Companies of all sizes will soon be able to save thousands of pounds when building financial models thanks to a new software tool soon to be released by Openbox.

By combining the power of a natural AI language programme with Openbox’s existing software portfolio, the creation of a fully functioning financial model will now take just minutes rather than days, bringing the power of financial modelling to everyone.

Designed by a team of expert financial modellers and artificial intelligence (AI) developers, Openbox AI will revolutionise the traditional approach to financial modelling. By automating many of the manual processes involved in financial modelling, the innovative software allows users to build and test models quickly and easily themselves.

Comenting on this, Openbox co-founder, Kenny Whitelaw-Jones, said: “Openbox was created to make the financial modelling process more efficient and accurate.

“Basing complex business decisions on robust models boosts productivity and profitability for any organisation using it. Now organisations of all sizes can benefit from advantages normally only available to larger corporates”.

Financial models are used to support business-critical decisions, yet generating and updating these in Excel can often be a time-consuming and frustrating process. If a user has little experience with financial data, then the model they build could be fraught with error. To avoid this, the task is often outsourced to a professional modeller, but this can be a costly approach, especially for smaller and newer businesses where budgets are tight. Obtaining a fully functional financial model from an expert can take up to two days, slowing operational development, and businesses can expect to pay thousands of pounds each time one is required.

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Whitelaw-Jones added: “We have spent many years building these models, and we wanted to create a tool to deal with all our frustrations and pain points. We have spent thousands of hours researching and developing the software, working with a wide range of financial modellers. We believe that Openbox AI will represent a major leap forward in financial modelling technology, and that AI has the potential to be a great assistant for all financial modellers. Even though it is at an early stage, we are excited by our direction of travel”.

This powerful new solution uses cutting-edge AI technology with a chat interface to streamline traditional financial model-build processes. Users need only to describe what they want the model to do, with Openbox AI asking clarification questions in a similar manner to a human modeller. The software tool is then able to build a fully functional financial model in Microsoft Excel in under five minutes, saving businesses thousands in fees to a financial expert.

Whitelaw-Jones continued: “Before Openbox, AI had yet to make major inroads into the financial model build process.

“With our new solution, this may be about to change. Our team have developed one of the first software tools on the market to provide AI-assisted automation for model building. We will soon give smaller businesses the tools they need to improve their efficiency and profitability and put them on an even playing field with the major players. The future of financial modelling is here”.

Openbox AI is currently undergoing beta testing by a community of developers and modellers, but so far, the results indicate the solution can bring major financial and operational benefits for smaller businesses. Through this software, business owners can become more knowledgeable about financial modelling and be able to apply these skills to enable greater productivity, leading to a potential boom in the UK economy.