We live in a Digital World today, with nearly everything interconnected with each other. Yet many individuals, companies and organisations seek their own ways and explore how to leverage data in the area of Financial Planning and Analysis.
These are exciting times for finance. The promise of technology for a sneak peek into the future gives finance a crystal ball on where to steer resources today for an optimal utilization tomorrow. Can the Arabic proverb “he who knows the future lies even if he is proven correct” be overcome?
By Karl Kern, Accountant / Lecturer / Writer
Karl Kern has a BBA degree in Accounting from Temple University, and an MBA degree with a concentration in Finance from Babson College. After graduating from Temple University Karl started a career where he has established a reputation as a problem solver. Karl’s reputation as a problem solver is based on his ability to create as well as implement initiatives that have helped organizations increase revenues, decrease expenses, and improve cash flows.Prediction is an important work that FP&A practitioners do. This work has many challenges. One way to address these challenges is by maximizing the positive. There are three steps in maximizing the positive.
Although there are some substantial differences between Financial Modelling and Predictive Analytics, both help us cope with uncertainties and make better decisions.