Business Central Copilot: Your Intelligent Business Partner

With the Business Central Wave 1 release in April 2024, users get in-built access to Copilot Business Central. The update allows users to leverage the intelligent AI assistant functionality within the application. Initially, it came with limited features like summarizing key points, gaining instant access, and eliminating repetitive tasks.

Now Business Central Copilot has extended its capabilities with Wave 2 release in October 2024. It automates sales lines and provides AI-driven recommendations in Dynamics 365 Business Central. Similarly, this also empowers the finance team with bank reconciliation automation.

However, its relevance does not end here because the global data sphere will reach 175 zettabytes (ZB) in 2025 from 33 ZB in 2018, according to IDC.

AI assistant, like Copilot helps companies analyze the growing amount of data, get relevant insight, and improve employees’ productivity. By 2025, due to these capability of AI, 97 million new jobs will be generated and bs and displace 85 million, according to World Economic Forum.

In this article, we will learn more about what Microsoft Copilot is, the benefits of Copilot, and its use cases.

What is Microsoft Copilot?

Microsoft Copilot is an intelligent AI assistant integrated into the Microsoft ecosystem of business solutions, helping users streamline Dynamics 365 and Microsoft solutions. It leverages AI and ML capabilities to help users automate repetitive tasks, enhance decision-making, and optimize business processes.

Microsoft Copilot analyzes large data sets, enhances productivity, and spark creativity. Copilot assists users to perform complex tasks with ease, build applications, and interact with data easily.

How is Copilot Different from Other GPT ()?

In the past 2 years, the buzz of AI has skyrocketed, and it is not just a theory anymore. Every industry has started using AI to improve productivity and enhance efficiency. Microsoft rereleased the first AI assistant for working professionals to meet the evolving needs of the workplace and empower them in many ways, like:

Workflow Automation

Employee fatigue from repetitive and boring work contributes to mistakes. Users can automate repetitive processes like data entry, email sorting, and report generation by using Copilot in Business Central. This allows you to concentrate on more strategic work.

Obtain Data-Driven Suggestions

AI in Business Central provides actionable insights to enhance decision-making by analyzing recent trends and historical data. For example, Copilot for Business Central can offer purchase orders or inventory optimizations based on sales trends. This function reduces uncertainty and enables companies to make data-driven decisions, which improves results.

Recognize Contextual Awareness

Copilot Business Central was created with a thorough awareness of corporate environments. It can detect the existing workflow, spot trends, and offer recommendations based on data that is updated in real time. Users are guaranteed to receive pertinent information at the appropriate time due to contextual awareness.

For instance, Dynamics 365 Business Central Copilot can provide data points or formulas that support your objectives if you're working on a financial report. This facilitates the process of producing precise and effective reports in Dynamics Business Central.

Enhanced Collaboration

Microsoft Copilot ensures seamless integration with Office 365 apps and tools like Microsoft Teams, improving team communication even further. It facilitates the creation of shared documents, reports that are automatically generated, and feedback loops for groups.

AI in Business Central helps close communication gaps in a variety of situations, including managing client relationships, producing reports, and exchanging financial data.

Benefits of Using Copilot in Business Central

Using Microsoft Copilot in Business Central can provide your business with several benefits, such as real-time insights, increased productivity, streamlined workflow, and more.

Increased Productivity

Tasks like data entry, report generation, and account reconciliation are automated using Copilot. Users can redirect their focus on high-value tasks including client management, company analysis, and strategy planning.

For instance, if you are generating financial reports, Copilot Business Central can automatically gather pertinent data and offer templates or computations. This saves hours of laborious manual labor.

Real-Time Insight

Business Central AI Copilot provides real-time insights with cutting-edge AI capabilities. This allows companies to react to market shifts, variations in the supply chain, or changes in client demands.

If you are managing inventories, client relationships, and financial forecasts, Copilot can be helpful. It makes sure that company decisions are based on the most recent data available by offering real-time data analysis.

Decreased Inaccuracies

Errors resulting from manual data entry can be expensive for enterprises. By automating procedures and cross-referencing data between several systems, Copilot reduces this risk.

For example, Copilot can detect inconsistencies or missing data while creating financial statements in Business Central, lowering the risk of accounting errors and guaranteeing adherence to financial regulations.

Simplified Process

Businesses may automate their workflows by using Copilot in Business Central. It shortens turnaround times for difficult jobs by streamlining order processing and inventory management.

Users can concentrate on important projects instead of mundane activities due to a streamlined approach, which also increases operational efficiency.

Cost-Efficiency

AI in Business Central immediately reduces errors and automates routine processes, which results in cost savings. Furthermore, it maximizes the use of resources by giving companies precise estimates and suggestions, which improve budgeting and streamline processes.

Uses of Copilot in Dynamics Business Central

When it comes to utilizing Copilot in Business Central, here are a few use cases that demonstrate its effects on operational efficiency and decision-making across different aspects of business management.

Financial Management

Copilot can monitor cash flow, automate the preparation of financial reports, and recommend budget modifications. For instance, it may evaluate the patterns of your company's cash flow and make suggestions about when to pay suppliers in order to optimize cash reserves. It can also automate the preparation of financial statements, which lowers labor costs and increases accuracy.

Inventory Control

Copilot can estimate demand based on historical sales and suggest the ideal stock levels for companies where inventory management is crucial. For instance, a retail business that uses Dynamics BC can depend on Copilot to forecast periods of high sales and recommend stock replenishment levels in line with those predictions. This optimizes storage costs by lowering surplus inventory and preventing stockouts.

Customer Relationship Management (CRM)

Copilot is useful for enhancing customer engagement because of its capacity to evaluate consumer data. It can provide tailored offers or marketing tactics by monitoring consumer behavior. For instance, Copilot can suggest discounts or similar products to a consumer who often buys a particular product, increasing the likelihood of upselling and cross-selling.

Supply Chain Management

Business Central Copilot can identify supply chain bottlenecks and suggest optimization strategies, such as selecting different suppliers or modifying purchase schedules in response to delivery patterns.

For example, Copilot can recommend a better option based on past performance if a supplier regularly delivers late.

Project Management

Through the tracking of project milestones, risk identification, and resource optimization suggestions, Copilot streamlines project management. In order to keep projects on schedule and under budget, it may automatically update project timelines based on the most recent data and notify you of any delays.

How Can Dynamics Square Help?

Microsoft Copilot in Business Central is a game-changing tool for businesses using the solution. Its intelligent automation, real-time insights, and seamless integration into existing workflows make it an invaluable asset for improving efficiency and productivity. Copilot not only simplifies daily operations but also helps businesses make more informed, data-driven decisions.

Dynamics Square is a leading Microsoft Solutions Partner in Ontario with 14+ years of experience. We have a team of 135+ consultants that assist you in utilizing the AI assistant to get the best output. Our team can also help you integrate Copilot with your existing solutions to explore your dataset and understand them easily. Get in touch with our consultants now.