Paper Title
THE ROLE OF ARTIFICIAL INTELLIGENCE IN ENHANCING BUDGET FORECASTING FOR SMES AMID ECONOMIC UNCERTAINTY
Article Identifiers
Registration ID: IJNRD_305865
Published ID: IJNRD2312453
: https://doi.org/10.56975/ijnrd.v8i12.305865
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Keywords
Artificial Intelligence, Budget Forecasting, SMEs, Economic Uncertainty, Predictive Analytics.
Abstract
The present economic situation poses significant barriers for Small and Medium Enterprises (SMEs) to forecast their finances and develop budget predictions. Traditional budget planning systems break down as markets become unpredictable, leading organizations to forecast wrong data and assign improper resources. The current study determines Artificial Intelligence (AI) technology as an optimized solution for improving SME budget prediction performance while exploring its design methodology using predictive analytics and machine learning procedures. This research examines AI models containing neural networks with decision trees and regression analysis to prove their ability to increase financial forecasting precision among SMEs. Studies utilized a mixed methodology that analyzed quantitative AI tool performance measurements from SMEs and performed qualitative examinations of SMEs that adopted AI-based technologies. AI forecasting systems surpass traditional forecasting approaches through evaluation because they deliver superior results, allowing Small and Medium Enterprises to make crucial decisions using dependable information under uncertain economic circumstances. This research studies the multiple barriers that stop SMEs from adopting AI, such as lack of resources, insufficient expertise, and difficulties securing their data. Through its research, the study gives actionable guidelines about AI budget implementation to assist SME owners, financial planners, and policymakers in sustaining business growth while advancing sustainability. The study contributes to financial management AI knowledge and provides SMEs with a successful strategy to utilize AI tools for budget predictions during uncertain economic times.
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How To Cite (APA)
Godwin Boakye Antwi (December-2023). THE ROLE OF ARTIFICIAL INTELLIGENCE IN ENHANCING BUDGET FORECASTING FOR SMES AMID ECONOMIC UNCERTAINTY. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(12), e549-e560. https://doi.org/10.56975/ijnrd.v8i12.305865
Issue
Volume 8 Issue 12, December-2023
Pages : e549-e560
Other Publication Details
Paper Reg. ID: IJNRD_305865
Published Paper Id: IJNRD2312453
Research Area: Commerce All
Author Type: Foreign Author
Country: Kumasi, Ashanti Region, Ghana
Published Paper PDF: https://ijnrd.org/papers/IJNRD2312453.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2312453
Crossref DOI: https://doi.org/10.56975/ijnrd.v8i12.305865
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