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5 THINGS A CFO CAN DO WITH BUSINESS CENTRAL #5: FORECAST CASH FLOW, PREDICT LATE PAYMENTS AND FORECAST INVENTORY USAGE

By March 18, 2021No Comments
5 things a CFO can do with Business Central episode 5: Forecast cash flow, predict late payments and forecast inventory usage

Welcome to week 5 of 5. If you got this far, thanks for reading! I hope this has given some insight into why Business Central is so great for CFOs and FDs.

Our final topic is around AI and Machine Learning. There’s several pieces of powerful AI built into Business Central that help you either increase productivity by speeding up repetitive tasks, or improve cash flow by helping with inventory and bad debt.

Now as a CFO you can probably make your own judgement calls on late payments and cash flow. But, if this is one of the things that’s on your ‘to do’ list just because that’s how it’s always been, perhaps it’s time to take a look at whether Business Central can speed things up a little.

And consider too whether there’s other tasks in the business that are taking a long time to undertake, and whether these could be done more cost effectively and efficiently.

So for example, the Image Analyzer extension uses powerful image analytics provided by Microsoft Cognitive Services to detect attributes in the images that you import for items and contact persons, so you can easily review and assign them.

For items, attributes could be whether the item is a table or a car, and whether it is red or blue. For contact persons, attributes can be gender or age.

Let’s take a quick look in this video:

As you can see, it’s powerful to use but also simple. That’s the key – for AI to be of benefit to a business, it should be user accessible and help make quick decisions about the business.

So that’s it for now!

We’ve seen over the last 5 weeks what I consider to be 5 things a CFO can’t, or shouldn’t, be without in Business Central. My favourite is the use of Power Automate, because I really feel like that will free you up to do more important things with your time. But hopefully you’ll consider all of these to have been useful and thought provoking.

Let us know what you think and if any of this catches your interest, get in touch and we’d love to show you more.

Don’t forget to head on over to Business Central HQ to see all of our latest Business Central top tips and how to videos, and subscribe to the YouTube channel to be notified when the latest content drops!

Cooper Parry IT are Microsoft's Global Partner of the Year 2019