4 Reasons to Modernize Your ERP with a Cloud-Based & AI-Powered Solution

Your path to a successful Digital Transformation necessitates the backing of enterprise resource planning (ERP) systems, enriched by real-time data transparency and user-centric capabilities that allow for the utilization of gained insights. Cloud-based ERPs offer essential agility, room for growth, and adaptability to transform processes and set the route towards business progress using cutting-edge technology such as Artificial Intelligence (AI). 

Here are four reasons to start exploring new opportunities by adopting a modern ERP solution:

Drive Decisions with Data

Reduce information silos and analyze extensive volumes of financial data to unlock actionable insights. Traditional ERPs often have isolated data repositories, making it challenging to get a holistic view of the business. Modern ERPs like Dynamics 365 Business Central provide real-time data analytics capabilities, breaking down these silos and enabling comprehensive financial data analysis. Dynamics 365 Business Central utilizes AI (Copilot) to provide predictive analytics and real-time reporting as well as features like Power BI integration, allowing for interactive dashboards and data visualization. For example, a retail company using Business Central can monitor sales trends in real time and adjust inventory levels accordingly, enabling CFOs to make informed decisions swiftly.

Improve Efficiency and Compliance

Boost productivity and enhance regulatory compliance in your business by eliminating manual processes, which are often susceptible to errors and inefficiencies. Traditional compliance tracking may put your business in danger of expensive fines and legal complications. Employing a cloud-based ERP automates repetitive tasks and keeps compliance checks current. Leverage the power of AI automation in Dynamics Business Central to lighten the manual workload and guarantee compliance through automatic updates and checks. As an example, manufacturers can harness Business Central to automate supply chain management processes – saving time on manual data entry and reducing error margins. Plus, with an AI and Cloud-based ERP that updates compliance protocols in tandem with fresh industry regulations, your business will always stay ahead of penalties.

Strengthen Security and Fraud Detection

Safeguard data and detect fraudulent activities to control business and compliance risks. Traditional ERPs lack robust security measures, making them vulnerable to cyber-attacks and fraudulent activities. Modern ERPs come equipped with advanced security features such as regular updates, automatic backups and AI-driven fraud detection mechanisms. Microsoft Dynamics 365 Business Central incorporates advanced security protocols and AI to monitor transactions for suspicious activities in real time. For example, financial institutions can benefit from the AI-driven fraud detection capabilities of Business Central, which monitors transactional patterns and flags anomalies instantly. This proactive approach helps in mitigating risks and securing sensitive financial information.

Enhance Financial Performance

Harmonize outgoing and incoming funds with AI-driven predictions to improve financial returns. Inaccurate financial forecasting and inefficient cash flow management can hinder business growth and stability. AI-driven ERPs provide accurate predictions for cash flow management, budgeting, and financial planning. AI in Microsoft Business Central enhances financial planning with features like automated budgeting, cash flow forecasting, and expense tracking. For instance, a service-based company can leverage the AI-powered financial forecasting tools in Business Central to predict future cash flows accurately. This allows them to plan for expansion, manage expenses more effectively, and ultimately enhance their financial performance. 

Observations show that ERP updates are taking precedence in multiple companies: 

• A substantial 15% of CIOs have indicated their intention to integrate AI by next year (2024), demonstrating a rapid shift and urgency in the CIO community to adopt AI as a means to remain competitive.  

• A compelling 80% of IT developers are of the opinion that AI and machine learning will soon take over a substantial part of ERP functions, reinforcing the faith of IT experts in AI’s revolutionary potential.  

• CIOs regard AI and machine learning as the most significant ERP technologies for gaining a competitive advantage, highlighting the strategic relevance of these technologies in today’s dynamic business surroundings. 

Get Started With a Trusted Dynamics 365 Business Central Partner 

Modernize with the guidance of a reputable Dynamics 365 partner to help you migrate! Laying a robust foundation for the future is vital, however, ongoing business workflows should remain unaffected when transitioning to a new ERP framework. Our team is armed with in-depth expertise and wisdom to migrate your business to Dynamics 365 Business Central.