Home Tech Updates How AI and ML can significantly improve business planning

How AI and ML can significantly improve business planning

by Helen J. Wolf
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Information is becoming significantly more difficult to manage with the ever-changing data landscape. A company’s Planning, forecasting, and reporting must be effective and efficient to keep up.

AI and ML can take much of the hassle out of these often overwhelming business processes. Jedox’s assisted planning solution has proven to be a remarkable example on all fronts of this technology, providing a clear path to business planning and management success.

The power of a company’s AI and ML solutions can play a significant role in determining the success of its business, and Jedox has pooled its extensive resources to focus on delivering superior results for enterprise customers.

How AI and ML can significantly improve business planning

Good luck with forecasting

One of the biggest focuses for businesses today is forecasting. Forecasting future market developments and customer needs is critical to business strategy and planning, helping companies grow to their full potential.

The idea of ​​forecasting is something business leaders are exploring, and Jedox says it can be key to helping a company grow more profitably and respond quickly to change.

Predictive forecasting is an extension of regular forecasting. It considers various inputs, values, trends, cycles, and data fluctuations within different company areas to make predictions.

Advanced predictive forecasting techniques use forms of AI, such as ML, to predict more detailed and specific outcomes, often through probability.

Jedox says the ultimate goal of predictive analytics for forecasting is to fully automate the forecasting process and enable continuous forecasting with real-time data. In this way, companies can have a broader view of the future of their business in a shorter time.

A dive into predictive analytics

Put, predictive analytics is all about taking data and algorithms to predict what is likely to happen in the future. The two main characteristics of predictive analytics are cyclicality and seasonality. Seasonality is the detection of patterns in annual data, and cyclicity is any repeated regular pattern in data.

Data that is predictable can be predicted with predictive analytics. Data with cyclicity or seasonality is also data that is predictable. However, predictive analytics has significant strengths and weaknesses. It cannot predict hugely complex models with hidden inputs nor randomness or things that are not seasonal or cyclical.

AI and ML can help address some of the challenges associated with predictive analytics and leveraging data to make an organization much better off.

AI and ML in practice

While existing Jedox customer Apex Hotels has successfully implemented the Jedox Enterprise Performance Management (EPM) solution for several years, introducing the AIssisted Planning solution enhanced the company’s experience.

Jedox worked with the Apex Hotels FP&A team to implement AIssisted Planning, bringing input from various data sources, including a property management solution, sage accounts, and the company’s events calendar.

Based on this information and collaboration, the Apex Hotels Jedox AI model provided revenue forecast accuracy levels of up to 99%, which consistently matched or exceeded those of the company’s expert revenue managers.

The Jedox AI engine has also helped Mitsui Chemicals improve sales forecast accuracy for various product groups by up to 95%.

The Jedox AI module “Predictive Forecast” supported the 12-month rolling sales forecast with AI-generated forecasts, making it easier for teams to make important business decisions when planning for the future.

A solution for the future

Jedox believes AI and ML can help companies make accurate predictions and confident decisions. The company’s solution navigates challenging data and metrics, maximizing users’ full scheduling potential.

Industries ranging from finance to hospitality need much more support when it comes to Planning solutions; JedoxAI and ML implementations have proven that businesses can thrive when these solutions are implemented efficiently.

Some of the key features of the Jedox AIssisted Planning solution that make it stand out are:

It improved data preparation for complete, consistent results and further customization—effective predictive prediction, as mentioned earlier, using advanced predictive technology integrated into your Jedox prediction. Machine learning prediction provides accurate forecasting results using multiple data inputs and identifies key operational drivers for business performance. Intelligent recommendations and smart optimization give enterprises more options and solutions to minimize costs and use resources effectively.

Do you want to take your Planning to a higher level with your company? Contact Jedox today for more information and watch their helpful AI and ML webinar here.

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