(Episode 2) - The Role of AI and Automation in Budgeting and Forecasting - Abiodun Akala

In this episode of "The Future Ledger" Podcast, Ibrahim Adepoju and guest Abiodun Akala discuss the critical role of AI and automation in budgeting and forecasting.

They explore the definitions and importance of budgeting and forecasting for businesses of all sizes, the challenges associated with manual budgeting processes, and the significant benefits of automating these processes.

The conversation also touches on the potential of generative AI to enhance financial analysis and decision-making, emphasizing the need for organizations to adapt to these technological advancements to improve efficiency and accuracy in their financial strategies. Takeaways

• Budgeting is essential for business survival and growth.
• Forecasting helps organizations align their financial goals with their strategic vision.
• Manual budgeting is often tedious, time-consuming, and error-prone.
• Automation can streamline budgeting processes and improve accuracy.
• AI can provide real-time insights and enhance decision-making capabilities.
• Generative AI can analyze trends and predict financial outcomes.
• Organizations should leverage technology to improve budgeting efficiency.
• The budgeting season is a critical time for financial planning.
• Effective budgeting requires collaboration across departments.
• AI and automation are transforming the future of finance.