Looking Back at The Future of Forecasting 2023

This was The Future of Forecasting 2023

In previous editions, KLM, VodafoneZiggo and Stedin, among others, talked about data-driven Predictive Planning and Extended Planning. This year we switched gears: What does the future of Intelligent Planning look like? What benefits are there for your organization in leveraging innovative planning techniques? The speakers took us into the future of intelligent planning. We discovered the role of artificial intelligence (AI): what aspects will help your work move forward? Which developments do not (yet) live up to expectations?

Key takeaways

Our main conclusions from this year's Future of Forecasting?

Prof. Dr. Martijn van den Assem took us through a keynote on Behavioural Economics & Forecasting. Human behavior causes inaccuracy in predictions. On the other hand, humans do have the knowledge and skills to add nuance to a prediction. If we use algorithms and AI in conjunction with human knowledge, these developments are really going to help us in the forecasting process.

Our partners Acterys, Onestream, Pigment, Vena, CCH Tagetik and Jedox offered AI in practice with their solutions in small 15-minute breakout sessions. We saw powerful, immediately applicable and virtually out-of-the-box AI functionalities. The technologies are ready for the finance professional of the future. Is the professional also ready for the technology?

A panel discussion led by Ravi Santokhi provided interesting insights from companies that are climbing the ladder of the business planning maturity model. Rudie van Dijk, Group Financial Planning & Analysis Director at TIP Group, Mark Koole, Manager of Finance & Control at Attero, Koen Corstjens, Transformation Lead at Prorail and Martijn van den Assem (VU) discussed their experiences on planning & forecasting projects. Clear learning points were the need for digitization with, among other things, an eye on the tight labor market, innovation and a strong focus on the value drivers behind the financial statements. Human interference in the use of algorithms and AI in the forecasting process was also discussed. Smart? Or should we let technology do its job? The panel concluded that human interference was certainly still needed, but that technology definitely speeds up the process and makes it more accurate.

Forecasting is about realism and being predictable. The mismatch in forecasting accuracy is that people want to take over from algorithms for a simple reason: people want a certain outcome! We believe in the application of AI in forecasting. Smart tools are available, but we need to focus on smart content and change our behavior by reducing cognitive bias and changing the human thought process.

Technologies

During The Future of Forecasting 2023, in addition to listening to inspiring speakers, there was also time to see various technologies in action. What else do these technologies have to offer? Check it out via the links below!

Acterys

Acterys is a cloud-based planning and analytics platform that can be integrated with various data sources and provides advanced budgeting, forecasting, reporting and modeling features. It enables companies to streamline planning processes, analyze real-time data and make data-driven decisions. With strong integration with Power BI, you can plan in a familiar environment. Click here for more info.

CCH Tagetik

Wolters Kluwer CCH Tagetik is an all-in-one "finance transformation platform" and is specifically designed to maintain financial processes properly. Learn more about the Planning & Budgeting side of this solution via this link.

Jedox

Jedox is a cloud-based EPM solution that can be easily and quickly linked to source data within organizations. Jedox offers solutions for financial processes such as allocation processes, planning processes and consolidation processes. Want to know more about Jedox? Click here for more info.

OneStream

OneStream is the intelligent Finance platform that simplifies and unifies financial and operational processes within your organization. With several core financial functionalities and even possible extensions, you can configure OneStream completely to the needs of your organization. Curious about the possibilities? Click here for more info.

Pigment

Pigment is an advanced financial planning tool designed to help organizations optimize their financial strategies and decision-making. It provides powerful functionality for budgeting, forecasting and scenario analysis. Want to know about all of Pigment's capabilities? Watch the webinar back here.

Vena

Vena Solutions provides comprehensive business planning, budgeting and reporting solutions for financial and operational optimization within organizations. Vena offers comprehensive accurate financial forecasting and budgeting within various industries. Learn more about Planning & Budgeting within Vena at this link.