How to Use ChatGPT for Financial Forecasting
Christian M.
Finance Transformation Senior Manager at Kraft Heinz | Finance Transformation | Conference Speaker | AI in Finance
Hi!
Today, I want to bring you a way to use ChatGPT for Financial Forecasting.
Why?
Because FP&A teams always need to do forecasts.
And ChatGPT4o can help generate this at scale and using predictive models.
How to do it?
I prepared a small video on it but here are the steps too:
Step 1: Prepare data
Data quality is key.
So this is one of the most crucial steps.
Step 2: Prompt
Upload the dataset into Chat GPT4o and use my prompt:
“Using the historical financial data provided, generate a financial forecast for the next year. Include revenue, expenses, and profit margins. Highlight any significant trends or anomalies you observe.
Generate: 1. Forecast for the next year in a downloadable Excel 2. Visualizations about the actuals and forecast by quarter 3. Suggestions of Next Steps in Financial Analysis”
Step 3: Interpret
Double check ChatGPT outputs and analyse its results.
Step 4: Iterate
Try with different prompts, asking a different forecasting algorithm.
Read this post if you need ideas for algorithms
PS: I am also doing a full Advanced Chat GPT Course and I want to give you a $100 discount on it.
This link will expire this Sunday 14th July.
I wrote this article explaining how to use this library (code included!).
The skforecast library in Python is a tool designed to facilitate time series forecasting using scikit-learn regressors.
It offers a streamlined interface to build and evaluate forecasting models, making it easier to apply machine learning techniques to time series data.
The library is particularly useful for creating forecasting pipelines that can handle various preprocessing steps, model training, and evaluation in a systematic manner.
Senior Managing Director
3 个月Christian M. Very well-written & thought-provoking.
Fractional CFO & Founder | Leveraging AI for Advanced FP&A Strategies | Driving Business Growth with Smart Finance Solutions | Innovator in Tech-Driven Financial Leadership
3 个月I liked the chatgpt part most Christian M.!
A finance professional with 1.5 years virtual work experience in international finance & a freelance graphic designer at own.
3 个月Thank you very much Sir Christian M. for sharing this article!
Commercial CFO | Digital Transformation | Data Driven Approach | Creating scalable business models & organisations | Execute Strategy | MSc in IT & MSc Auditing & Accounting | BSc in HD-Finance & BSc HD-Accounting
3 个月Exciting topic! ?? Artificial intelligence is already influencing our way of doing things. I'm missing specific use cases though. We can all do these small iterative and theoretical tasks, but could you possibly share significant and remarkable tasks where you've really made progress with Chat GPT and financial forecasting? I'm eagerly waiting, as I myself am delving into the various GPTs! ??