We have come far in the last four months and we are ecstatic to release our most comprehensive version of our accounting solution to date! We have focused our efforts in our new Artificial Intelligence InsightsBot and Sales Recommendations and have significantly improved our business planning capabilities through Integrated budgeting, forecasting, scenario planning. Additionally we have incorporated our first data literacy feature which provides you with an explanation of your data.
We have implemented a sales recommendation model that will recommend which items to sell to a customer next. The Frequent Item Set (FIM) likelihood learning model works with various historical data periods and recent purchase data and extrapolates a recommendation based on the historical purchase patterns of items by a specific customer.
A probability measure or likelihood is calculated and used to predict whether an item is more likely to be purchased based on historic vs recent customer purchases (sales). Each probability is validated against a measure of possibility of the item just being bought more frequently in which case the high likelihood is classified “not interesting”, otherwise ‘interesting”. All interesting associations are returned as recommendations or sales opportunities for a particular customer.
The biggest benefit of the sales recommendation model is it is based on custom or item level, so you can see the recommended items for a customer or across multiple customers as well as the average quantity and sales value of such items across multiple customers which also supports your inventory procurement decisions.
This release includes some much-needed capability around budgeting, forecasting and scenario planning and we have implemented it in a way that enables any person to easily forecast and perform scenario planning against their budget and forecast.
We automatically work with your budgeting data inputted into your accounting system and provide a linear and average based forecast capability that will work with various periods of historical data to plot your forecast automatically. This means your forecast is always available at any time and does not require you to input anything other than your budget should you wish to attain a comparative view of your forecast to budget performance. You can also export your forecast data directly to excel.
We have then integrated the budgeting and forecasting to our scenario planning model so that you can leverage your budget and forecast when you are planning your business. You can easily perform scenario planning by increasing/decreasing the income statement-based categories such as sales, cost of sales, other income and expenses. The effected scenario will be plotted immediately to show you the effect across these categories.
We have added the “i” button to all relevant analytical sheet. Clicking on the button will open another tab which will provide you with a breakdown of the measures, visualizations and descriptions of how they should be interpreted.
We provide financial and data literacy on the following subjects
We have implemented a GP analysis across customer, item categories and items as well as invoices so you can now completely analyse your best GP performance by customer, product or deal.
We will write a more elaborate article around cash and liquidity management in future posts but we have now released our most comprehensive cashflow statement analysis to date.
We will be posting a more technical article on our sales recommendation engine so stay tuned!
We are working on a couple of things as usual, so there will be some new goodies and some improved goodies to be released towards the end of January.
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