AI-Powered Cash Forecasting: The Holy Grail or Snake-Oil?
Pearson & Cashforce
Plumbing the depths of the seemingly infinite sea of spreadsheets is still a known task in treasury, although the negative consequences are common knowledge among business departments. The processes involved are manual, time-consuming, and treasury & finance teams frequently struggle to obtain the information they need from other departments. Luckily, the AI-revolution comes with a myriad of benefits. Technology doesn’t suffer from some of the dilemmas humans may face in finance which could affect people’s ability to make good decisions: computers do not need vacations or sleep, they are less biased and can do the job more precisely. These are obstacles in which AI, in comparison to managing spreadsheets manually, can excel. Still, one must remain critical of using these innovations as an end-all-be-all solution, especially in a turbulent environment as we’re experiencing. Nonetheless, by implementing solutions that utilize big data and artificial intelligence technology, companies can effectively gain better insights into their cash forecasting without having to go through this continuous labor-intensive process.
For this session, we’ll be joined by James Kelly, Group Treasurer at Pearson, who led the project of putting an improved and automated group-wide cash forecasting process in place. We’ll first go over the main evolutions, risks, and benefits in the field of AI-powered cash flow forecasting. By zooming in on the case of Pearson, we’ll try to answer a critical question: can this technology help treasury and finance departments to get closer to a single and more accurate version of the truth?
Speakers: James Kelly, Group Treasurer Pearson, and Nicolas Christiaen, CEO Cashforce.