FinForc (Financial Forecasting)
The service is requested as part of the FinForc (Financial Forecasting) product. The product was developed in the current status during 2020 in a project mode and will be further developed as product throughout 2021.
The product intends to generate Artificial Intelligence driven forecasts to enhance accuracy with accepted reliability, ultimately leading to prescriptive analytics referring to financial outlook and budget planning cycles in order to:
- get valuable and actionable insights resulting in smarter decisions and better business outcomes
- enable earlier availability of financial forecasts
- increase efficiency to free-up resources for value-adding activities
Prediction delivers substantial value for Finance & Controlling (F&C) and the Business:
- Reduces planning efforts via manual data collection and business partner interaction and hence allows more time for both F&C and business for value-adding activities
- Drives financial transparency via un-biased plan figures (no political planning)
- Drives better allocation of funds and its utilization
- Learning effect for the organization to utilize prediction models in the financial planning context and apply technology in the future also in other areas
The development activities in 2021 are focusing beside others on increasing accuracy rates by adjusted algorithms, expansion of calculated KPIs and improvement of front-end capabilities.
Currently there is not sufficient know-how available internally and requires external service to fulfill the specific activities for the product.
According to the scrum methodology applied for FinForc:
We have sprints of 2 weeks, with the following ceremonies:
1. Daily standup, 15 mins every weekday. During the daily standup, all team members provide an update on the tasks they have worked on the previous day. After that, the contractor works iteratively on his tasks.
2. Biweekly Sprint Review, 30 mins, with all stakeholders and especially with product owner. During the sprint review, the team presents to the stakeholders the increment of the product during the last sprint. After that, the contractor works iteratively on his tasks.
3. Biweekly Sprint Retrospective, 1,5 hours. All team members discuss how the previous sprint went, what challenges occurred and actions for the next sprint are defined. The contractor will also provide his input in the discussion. After that, the contractor works iteratively on his tasks.
4. Biweekly Sprint Planning, 2,5 hours. The Product Owner, IT Lead and the Development Team are defining what will be the tasks for the next sprint, based on the availability, work effort and users feedback. After that, the contractor works iteratively on his tasks.
5. Biweekly Product Refining, 30 mins. The product log is being reviewed and the tasks are being reprioritized if necessary. After that, the contractor works iteratively on his tasks.
The expertise tasks as a Frontend-Developer required during the assignment are:
- Develop the product according to the prioritized Backlog items as included in the aligned Sprint plan to scale-up the solution based on BI´s infrastructure and develop frontend applications
- Development activities shall be executed considering hardening existing code bases, by:
- Development of QA tests. Coordination between manual and automated tests as well as the various necessary tests considering the respective content of each sprint.
- Creation of manual test plans, test cases and test scripts. Consult the team to define and run these tests.
- Get feedback within sprint meetings in order to apply BI standards during the assignment, to setup compliance and quality within the product.
- Consult the data scientists on options regarding suitable solutions for the creation of an enterprise-grade application software
The contractor will coordinate and execute the tasks independently and according to the scrum methodology considering the aligned and prioritized Backlog and content for each sprint.