Chief Executive Officer
I’m here to help you set your business strategy, identify your goals, and define your plan to achieve them.
Using past experience and data to predict future prospects. This is, in essence, the aim of the budgeting process. This process is simply where different company organs are periodically called upon to agree on the use and allocation of available resources. It is certainly a period of corporate life that carries great responsibility, on which the very future of the company depends. With budgeting you define your company’s targets and results. The use of artificial intelligence allows a large amount of data to be analysed, extracting information that the system uses to make predictions and simulations. Millions of market variables are mapped in real time and cross-referenced with your company’s dataset to make precise forecasts allowing you to stay one step ahead in your industry.
To give a more detailed explanation, budgeting can be defined as a process of projecting revenues and expenses, cash flows, production lines, working capital, capital expenditures, etc., for future years, which is based on rational logic of future prospects and uses data from the past. Basically, a financial plan for the future, available to the company management for decision-making. Budgeting can be prepared for the entire financial statement or for any of its components.
Here are the main aims in implementing the budgeting process, which are indispensable for corporate governance:
There are various divisions in your organisation and budgeting must take into account the needs of each. Combining the budgets of each division gives the final budget.
Budgeting with Vedrai’s artificial intelligence (H2)
Artificial intelligence algorithms have the ability to dynamically master Big and Small Data, learn and progress by repeating patterns billions of times, and detect patterns in the data that would otherwise be hidden from human scrutiny. Finally, they can then predict the outcome of an target function.
Vedrai’s artificial intelligence works through virtual agents. The main one is James, with the alter ego of a CEO. Here’s how James can help to significantly improve the budgeting process, with its features accessible from a dashboard, KPIs, sentiment and overall performance can be visualised.
● Business monitoring
It can provide you with a comprehensive overview of company performance, highlighting key performance indicators; it shows you the current health of the company and allows you to assess future performance on a level playing field.
● Simulation of scenarios
The agent simulates different budget allocation scenarios and allows you to see the results, enabling you to better calibrate available resources to meet your targets.
● Definition of targets
An agent can support you in defining your business strategy, first showing you a feasibility index for a set goal, then the set of activities to be implemented to achieve that goal.