Using AI in Dynamics 365 Business Central
Explore these 3 features that use AI and machine learning in the cloud-based Dynamics 365 Business Central.
Dynamics 365 Business Central is a cloud-based ERP solution from Microsoft, designed for small and medium-sized organizations in various industries. If you’ve done some research, you’re probably familiar with the main benefits Business Central offers businesses, but did you know that it also comes with in-built artificial intelligence features? Powered by Azure, these AI features make the platform more intuitive and help improve your business processes. This article will look at some ways you can use AI to manage your business more efficiently using Business Central.
Enhanced Cash Flow Forecasting
Analyzing cash flow is vital to understanding how a business is performing and meeting its financial obligations. Business Central has a Cash Flow Forecast feature, an advanced reporting tool that you can use with Microsoft Azure Machine Learning to analyze historical data for forecasting, model various scenarios, and get predictive insights. Note that Azure Machine Learning is already available in Business Central and just needs to be activated. However, there is a limit to the compute time available, which resets each month.
Sales and Inventory Forecasting
Managing inventory requires a steady balance, where carrying too little or too much inventory is bad for business. Business Central comes with a sales and inventory forecast extension that uses Azure AI to analyze your sales history and data to predict future demand, providing accurate and reliable forecasts. It helps predict future sales, identifies when you need to order more inventory, and provides insights into expected stockouts. In this way, it helps businesses avoid lost revenue and optimizes shipping costs. You can configure your forecast to change the reporting period and choose the number of periods to calculate your forecast by. This extension is typically pre-installed in Business Central and must be activated.
Late Payments Prediction for Sales Documents
Business Central’s late payment prediction extension can help your organization reduce outstanding receivables and get insights into whether your sales invoices will be paid on time. This can help you readjust your payment collection process or method. For instance, if it’s predicted that a certain payment will be late, you can take proactive action and adjust the payment method or the payment terms for the customer. This extension uses a predictive model that is trained by using data from a range of small and medium-sized businesses. When you start posting your invoices and receiving payments, Business Central will evaluate whether this standard model fits your business. You can also create your own predictive web model based on a pre-existing public model, which is available online in the Azure AI gallery.
Learn More About Dynamics 365 Business Central
Whether you’re evaluating Business Central and want to learn more about this solution or are currently using Business Central and want to get the most out of your system, the Kwixand Solutions team can help. We are a Dynamics 365 Business Central Partner based in Vancouver, Canada, and we help businesses across the US and Canada digitally transform and achieve their goals.