Data Analytics and Financial Forecasting: A Field Study from Finnish Enterprises

Abstract

<p>This explorative study investigates the current state and usage of recent technological advancements in financial forecasting. Data analytics has received increasing interest amongst practitioners and researchers in recent years and it has been argued that data analytics will enhance the development and evolution of budgeting processes. The empirical materials of this study come from interviews conducted in six Finnish enterprises. Results indicate that whilst practitioners consider the importance of improving forecasting processes, they have reservations regarding the potency of data analytics. Overall, our findings suggest that the shift towards the application of data analytics in financial forecasting is not yet taking place.<br></p>