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

Abstract

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 resaarchers in recents years and it has been argued that data analytics will enhance the development and evolution of budgeting processes. The empirical material of this study come from interviews condunted in six Finnish enterprises. Results indicate that whilst practitioners consider the importance of improving forecating 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 forecating is not yet taking place.