57% of executives in our survey want improved forecasting, business, analytics, and decision support from AI. The 2024.1 release provides that by bringing Intelligent Performance Management (IPM) to NetSuite Planning and Budgeting(opens in new tab).
IPM uses predictive algorithms powered by machine learning to continuously monitor and analyze plans, forecasts, and variances. The system highlights the trends, anomalies, biases, and correlations it finds so finance can assess and take faster action on those insights.
Forecast Variance and Bias. The forecast variance metric helps finance teams assess the reliability of their forecasts by measuring the deviation between historical scenarios and actual outcomes. Forecast bias identifies tendencies to over or under forecast for adjusting future predictions.
Predictions. Helps identify the likelihood of meeting or missing a target forecast by analyzing variations between forecasted figures and computer-generated predictions, quantifying associated risk and enabling proactive measures for finance teams to address significant deviations in forecasts.
Anomalies. Helps unearth unusual patterns in data that deviate from expected results by identifying unusual patterns and outlier values in data, providing crucial information for strategic decision-making, such as sudden volatility in actuals or missing data.