Financial Forecast Submission Scheduling With Freeze-Time Control
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Solution Overview
Problem
Existing financial forecasting systems lack flexibility and efficiency in configuring submission periods and freeze times, leading to inefficiencies in budget management and lack of adaptability.
Innovation Solution
A system that allows users to configure custom submission periods and freeze times for financial forecasting data, enabling auto-submission of data outside designated periods and restricting edits after a freeze time, with real-time comparison to approved budgets.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Stability of the object's composition
If pre-defined configured rules for data submission management are established, then system structure is improved, but adaptability and scalability deteriorate
Solution Approach 1:
The system transforms static pre-defined rules into dynamic configurable parameters. Users can adjust submission periods, freeze periods, and hierarchy structures according to changing organizational needs, making the system both structured and adaptable simultaneously.
Solution Approach 2:
The patent allows modification of key parameters such as submission period length, freeze period timing, and hierarchy configuration. By making these parameters user-configurable rather than fixed, the system maintains structural integrity while adapting to different organizational requirements.
2Ease of operation
If manual configuration of submission periods is required, then system control is improved, but ease of operation deteriorates
Solution Approach 1:
The system automatically performs calculations and configurations based on user-defined parameters. For example, when users set submission and freeze periods, the system automatically determines submission deadlines and notifies relevant users, reducing manual intervention while maintaining control.
Solution Approach 2:
The system pre-calculates and prepares submission schedules, freeze periods, and notification timelines based on user configurations. This preliminary automation simplifies operation by eliminating the need for users to manually track and manage complex timing relationships.
3Manufacturing precision
If freeze time restrictions are implemented, then data accuracy is improved, but productivity deteriorates
Solution Approach 1:
The system implements periodic freeze periods rather than continuous restrictions. During freeze periods, data submission is restricted to ensure accuracy, but outside these periods, submissions are encouraged with automated notifications, balancing accuracy requirements with submission productivity.
Solution Approach 2:
The system provides automated notifications and reminders to users about upcoming submission deadlines and freeze periods. This feedback mechanism ensures users submit data before freeze periods begin, maintaining data accuracy while preventing productivity loss through last-minute rushes or missed deadlines.
Data Source
AI summary
An apparatus for configuring submission of financial forecasting data. The apparatus includes: a memory storing instructions; a processor configured to execute the stored instructions to implement operations. The operations include: controlling a user interface to be displayed and controlling receiving and storing of submitted financial forecasting data. The operations include controlling receiving and storing of a freeze time, which indicates a time after which financial forecasting data, which was already submitted before the freeze time, cannot be modified by users. The operations include controlling receiving and storing of submission period configuration data, which configures multiple submission periods that will occur before the freeze time, and wherein the submission periods are periods during which financial forecasting data may be submitted and periods outside of which submission of financial forecasting data is restricted. Finally, the operations include controlling generating a financial forecast using the stored submitted financial forecasting data.