Budgeting and planning activities within companies are often time-consuming and quickly outdated in their significance. Methods like driver-based planning or even Beyond Budgeting represent attempts to increase efficiency, but the approach remains old-fashioned. However, the developments in the field of AI/ML are now opening up completely new possibilities. In the near future, it will be possible to calculate and compare a wide variety of planning scenarios within minutes.

In my day-to-day job, I interact with many Financial Planning and Analysis (FP&A) organisations implementing predictive planning to improve their budgeting and forecasting processes. 

Fortunately, an increasing number of organisations have come to embrace what IFP&A can offer. These people ‘step outside the box' and create solutions that are both innovative and that help management to improve organisational performance.

The financial manager must accept that if the plan goes well and is considered excellent, credit goes to the boss. If it goes badly, then the no-decision manager blames the financial manager. The no-decision boss will present the plan as though it is their own and will never reveal that it was prepared by someone else.

2020 was a year of major disruptions for the business world. But whether your organisation suffered or thrived, the COVID-19 pandemic was a chance to add value to your business.

The organisation used to spend over 52 weeks on planning, but with an accuracy of only 92% -- low when compared with the resources allocated.