For the first time CIPFA can now offer organisations a predictive data solution to their financial and non-financial needs for the next number of years. Using machine learning which analyses historic information to make evidence-based and robust predictions for individual organisations. This will help you to see areas that you are likely to spend more on over the next required years and support you to align your budgets better.
For the first time predictive analytics are being used with the CIPFAstats+ datasets. We have released new dashboards using predictive analytics for the following three datasets:
- Social care
- Police financial resilience
- General financial resilience
We will be adding predictive analytics to other datasets during the course of 2023. If there is any dataset that you would like us to prioritise, please let us know at customerservices@cipfa.org.
How does predictive analytics work?
Drawing upon the large and varied collection of statistical data we hold, we use machine learning algorithms to analyse historical information to calculate projections for the forthcoming years.
Will I see information for my organisation only?
The dashboards on CIPFAstats+ provide predictions on the local authority a user’s subscription is tied to. This enables analysis of how different areas of your authority’s spend are forecast to fluctuate relative to one another.
We also offer a bespoke data predictive service which not only shows how your authority’s expenditures are predicted to vary, but how these compare to other authorities’ predictions. This allows identification of potential spending pressures particular to your authority that are not expected in others such as your statistical nearest neighbours. The analysis also reveals the likely drivers of these pressures so that action can be taken to target the relevant areas to alleviate them.
The information on CIPFAstats+ is provided for individual organisations only and does not use other factors like nearest neighbour information so the predictions will be based on your historic information to formulate your organisation’s predictive information. We can also offer a bespoke data predictive service which will look at the nearest neighbour model to your organisation for the next few years.
How will the predictive analytics tool help me?
Predictive analytics can help organisations to plan and set budgets better by helping you to make evidence-based and informed decisions. It will help your organisation to increase its financial resilience and support to serve your communities effectively. It will also help public sector organisations to model different scenarios across its medium term financial plans which will be vital in an increasingly volatile financial environment.
Further information
If you would like a demo of our predictive analytics tool or would like more information, please contact customerservices@cipfa.org or call us on +44(0) 207 543 5600.