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Last updated on 2024年7月6日

Here's how you can enhance financial forecast accuracy with creativity.

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Enhancing financial forecast accuracy isn't just about crunching numbers; it involves a blend of analysis and creative thinking. Imagine you're an artist, but instead of paint, you use data to craft a picture of your financial future. This approach can transform the mundane task of budgeting and forecasting into an innovative process that yields more precise results. You'll learn to look beyond the spreadsheets and consider a variety of factors that could impact your financial landscape. By applying creativity to your forecasting methods, you can anticipate challenges and opportunities that a purely numerical analysis might miss.

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Damilola Oyenuga (AAT, ACA, mMBA, FMVA?, ACTI)

Finance Business Partner || Chartered Accountant || Accounting & Tax Professional || Financial Accountant & Data…
Clint Engler

CEO/Principal: CERAC Inc. FL USA..... ?? ????????Consortium…
Mario Gil Gálvez

Project Controller ???? || Master in Civil engineering ??????|| Passionate about project management excellence…

1 Harness Data

To begin with, dive deep into your historical financial data . This is your treasure trove for understanding past performance and setting the stage for accurate forecasts. Analyze trends, patterns, and anomalies in your revenue streams, expenses, and cash flow. Look for seasonal impacts, the influence of market changes, and other external factors. By creatively interpreting this data, you can construct a more robust forecast that accounts for both regularities and potential surprises.

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Clint Engler

CEO/Principal: CERAC Inc. FL USA..... ?? ????????Consortium for Empowered Research, Analysis & Communication
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Consider conducting scenario analyses that explore unconventional market shifts, leveraging insights from diverse fields like psychology or sociology to understand consumer behavior, or using data visualization techniques to uncover hidden patterns. Regularly challenge assumptions by engaging cross-functional teams in brainstorming sessions to identify overlooked variables. Additionally, employ techniques like design thinking to empathize with stakeholders and anticipate their reactions to market changes. By blending rigorous analysis with imaginative approaches, you can create more robust and nuanced forecasts that better capture the complexities of the financial landscape.

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Mario Gil Gálvez

Project Controller ???? || Master in Civil engineering ??????|| Passionate about project management excellence, committed to efficiency and innovation ????
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Trate de clasificar los diferentes elementos a planificar. La manera más sencilla puede ser planificar de forma linear o repartir proporcionalmente en el tiempo. Sin embargo, esto puede no ajustarse a nuestra actividad o elemento. Detecta qué comportamiento puede seguir el elemento en cuestión. Cuando esto no sea posible, haz consultas externas para tener una idea de cómo puede ser. Básate en datos de proyectos previos, consultas en webs de confianza o a expertos en la materia. En general, no deberían de existir demasiadas tipologías diferentes.

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Damilola Oyenuga (AAT, ACA, mMBA, FMVA?, ACTI)

Finance Business Partner || Chartered Accountant || Accounting & Tax Professional || Financial Accountant & Data Analyst || Bsc. Accounting || FTIP? I|
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I look forward to a strategy like using customer feedback to enhance forecast accuracy because I believe this understanding can build a stronger, more accurate forecast.

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2 Scenario Planning

Scenario planning is a powerful tool that uses creativity to envision different futures. By imagining various 'what if' situations, you can prepare for a range of possibilities. Consider best-case, worst-case, and most likely scenarios. This exercise will help you remain agile and adaptable, ensuring that your forecasts are not just a single rigid path, but a dynamic map with multiple routes leading to your financial goals.

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Mario Gil Gálvez

Project Controller ???? || Master in Civil engineering ??????|| Passionate about project management excellence, committed to efficiency and innovation ????
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Mi recomendación es siempre planificar el caso más y menos desfavorable, bien planteando casos diferentes o asignando coeficientes de probabilidad a los diferentes elementos. Dentro de estos casos, plantea las diferentes opciones que habría, anticípate a lo que pueda pasar. Hay que estar preparado para cualquier cambio en todo momento.

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3 Diversify Inputs

To enhance forecast accuracy, diversify the sources of information you use. Don't rely solely on internal data; look externally to market trends, economic indicators, and industry benchmarks . Engage with your sales team, customers, and suppliers to get their insights. This variety of perspectives will add depth to your forecasts, allowing you to capture a broader view of potential financial outcomes.

