In our first post of this series, we defined and compared the differences between Artificial Intelligence (AI), Machine Learning, Business Intelligence (BI), and Business Reporting. While some or all may contribute to an integrated software solution, having an understanding of what each does will help companies make the right decision in what software solutions they need to capitalize on these latest trends.
In this installment, we’ll explore how Microsoft Dynamics 365 Business Central is using AI to help businesses evolve using a combination of the above tools. Microsoft Dynamics 365 Business Central is an enterprise resource planning (ERP) system that launched in April 2019. It is the latest product in the Microsoft Dynamics family, and is the direct successor product to Microsoft Dynamics NAV. Business Central is NAV, just updated to the latest in Web technology. Business Central runs either in the cloud or on-premise, and provides a natural migration from Microsoft Dynamics GP and Microsoft Dynamics SL.
Is Artificial Intelligence only for large companies?
Like other ERP solutions, Microsoft Dynamics 365 Business Central lets companies run their entire business from this singular solution. However, unlike many of the other ERP systems like SAP and Oracle, Microsoft Dynamics 365 Business Central is designed specifically to cover the needs of small to medium-sized companies. Business Central gives them the power to streamline their business, accelerate growth, and have complete end-to-end visibility across their operations (finance, purchasing, inventory, manufacturing, warehousing, etc.). Allowing them to make better-informed business decisions, increase sales, and optimize their supply chains.
How can Artificial Intelligence help smaller companies?
Microsoft Dynamics 365 Business Central AI leverages all the benefits of AI for smaller companies; giving them access to and the benefits from this exciting new technology. It gives departments the ability to make decisions on their own to solve problems and report and collaborate their findings across the rest of the organization. While AI uses many complicated statistical formulas to develop forecasts, the presentation is simple and direct, so you do not have to understand the logic to use it.
Can Artificial Intelligence forecast inventory requirements?
Look at the forecast of inventory levels for this item. Business Central takes your historical sales data, coupled with current sales orders, to calculated future sales. The first screen shows us the projected sales. This is the item card. Note the alert at the top of the page – telling us that we may run out of stock on other items from this same vendor and offering to add them to a purchase order.
Business Central offers you the same information from multiple places. This page is the Item List showing us the projected Inventory shortage in one-month increments. We also see that we can create a Purchase Order or Purchase Invoice to replenish stock.
This means that incorporating intelligent tools, such as AI, into your ERP solution can completely transform and revolutionize your business. It helps remove departmental silos, encourages company-wide collaboration on processes and data, and provides proactive data-driven insights into all areas of your business. With every key department having real-time access to the data that sparks intelligent, well-formulated business decisions, your organization will continue to grow and thrive.
Here is a snapshot of your cash flow forecast showing you ranges based on the degree of certainty.