Increase forecast accuracy

Statistically relevant forecasts

A complete solution provides you with increased forecast accuracy, reduction in errors, and ultimately the time to become a true business partner and support your organization with strategic decision-making processes.

How does it work?

AI and machine learning enable you to create more accurate forecasts and automate the manual tasks. To do this, first the system must learn using your historical forecasts to identify patterns. The trained system is then further augmented with any prior knowledge or assumptions you have e.g. weather predictions that might delay the completion date on a construction project. Once trained, the system can generate forecast suggestions on its own.

And over time the system continues to learn so the forecast accuracy improves.

Why this matters?

Your people are your most valuable resource, and technologies like AI, enable them to add real value to your business, by reducing the time they spend on mundane, repetitive tasks.

AI forecasts will be a highly valid alternative for generating projections of the future.

AI can also be used to improve outputs. As the system learns and gets smarter, it can:

Improve timesheet accuracy

Most project cost forecasts are based on estimates of how long previous cost-based activity has taken. But most organizations are not able to connect all their value drivers together, such as personnel requirements, hourly rates, and installation and material costs. AI extracts and analyzes the independent value drivers and brings this information together to quickly forecast the costs associated with any given project.

Reduce costly errors

One small spreadsheet mistake can quickly grow and result in a major impact across your business. But an AI-based system can automatically identify errors, and alert you immediately. Improving your forecasting accuracy and helping identify forecast bias, while eliminating the need for manual checks.

Allow you to add more value

AI and machine learning can help your FP&A team do more high value work, and faster. Allowing them to focus on strategic decision making, modeling, and scenario planning, while automating the data sorting and processing tasks. What difference would this make to your business if your FP&A team could improve output and add value every day?

Watch our ‘Using AI to deliver real-world benefits’ to discover how Unit4’s FP&A solution is using AI to help you work smarter.