Approaching forecasting with agility and, increasingly, AI

Voice of the CFO | March 2023

KPMG LLP (KPMG) convened a cross-industry group of chief financial officers (CFOs) to talk about current economic realities, the complexities of forecasting, and how technology and talent strategies can help alleviate some of the pressures. 

Key takeaways

  • Despite economic uncertainty, consumer spending remains strong, although higher-income families have retained more of their savings than lower-income families.
  • Spending has shifted toward services and experiences and away from material goods, particularly technology products.
  • CFOs are largely still optimistic about avoiding a recession, although concerns remain around how much longer the Fed will continue to raise interest rates.
  • Forecasting and communicating with the Board require exceptional flexibility, regular communication, and some use of predictive analytics as the economic outlook remains a moving target.
  • CFOs are pushing for adoption of artificial intelligence (AI) and advanced data analytics not only to improve forecasting, but also to alleviate time pressure faced by the current workforce.

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Carl Carande

Carl Carande

Global Head of Advisory & U.S. Vice Chair, Advisory, KPMG U.S

+1 212-909-5650

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