AI-Fueled Forecasting: The Next Generation of Financial Planning
- Industry and Business Use Cases
- Financial Services
- 40 min
Quarterly forecasts and annual planning submissions are all too familiar for financial analysts and senior leaders. Imagine an organization where the churn and extensive hours behind forecast submissions do not exist thanks to a continuous, real-time engine that incorporates continuous data feeds of financial, operational, and external macroeconomic data into AI-powered algorithms.
PrecisionView is Deloitte’s proprietary advanced forecasting solution that leverages data aggregation technologies with predictive analytics and machine-learning capabilities to allow businesses to achieve improved forecasting accuracy. It also helps generate high-impact insights that relate to the total enterprise, business units, geographies, and products.
We have successfully implemented PrecisionView at clients across different industries through a robust AI and Cloud infrastructure that is easily customizable based on the client’s tech stack and business needs. To accommodate our client’s diverse tech landscapes, the solution is largely platform agnostic and can be implemented on the Cloud using AWS, Azure or GCP. All the back-end data processing and modelling is taken care of by Databricks, which brings the power of Spark’s parallel processing. Given the huge amount of internal/external data used to train the models, parallel processing and on-demand compute flexibility is extremely helpful in producing near-real time forecasts. Another unique aspect of the solution is its integration with financial planning platforms, which provides the end users not just a static view of their financial forecasts, but also the ability to do real-time scenario planning, understanding driver impact and the ability to slice/dice information through a multitude of customizable dashboards and visuals.