AI in corporate budgeting

Artificial Intelligence (AI) can support decision making in key areas such as budgeting, capital allocation and even corporate strategy and as a result, it is increasingly being deployed in corporate performance management tools (CPM).

In a budgeting process, AI can add value because it can highlight where resources and capital should be increased or decreased such as predicting which product lines will grow and which ones are more likely to underperform. AI can also measure and track the return on investment by product line or entire business units and direct critical decisions at a fraction of the cost of any traditional budgeting processes.

Most businesses tend to allocate their capital the same way year after year, whether that’s due to inertia, unconscious bias, or error, AI removes any emotional rational. It gives businesses faster, better, and more profound insights and these benefits are driving more decision-makers to explore adding AI capabilities to their CPM systems.

Due to its quantitative nature and the high volume of historical data finance is well-suited for artificial intelligence it can add value particularly in predictive analytics and forecasting.

Vendors of this software understand the market opportunity of adding this technology and have either added or are in the advanced stages of developing AI features to complement their budgeting and forecasting CPM. One of the first AI-based processes gaining traction is predictive analytics, this capability improves the accuracy of forecasts, a key element of most performance management implementations.

Mercur Business Control

With Mercur Business Control you will get a market-leading solution for performance management and business intelligence. A solution that covers processes for both business intelligence and performance management provides better information and higher business value for the organization. 

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Mercur Solutions (UK) Limited - UK office

Mercur Solutions Limited
Ocean House, The Ring, Bracknell RG12 1AX, United Kingdom
+44 (0) 1344 388 025

Mercur Solutions AB - head office in Sweden

Mercur Solutions AB
Vretenvägen 13, SE-171 54 Solna
+46 (0)-459 69 00

 

Malmo Office

Stortorget 3, SE-211 22 Malmö
 

Gothenburg

Kyrkogatan 24, SE-411 15 Göteborg

Mercur Solutions

A Swedish company with over 40 years of experience, delivering solutions for performance management and business intelligence.

  

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