Take Advantage of AI and ML Features in Dynamics 365 Finance & Operations
Microsoft Dynamics 365 Finance and Dynamics 365 Supply Chain Management are robust business management solutions that consolidate various business processes into a unified platform.
The incorporation of artificial intelligence (AI) and machine learning (ML) into these applications, formerly known collectively as Dynamics 365 Finance & Operations (F&O), has dramatically changed how businesses operate. These intelligent systems enhance operational efficiencies, improve decision-making, and provide actionable insights for better business outcomes.
This article delves into the AI and ML features in Dynamics 365 F&O and their benefits for your business.
AI/ML Capabilities in Dynamics 365 Finance
Finance Insights in Dynamics 365 Finance harnesses the capabilities of Dataverse, Azure, and AI Builder to offer advanced forecasting and analytical tools. These tools are designed to enhance financial planning and operational efficiency.
Budget Proposals
AI significantly improves the budgeting process by generating smart budget proposals. These proposals analyze and consolidate years of historical data to accurately predict future budgets.
Accuracy: AI-driven budget proposals use historical data to make precise predictions, enhancing financial planning and resource allocation.
Efficiency: Automating the budgeting tasks with AI saves time and reduces manual errors, freeing up finance teams for more valuable strategic planning.
Cash Position and Cash Forecasting
Cash position and forecasting features make it possible for businesses to keep their cash flow at optimal levels through accurate projections for cash receipts and disbursements.
Cash Position: Get a short-term future view of cash flow based on currently outstanding invoices and purchase orders. This helps businesses maintain liquidity and avoid cash shortfalls.
Cash Forecasting: With the power of machine learning, forecast cash flow with greater precision than ever before, helping you plan for future financial needs.
Customer Payment Predictions
Customer payment predictions are enhanced with AI-driven insights helping you determine the likelihood of customers paying their invoices on time.
Improved Collections: Businesses can prioritize collections efforts and reduce overdue receivables by predicting customer payment behavior.
Better Customer Management: As you identify customers who may need more attention, you can improve your relationship and drive positive outcomes throughout the collections process.
Expense Receipt Processing
Leverage optical character recognition (OCR) and AI technology when processing expense receipts in Dynamics 365 Finance and enjoy an automated, error-free experience.
Automation: By using OCR to extract data from receipts, expense reports are populated automatically, reducing manual data entry and associated errors.
Efficiency: Gain greater speed and agility through the expense management process, giving your employees the time they need to focus on more value-added tasks.
Copilot in Dynamics 365 Finance
Copilot in Dynamics 365 Finance boosts productivity by providing AI-generated summaries and assisting with administrative tasks.
Collections Workspace Timeline Summary: Get summaries of customer accounts, overdue invoices, and payment histories, speeding up mundane data-gathering tasks and helping collections managers prioritize their tasks quickly.
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Administrative Assistance: Copilot automates data gathering and report management, generating customer email communications, and ensuring accuracy and consistency while freeing up time for strategic activities.
AI/ML Features in Dynamics 365 Supply Chain Management
Demand Forecasting
AI technology is also found in Dynamics 365’s demand forecasting, helping you by predicting future demand. Your historical sales data and market trends are used to improve accuracy.
Accurate Predictions: Optimize inventory levels and reduce stockouts with AI-guided demand forecasting.
Integration with Azure Machine Learning: Take advantage of advanced ML models hosted on Azure for even more precise demand forecasts.
Inventory Management with AI
Ask the system what you want to know in your own words - AI enhances inventory management with natural language queries that deliver the insights you need when you need them.
Enhanced Insights: Cut down on excess stock and minimize shortfalls with AI-driven insights, helping your business make informed decisions about inventory levels.
Natural Language Querying: Users can query inventory levels using natural language, making the system more user-friendly and efficient. For example, you can simply ask the system “How many blue pants do we have in stock?” and receive accurate results, without needing to know where they’re located or how they’re categorized.
Additional AI-driven Features in Dynamics 365 Supply Chain Management
Proactive Disruption Management: AI identifies potential disruptions in the supply chain and suggests proactive measures to mitigate them.
In-flow Work Enhancements: AI provides real-time assistance within workflows, reducing the need for switching between tasks and improving overall productivity.
AI and Machine Learning Based Forecasts: These advanced forecasts integrate data from various sources to provide comprehensive demand predictions, helping businesses plan more effectively.
Power Platform and AI/ML Integration
The Power Platform enables businesses to build custom AI and ML models to enhance Dynamics 365 applications.
Custom AI Solutions: Businesses can create bespoke AI models tailored to their specific needs, further optimizing their operations.
Integration Benefits: By integrating custom AI solutions with Dynamics 365, businesses can unlock additional efficiencies and insights, driving better business outcomes.
Get Ahead of the AI Curve with Dynamics 365 and a Trusted Parter
The integration of AI and ML in Dynamics 365 Finance & Operations offers numerous benefits, including improved decision-making, enhanced operational efficiency, and automated routine tasks.
You need to implement these advanced features in your enterprise today to gain the edge against your competitors – before they catch up.
Embrace the future of business management by adopting AI-powered Dynamics 365 solutions. Contact CogentNext Technologies today for expert guidance on how to get started.