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Mario Gil Gálvez

Project Controller ???? || Master in Civil engineering ??????|| Passionate about project management excellence, committed to efficiency and innovation ????
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"Cuatro ojos ven mejor que dos", y es completamente cierto. A veces, algo que, a priori, puede ser trivial para nosotros, otra persona lo identifica desde otro punto de vista. Hay que estar abierto a otras opiniones y a que haya otros que colaboren en el trabajo, para buscar el mejor de los resultados.

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4 Leverage Technology

Embrace the latest technology to refine your forecasting methods. Advanced software can analyze large data sets with greater speed and accuracy than manual methods. Artificial intelligence (AI) and machine learning (ML) can uncover insights and patterns that might escape the human eye. By creatively integrating technology into your forecasting process, you can enhance precision and gain a competitive edge.

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Damilola Oyenuga (AAT, ACA, mMBA, FMVA?, ACTI)

Finance Business Partner || Chartered Accountant || Accounting & Tax Professional || Financial Accountant & Data Analyst || Bsc. Accounting || FTIP? I|
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This can’t be overemphasized, the stress of traditional way cannot beat the using of technology (AI) to free up time for me and to focus on the bigger picture and get creative with my strategies.

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Mario Gil Gálvez

Project Controller ???? || Master in Civil engineering ??????|| Passionate about project management excellence, committed to efficiency and innovation ????
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Hoy en día el desarrollo de la tecnología está facilitando y agilizando estos trabajos a un ritmo muy alto. Es necesario invertir tiempo en estas nuevas tecnologías y herramientas para utilizarlas a nuestro favor. Una tarea que usualmente requiere 1h de trabajo quizás se pueda hacer en 5 minutos con la ayuda de este tipo de herramientas. La inteligencia artificial está apenas despepando y, por fortuna, todavía no hay expertos en la materia, todos partimos con el mismo nivel de conocimiento. Utilizar asistentes de IA y explorar las facilidades que nos aportan será clave para posicionarnos.

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5 Continuous Learning

In the realm of budgeting and forecasting, continuous learning is key. The financial landscape is ever-changing, so staying informed about new methodologies, tools, and economic developments is crucial. Attend workshops, webinars, and conferences to keep your skills sharp. Apply what you learn to experiment with new forecasting techniques, always with an eye toward improving accuracy and reliability.

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Mario Gil Gálvez

Project Controller ???? || Master in Civil engineering ??????|| Passionate about project management excellence, committed to efficiency and innovation ????
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El mundo financiero está en constante cambio, afectado por el desarrollo de la tecnología, nuevos programas, empresas, etc. Debemos de tratar de estar al día con las novedades de este campo, con las opciones futuras y estar siempre abiertos a aprender nuevos métodos, estrategias, herramientas y adaptarnos de la mejor forma posible a este desarrollo.

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Damilola Oyenuga (AAT, ACA, mMBA, FMVA?, ACTI)

Finance Business Partner || Chartered Accountant || Accounting & Tax Professional || Financial Accountant & Data Analyst || Bsc. Accounting || FTIP? I|
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There is always something new thing popping up, whether it's a different way of modeling and interpreting figures or a shift in our field of study. So stayibg on top of these changes can make a huge difference.

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6 Collaborate Widely

Lastly, foster a culture of collaboration within your organization. Involve team members from various departments in the forecasting process. Their unique insights can reveal hidden opportunities or risks. Encourage open dialogue and creative brainstorming sessions to challenge assumptions and refine forecasts. Collective wisdom often leads to more accurate and comprehensive financial predictions.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Here's how you can enhance financial forecast accuracy with creativity.

1

2

3

4

5

6

7

1 Harness Data

2 Scenario Planning

3 Diversify Inputs

4 Leverage Technology

5 Continuous Learning

6 Collaborate Widely

7 Here’s what else to consider

Budgeting & Forecasting

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Here's how you can enhance financial forecast accuracy with creativity.

1

2

3

4

5

6

7

1 Harness Data

2 Scenario Planning

3 Diversify Inputs

4 Leverage Technology

5 Continuous Learning

6 Collaborate Widely

7 Here’s what else to consider

Budgeting & Forecasting

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感谢您的反馈

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