What Is Microsoft Copilot and How Can It Be Used in Business Central?
Microsoft Copilot. We hear about it all the time, but what is it exactly? Is it just a theoretical exercise, or can it really be useful in our daily work?
Let’s demystify the concept of Copilot and explain how it can be applied to everyday tasks in Microsoft Dynamics 365 Business Central.
What is Microsoft Copilot?
Microsoft Copilot is an AI-powered tool integrated into most Microsoft business applications, including Business Central, designed to help increase productivity and streamline processes. Copilot helps users save time by automating routine tasks, offering contextual help, providing intelligent insights, and performing analysis on complex data sets. Copilots utilize multiple AI technologies, including machine learning and natural language processing (NLP).
Getting started with Copilot in Business Central
You don’t have to wait until you have the time or budget to start using AI. As Business Central users, you already have Microsoft Copilot at your fingertips, so you can begin using it immediately. You can start small and add more capabilities as you become more familiar with it. Use Copilot to streamline processes and make data-driven decisions without needing a team of data scientists.
Using Copilot in Business Central
Here are some simple ways you can integrate Copilot into your daily operations:
Generate financial reports
Generating financial reports, such as balance sheets, income statements, and cash flow statements, by hand can be time-consuming and prone to human error. Automate the process by asking Copilot to create financial reports for the past month. Doing so ensures consistency in reporting and saves time, allowing your financial team to focus on more strategic tasks.
Automate routine tasks
Many routine tasks can be automated to save time and reduce the risk of errors. Copilot lets you automate routine tasks, like creating invoices, purchase orders, and expense reports. Use Copilot’s ability to understand natural language prompts and let it create workflow automation for you. Then, you can use Power Automate to refine your automation further.
Streamline bank reconciliation
Reconciling bank transactions can be complex, particularly when multiple charges consolidate into one transaction. Use Copilot in Business Central to analyze bank statements and match transactions by comparing transaction descriptions, amounts, dates, and patterns, reducing the number of unmatched transactions that require review.
Identify trends
Conduct an in-depth analysis of your data, such as predicting future sales trends and customer buying patterns, using simple text instructions. Copilot can identify trends and anomalies in your data, providing the information you need to make informed strategic decisions.
Avoid stockouts with inventory forecasting
Through effective inventory management, you can minimize carrying costs while avoiding stockouts. Use Copilot to use past sales information to forecast future demand. You can further streamline replenishment by automatically generating a purchase order whenever inventory reaches a critical reorder point.
Improve cash flow
Managing cash flow is critical for your company’s survival. Use Copilot to analyze your cash flow to help you proactively ensure you have sufficient cash on hand to manage upcoming expenses.
Ask the experts
There are many more uses of Copilot, from tracking project timelines and budgets to optimizing supplier performance. We have presented just a few simple examples that you can use to get started.
Contact ArcherPoint to learn how you can begin using the power of Copilot in Business Central to make your teams more productive and your operations more efficient.