Budgeting in the Age of Artificial Intelligence – New Opportunities and Challenges

Abstract

Organizations in the early 21st-century face challenging market dynamics and constant change driven by disruptive innovations, such as the Internet of Things (IoT), Internet of Services (IoS), Big-Data-Analytics (BDA), or artificial intelligence (AI). These inno-vations also affect the way of corporate budgeting, therefore discourses on budgeting effectiveness gain contemporary importance for practitioners and researchers. Organiza-tions are dared to ensure solution-oriented budgeting approaches to solve budgeting ob-stacles, such as the killing of managers’ motivation and innovative strength while also ensuring agility and pinpoint accuracy in attaining corporate objectives. In this context, the given article describes the opportunities and challenges of artificial intelligence (AI) in the context of corporate budgeting.This article is a result of literature studies in which other authors’ perspectives and criti-cal analyses on budgeting approaches have been used and combined with the latest re-search on AI in corporate budgeting.

Keywords: budgeting; artificial intelligence; better-budgeting; beyond-budgeting