The act of planning is a crucial component in any business approach, and companies frequently allocate ample time and resources to establish efficient plans. Nevertheless, traditional approaches to Extended Planning and Analysis (xP&A) can prove to be arduous and consume a lot of time, particularly for individuals who want to gain business insights without depending on IT support. Thanks to innovative technologies like Chat GPT, businesses can now harness the capabilities of conversational AI to significantly enhance their planning procedures.
In this blog, we’ll explore how Chat GPT is set to disrupt the planning industry and how businesses can integrate Chat GPT with Acterys’ xP&A capabilities to use conversational AI for lightning-fast analysis.
How Chat GPT can Revolutionize the Planning & Analysis Processes
Providing planning, budgeting, and forecasting (PBF) insights through NPL
Chat GPT can answer a wide range of PBF questions, ranging from basic to complex. Whether you want to understand the basics of what your previous budget was or want to create a full-fledged financial plan with forecasts for the next fiscal year, Chat GPT can provide accurate and reliable information via queries written in natural language.
For example, when used with Acterys, the AI chatbot can instantly tap into your business data and provide quick answers to a variety of questions such as:
- How does the budget for Q3 2022 compare with Q4 2022?
- What’s the predicted growth rate of Product A and Product C? How will it impact the sales of Product B in the winter season?
- What was last year’s revenue from the APAC region and how does it compare with the EMEA region for the same period?
You can ask Chat GPT almost any question, and it will instantly read through your business data to provide accurate, meaningful answers for your planning, budgeting, and forecasting needs.
Trend analysis and knowledge-based recommendations
Chat GPT is equipped with a wealth of external financial information and research. By merging this with your internal business data, it can offer suggestions on various budgeting and planning possibilities as well as market tendencies. This reduces the time and energy you would have to put in, as Chat GPT can swiftly sort through vast amounts of data and give you implementable insights in real time.
Creating new plans and forecasts
Chat GPT examines your existing data and detects patterns, leading to precise and intelligent suggestions. This technology enables you to devise new plans and projections by identifying trends, forecasting potential opportunities and challenges, and making predictions for the future. As a result, you can construct more effective plans, adapt promptly to shifting market conditions, and make informed decisions with certainty.
Optimizing plans through prescriptive actions
The Chat GPT has been engineered to serve as a comprehensive digital assistant that can respond to straightforward inquiries and carry out “what-if” analyses for users. This means that you can provide the chatbot with detailed directives to generate alternate scenarios in the event that actual outcomes differ from the current plan. This function enables businesses to construct various scenarios and devise various plans, which can help them navigate through unexpected market changes and evolving conditions with greater ease.
Integrating Chat GPT into the Acterys Power BI Planning Platform
As AI technology is rapidly growing in popularity, Acterys has created a Power BI Visual that integrates Chat GPT directly into Power BI for streamlined planning and analytics. As an all-in-one xP&A platform, Acterys allows you to conduct reporting, planning, and analytics in familiar environments like Power BI and Excel.
With built-in AI features, Acterys makes planning easier by providing immediate insights into different aspects of your plan. By incorporating Chat GPT into this already robust planning solution, you have access to a wealth of new possibilities, with recommendations and insights delivered in real time.
Check out this quick example of how you can leverage Chat GPT inside the Acterys Power BI environment.
The Future of Planning with Chat GPT
With the constant progression of AI technology, the planning capabilities of Chat GPT are expected to become increasingly advanced. The integration of cutting-edge natural language processing, machine learning, and data analytics will allow Chat GPT to deliver more tailored and precise recommendations. Furthermore, the combination of Chat GPT with established planning and analytics tools, such as Acterys and Power BI, will result in greater agility and speed, ultimately yielding more precise planning results.
To summarize, Chat GPT can play a crucial role in budgeting and planning. Its capability to process financial data, respond promptly to planning inquiries and generate planning projections and predictions can assist both individuals and companies to make informed financial choices. By leveraging the help of Chat GPT, the budgeting and planning process can become less intimidating and more manageable for business users, resulting in improved financial well-being and success.
Interested in experiencing first-hand how Chat GPT visual in Acterys can streamline and modernize your planning process? Get the Chat GPT Power BI visual now.