What role does AI play in FP&A?

This article explores AI-generated forecasting and automatic integration of data from cloud data warehouses. How can you harness the vast potential of AI to improve your forecasting and planning capabilities?

AI is transforming every aspect of business, regardless of whether organisations are ready or not.

The ability to predict the future has never been more crucial. With the emergence of advanced AI models capable of uncovering complex data patterns at unprecedented speeds, companies can benefit from accurate and reliable forecasts that adapt in real-time to changing macro factors. In short, AI technology's ability to process enormous amounts of data quickly while sharing insights in comprehensible language can keep businesses one step ahead.

And this is where Workday Adaptive Planning enters the picture.

The product features have been expanded with AI-driven, multidimensional forecasting built directly into the application's core. This enables advanced planning across the enterprise, resulting in increased productivity and enhanced decision-making. Smart.

With the 'predictive forecaster' feature, you can leverage historical data to further optimise predictive demand forecasts. And thanks to real-time analytics from Workday AI, it is also possible to integrate other datasets to achieve greater accuracy. This opens the door to an entirely new form of planning that continuously learns from data and adapts to a changing world.

But who can actually benefit from the predictive forecaster? Glad you asked. Here is a small sample of companies across industries that are using it:

By transforming how data is integrated into the planning process, planning improves, models are trained, and you can make more informed decisions. Workday Adaptive Planning offers an embedded data integration platform that enables the integration of comprehensive datasets spanning financial systems, operational systems and third-party data sources. The embedded integration functionality allows you to plan with your organisation's complete data and automatically update the data ‒ without depending on IT or coding.

So while your data ecosystem continues to be supported, Workday enhances the embedded integration functionality with a guided connector that simplifies and accelerates connections to cloud data warehouses. This requires innovation. That is why Workday partners with Incorta to seamlessly fit into customers' data ecosystems.

You can leverage Workday's intelligent data core, which blends their Workday data with third-party sources and transforms this data into detailed accounting, then delivers valuable business insights to support decision-making.

So while Workday continues to innovate and develop the data integration platform and AI capabilities, they also commit to protecting your data, delivering reliable service and communicating clearly.