision-making process. Visualise your source data alongside predicted results for effortless comparisons, allowing for clear insights and strategic planning.
About Kybos
Kybos is a dedicated UK Jedox gold partner. We build planning and analysis solutions that deliver value fast using accountancy qualified consultants. Whether you want a fully customised application or to build upon an existing solution, Kybos consultants are here to help.