High data quality and targeted forecasts to support decision-making are the most important fields of application of artificial intelligence (AI) in the field of controlling. This is shown in various studies by BARC, Gartner or Horváth and Partners.
Artificial intelligence, which is due, among other things, to large data warehouses / big data and the enormous increase in corporate data that companies collect today. The speed, size and diversity of data is constantly increasing. In contrast to humans, AI can recognize patterns in data more efficiently and thus provide companies with a better insight into the data.
Algorithms are definitely superior to humans in the systematic processing of large amounts of data. However, they can only provide meaningful results based on predefined rules and unambiguous data. They are perfectly designed to recognize patterns of interrelationships and thus derive rules, but fail if unforeseen events do not follow any structure.
The correct assignment of such events and the appropriate reaction can so far only be handled by actual intelligence. However, the potential of artificial intelligence is enormous and will transform companies anew and thus offer more freedom for more demanding tasks.
According to a study by Horváth and Partners, companies' expectations of the introduced "AI" are equally distributed in terms of costs, quality and sales. Companies expect cost effects in the accounting, reporting or customer service departments, an increase in quality is primarily reflected in production and logistics, and sales increases are expected in marketing and sales accordingly.
In the near future, corporate planning will be increasingly determined by artificial intelligence and machine learning in interaction with the cloud. The current level of development of these technologies and the corresponding IT security offer us an enormous progress in which companies can move more to an automated planning methodology. AI & Co. take over the merging and cleansing of company data as well as the creation of plans. This reduces the susceptibility to errors significantly and the controller can concentrate on his core tasks and ensuring a real result. Short-term and faster forecasts are now possible thanks to the automation of corporate planning, thus increasing the effectiveness of planning and business management decisions.
Correct, Artificial Intelligence, Machine Learning and Cloud Computing are the future of business planning, but companies need to provide an appropriately well-structured basis. The use of different software solutions, interfaces and diverse data silos makes the introduction of such technologies more difficult.
The challenges today are the structured development of a holistic integrated Business Intelligence / Corporate Performance Management solution, the maintenance of the required competencies and skills as well as the available monetary and human resources. In order to realize this step by step within the company, CoPlanner and its selected partners offer a company-wide and future-oriented solution approach from business planning, analysis and reporting to legal consolidation.
Tim Erben, Head of Marketing, has been working for CoPlanner Software and Consulting GmbH since 2019. Prior to that, he was Head of Digital Marketing at pmOne AG for over 9 years and worked for various companies in the fields of Business Intelligence, Performance Management and Enterprise Content Management. Tim Erben focuses on topics such as corporate / online marketing strategies, modern marketing: content, automation and analytics to drive growth.