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Fuel Finance Team Productivity with AI-Infused ERP
With artificial intelligence (AI) becoming increasingly integrated with the technology and business systems we use every day, today’s article we will explore how AI can be used to enhance financial processes and drive productivity from within your organisation’s ERP.
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From predictive analytics to automation features, artificial intelligence is being harnessed to transform how businesses interact with their financial processes, with approximately 89% of the top enterprise resource planning (ERP) solutions having already incorporated AI, according to market research and business insights firm, Gitnux. What this figure essentially means is that it is now more important than ever to integrate AI with your financial software. Failure to do so could mean putting your organisation at risk of running inefficient financial processes, failing to meet industry standards and falling behind in a competitive market, which can have a knock-on effect on customer experience. Helping organisations address such challenges, Microsoft’s robust ERP solution, D365 Business Central is infused with AI features, including Copilot, the AI-assistant seamlessly integrated with your system to help you with your daily tasks. Below we discuss some of the ways AI is fueling productivity in D365 Business Central.
Workflow Automation
With the integration of low-code automation platform, Power Automate, users can use simple, natural language to instruct Copilot in Business Central on the type of workflow automation they want. Copilot can then draft the initial automation flow for you using your Business Central data, which you can edit further in Power Automate if necessary.
Data Analysis
Business Central enables users to create different views of data for further analysis, which are traditionally created manually. However, Copilot can now simplify your data analysis by taking your raw data and organising it into clear views with details like totals, grouping, dates and descriptions. Through a chat-like experience, you can then ask Copilot questions about the data or request specific details be extracted, helping you delve deeper into your business data to uncover trends and anomalies.
Inventory Forecasting
Powered by AI, the sales and inventory forecast extension uses historical sales data to estimate future demand, ensuring you always have optimal stock levels. If the system identifies a potential shortfall, Business Central automatically generates a vendor request so you can quickly replenish your inventory and stay on top of customer orders.
Chat with Copilot
Save valuable work hours searching for information with Copilot. Simply tell Copilot the information or document you want, and it will search through your ERP system to present what you need quickly. This means you can easily get to work on your task as soon as possible, without the time-consuming process of sifting through large amounts of content.
Streamline Bank Reconciliation
Copilot streamlines bank reconciliation by analysing bank statements that have been imported to Business Central, matching the transactions and even suggesting entries for those not already auto-matched. By interpreting transaction details like amounts, dates and descriptions, Copilot helps you reduce the manual work involved in reconciliation, not to mention the risk of human error.
If you would like to learn more about D365 Business Central, contact one of our solution specialists today. Alternatively, check out our case study with CCS Cleaning, who integrated Business Central to transform financial processes and reporting.
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