Intelligent forecasting—a comprehensive, technology-enabled capability that incorporates predictive modeling, advanced analytics, artificial intelligence, and internal and external data to deliver faster and more accurate forecasts versus traditional financial planning and analysis. Who’s not on board?
It almost sounds… well, hard. It feels like another large-scale technology project that will take a lot of time and effort, and a few years to show real returns.
But it doesn’t have to work that way. In fact, KPMG has found that the best way to establish this essential new capability for finance teams is to start with a pilot project, where we have worked with finance leadership to deliver results in just 8 to 12 weeks.
As with most enterprise innovation efforts, one of the biggest challenges is figuring out where to start. A crucial first step is to demystify intelligent forecasting and set expectations—what it is, what it will do—for the entire organization. Intelligent forecasting is not simply a standalone technology application, but a new capability. It requires a new way of thinking for financial professionals and business leaders that will redefine the true drivers of business value and set data-driven financial targets.
The best way to demystify a new idea is to prove out the capability, even in a small way, so key stakeholders can begin to understand this is not pie-in-the-sky, rather an actionable, tangible improvement. This is where a well-designed pilot can quickly make a difference.
Download the full report by KPMG at https://advisory.kpmg.us/articles/2021/simple-step-intelligent-forecasting.html