Statistical approaches to forecasting can provide a framework for creating rolling budgets to which analytical skills and judgment can be applied in supporting a sound budgeting process.
Artificial intelligence (AI) is now becoming a reality in Finance. AI is already impacting our everyday lives – through the adverts we see on Facebook, the shows selected for us on Netflix to the Google automated assistant being able to book meetings for us.
The concept of Zero Based Budgeting (ZBB) is by no means new. It has been around for almost 50 years and has been used by many commercial and non-commercial organisations whose overriding objectives are to shed the unnecessary expenses.
As the 4th Industrial revolution makes sizeable impacts on our lives through various sectors like taxis/ride sharing, accommodation, banking, investing and transaction processing etc a group of finance professionals are not just sitting back and watching as this unfolds before them.
By Andrew Codd, Founder and Lead Producer of The Strength In The Numbers Show
The author Andrew Codd is the producer of the Strength in the Numbers Podcast which interviews real finance practitioners to break down their hard-won lessons and deconstruct their practical methods that work on the job and which you won't typically find in textbooks or exams so that we create more influential finance professionals worldwide who solve meaningful problems for their organisations and in return have fun, rewarding and successful careers in finance. Summer, along with the odd rain shower, means that for those of us with lawns, we find ourselves more regularly mowing them, but why do we mow them in the first place, and what can that teach us in FP&A about better influencing others?
Are you an FP&A professional who likes to operate in the detail or do you prefer to see things at a high level? Are you a perfectionist or is near enough good enough? The former is a common interview question for FP&A roles, the latter well I guess we would all like to think we are perfect.
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