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OneStream Software 2022 Predictions: AI is No Longer an Option for Business – It's Essential

vmblog predictions 2022 

Industry executives and experts share their predictions for 2022.  Read them in this 14th annual VMblog.com series exclusive.

AI is No Longer an Option for Business – It's Essential

By Tom Shea, CEO, OneStream Software

Artificial intelligence (AI) is certainly not a new concept for the enterprise. In fact, a recent report found that 53% of finance executives are already investing in the technology and more than half are using it in their departments.

Furthermore, AI is no longer just a tool for data scientists or IT professionals. In the coming year, more enterprises will be leveraging the value of AI and the ways it can integrate, assist, and evolve with business.

Here is how I see AI making an impact on enterprises in 2022:

AutoAI will democratize data and transform the roles of finance and business analysts 

To get the most value from AI, organizations will need to prioritize the democratization of the technology. Data scientists are expensive and becoming difficult to find, so organizations need to find alternative ways to generate insights and value from their data.

One such way is implementing Automated Artificial Intelligence (AutoAI) tools. This will enable financial and business analysts, with all levels of experience, to analyze data streams, generate Machine Learning (ML) models quickly, and identify actionable data insights like a data scientist would. In the long run, this will help companies increase revenues, optimize costs, and enhance overall operations.

Amid continued enterprise disruption, businesses will increasingly use AI for real-time insights. 

While companies will still see long-term value in predictive analytics for business forecasting, the pandemic has demonstrated the need for businesses to have consistent access to real-time, daily (or even hourly) insights. 

Over the past two years, enterprise disruption has become inevitable. Supply chain disruptions, for instance, have become almost expected and there aren't many signs of normality on the horizon. AI models can not only help businesses forecast weekly sales and inventory requirements but can generate real-time insights to inform day-to-day business decisions. As such, I expect to see an increased focus on AI adoption for real-time decision-making as disruptions bleed into 2022.

Businesses will lean into AI integrations.

Launching AI solutions to help support business operations is certainly easier said than done and will always present a unique set of challenges. The key to successful deployment of AI is to integrate the technology into existing workflows, systems, and processes that are already being used by business users. 

For example, integrating AI and ML into planning and forecasting processes will allow a business to leverage internal as well as external data sources to create ML-driven forecasts. From there, businesses can leverage corporate performance management (CPM) and business intelligence tools to analyze the results of ML models to inform more effective decision-making. Over the next year, we'll see organizations moving beyond the one-off use cases of ML in favor of embedding the technology into their current applications for faster and improved insights.

Soon, AI will transition from "hype" conversations to real solutions offering direct business value. AI solutions, with a direct purpose, will solve discrete enterprise challenges and bring decision-making to a new level. With AI, enterprise analysts and decision-makers will be better equipped to forecast and plan, overcoming seasons of unpredictability that have now become the norm, and enterprises will soon become adept at integrating this technology into existing workflows.

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ABOUT THE AUTHOR

Tom Shea 

Tom Shea is a co-founder of OneStream, an original architect of the OneStream platform and serves as CEO of the company. Tom's mission is to change the entire corporate performance management (CPM) ecosystem with a solution that combines power and flexibility with ease of use, deployment and maintenance. Since he began working on OneStream over 10 years ago, Tom has remained dedicated to delivering value, success and support to users. His passion and true strength stems from a deep, unique understanding of Finance combined with technology that leads to truly innovative and revolutionary products.

Prior to OneStream, Tom was a co-founder of UpStream Software in January of 2000 where he invented and architected UpStream TB and later UpStream WebLink. These products pioneered a new space called Financial Data Quality Management and achieved a better way to manage data quality for Hyperion products by providing a packaged product every company could use. Tom is a graduate of Oakland University, where he earned his BS in Accounting and Finance as well as an MBA in Systems Analysis and Design.

Published Monday, January 03, 2022 7:31 AM by David Marshall
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