Welcome to my newsletter “Behind the Numbers”.

A fortnightly newsletter where I share tips for Budget Owners on how to run your budget more effectively. I may also share an interesting sporting stat along the way.

For those of you who know my story you’ll get why numbers and sport are so much part of who I am.

Own Your Budget - How do you know it’s true?

A recent global survey conducted by consulting group Capgemini found that 68% of companies had concerns around fairness and transparency in generative AI. Concerns were raised about what underlying data was being used to train the AI models.

This got me thinking about the underlying data used in budgets. Often referred to as “assumptions”. Would there be similar concerns with this data?

“60% of companies polled by the WSJ reported that their annual budget targets became obsolete by the second quarter.” 

Assumptions used to develop the budgets had become outdated and were no longer relevant. Does this sound familiar?

When it comes to understanding budgets, assumptions are important. Make them visible. Understand what assumptions have changed and how they impact the annual budget targets. This will highlight any confusion that these outdated assumptions may be causing.

I trust that the same will be done with AI models. Understand what underlying data is being used and how this may impact the responses provided.

In both examples, we should understand what’s really going on.

Own your budget so it doesn’t own you.

PS: When you are ready, let me know what your #1 budget challenge is right now. Send me an email ([email protected]) and let’s start a conversation.

You are receiving this as a past participant of one of my Finance workshops. Or we may have worked together in the past. If you don’t want to receive these newsletters in the future, please feel free to unsubscribe using the link below