Planful Debuts “Predict: Signals,” a Native AI and ML Anomaly Detection Technology for FP&A
- Predict Signals Gives FP&A Teams Unmatched Confidence and Strategic Insight to Drive Greater Business Impact
Planful Inc., the pioneer of financial planning, analysis , and consolidations cloud software, announced the launch of “Predict: Signals,” the first of a range of product releases in the Planful Predict portfolio, a suite of native artificial intelligence and machine learning (AI/ML) products that will be released in 2021 and beyond.
Predict: Signals, a native Al/ML anomaly detection technology, eliminates the need for a detailed manual review of data, ensuring forecasts are accurate and alerting the business to outliers in data. The solution checks for abnormalities, identifies patterns, and augments planning and decision-making efforts with intelligent forecasts and recommendations, using a native AI/ML engine.
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“Incorporating AI/ML into the Planful platform is incredibly beneficial to companies at many different levels,” said Glenn Snyder, Head of FP&A at Global Growth Holdings. “Predict: Signals has the potential to have a significant impact for Planful customers as they adopt this new technology. This range of Predict tools has the capability to dramatically improve the efficiency and accuracy of finance processes, allowing finance teams to focus on greater value-add and higher-impact work.”
In addition to Predict: Signals, Planful Predict will expand over time to encompass a full suite of native AI/ML solutions that enhance forecasting, empowering business users to accelerate insight-driven decisions in a smooth-flowing environment. At its core, the suite is being designed to help finance and accounting professionals make confident and intelligent financial decisions with greater agility and accuracy.
“The Planful Predict suite of applications will further modernize how finance and accounting professionals accomplish their work through three key attributes,” said Grant Halloran, Planful’s Chief Executive Officer. “First, as a super-powered digital assistant that operates like a million sets of extra eyes, 24/7, searching for anomalies in financial data. Second, as a technology that supports, yet doesn’t replace the skills of intuitive human planners and analysts. Third, as a frictionless aid that is native in the platform at the point of need, thus eliminating the need for third-party AI. Predict: Signals has the ability to augment a user’s efficiency in data signal detection by orders of magnitude.”
Predict: Signals can surface hidden errors and anomalies in huge volumes of data that may require further investigation by a human and present recommendations for corrective action.
“The ability for FP&A professionals to quickly and collaboratively use a wide range of trusted business data–not just financials–has become increasingly important to improve the business value of planning and budgeting,” said Robert Kugel, Senior Vice President and Research Director at Ventana Research. “The application of AI to planning will become increasingly important over the next five years. AI will enable companies to improve their planning and decision-making by, for example, identifying prediction signals that can improve forecast accuracy or quickly spot anomalies in plans or results.”