In recent years, more businesses have heard about the possibilities that Artificial Intelligence (AI) can provide to their organization. While many are skeptical as to the benefits of Artificial Intelligence, it’s importance is becoming more prominent.
According to a recent study, by 2030, 14% of the world’s GDP will be powered by AI. Over $15.7 trillion will be added to a multitude of companies and the final results haven’t even been measured. Seeing where AI can help your business improve is becoming an essential part of your management strategies.
As different firms consider adapting this to their company, others have looked into where AI can improve and expand upon their available business tools. Microsoft has built AI into their Dynamics 365 Business Central solution to offer a better user experience and have a fully comprehensive tool for their needs. Here, we’ll take a look at two areas where it can help your changing organization.
Predicting Unpaid Invoices
Every month, you have invoices being sent out and delivered back in a never-ending process and there’s clients that don’t pay on their due date. Often it’s a guessing game to determine which firms will not submit on time. Business Central takes out the pressure by using it’s AI-based feature to predict who would be late payers with “Late Payment Prediction.”
Using your existing transaction, Microsoft’s AI can a comprehensive historical overview of the client. Scrolling to the right of your entries, you have both the prediction tool and a “Confidence” option. This latter feature estimates the likelihood of payment and what certainty it has of this occurring. Rather than guessing which clients will pay every month, this AI option determines, based on past information, what is most likely to occur.
Stronger Sales Forecasting
When selling products, a key focus is determining which ones are most viable to customers. Figuring out this aspect can put you at an advantage against your industry competitors. It will also greatly enhance how your business performs.
Using your Business Central AI features, you can forecast expected sales of particular items. By using existing historical information and client sales data, you can forecast the potential volume over a period of time. This calculates which products are better positions to sell compared to others allowing for stronger decisions.
Your Sales and Inventory settings also have specific setups that can cover whole time periods. Put together, you have a full view of how different products have performed in the past, present and future. While these are only two of the Artificial Intelligence capabilities offered by Business Central, both can change how your firm performs. By better understanding these various aspects, you can make stronger decisions and improve what makes your business distinct.