In many ways, artificial intelligence (AI) may still seem like a futuristic concept, yet it’s fast becoming an essential and hugely valuable piece of technology in the workplace. Today, many retailers are beginning to reap the benefits of AI and machine learning (ML) to better serve their customers and boost employee productivity. Almost 90% of employees with access to AI tools report that they feel more fulfilled, as they can automate monotonous, time-consuming tasks and spend their time on more value-added activities such as interacting with customers.
Leveraging AI with LS Central
Because LS Central is built on Microsoft Dynamics 365 Business Central, it includes all the innate AI features that come with this software. Integrated Microsoft AI tools like Power BI and Copilot are designed to help speed up day-to-day tasks and support retailers with everything from generating product descriptions and sales forecasting to financial reporting.
Here are some of the ways retailers can take advantage of the built-in AI features in Business Central to transform the way they operate for the better:
Automate simple tasks
AI is proving particularly valuable for carrying out essential jobs such as writing product descriptions, bringing to life innovative new marketing ideas for email campaigns, and building exciting and connected customer journeys. Built-in AI features from Microsoft allow retailers to:
- Categorize and sort products from images: Products can be automatically assigned into categories from just an image using AI-powered suggestions. This saves time and simplifies handling large inventories.
- Automatically generate marketing copy: Microsoft Copilot produces engaging and unique marketing copy based on key product attributes such as color, material, and size. Once the copy is complete, Copilot publishes it straight to the appropriate e-commerce platform or Shopify store.
- Tailor product descriptions: Copilot produces copy tailored to the retailer’s specifications, saving time for employees who list a multitude of products online.
Predict future sales
AI-powered forecasting capabilities help retailers avoid lost sales opportunities and better prepare for the future with intelligent predictions about inventory. Using quantitative data from past sales, retailers can gain the insights they need to:
- Order stock ahead of time: Predict future sales and order products in advance based on historical data using the Business Central Sales and Inventory Forecast Extension.
- Manage costs with predictive restocking: Monitor stock levels and track finances with AI predictions, requiring a lower working capital to run smoothly.
- Forecast over customizable time periods: Azure AI allows retailers to choose the time period to forecast, such as monthly, quarterly, or annually. The more data available, the more accurate the forecasts become.
Make better sense of data
Data is now one of the most important assets to retailers. Microsoft AI capabilities in Business Central can identify snippets of information from all manner of quantitative and unstructured data such as:
- Email threads: Better understand personal preferences, purchase history, and feedback, allowing retailers to obtain a comprehensive view of key consumer trends and behaviors.
- Accounts and financial reports: Perform cash flow analysis to help stay in control of the money coming in and out of the business and ensure all financial obligations are met on time.
- Historical sales data: Gain a clear overview of stock requirements and expected stockouts before they happen.
With all this information connected in their ERP and CRM system, retailers can implement data-driven, targeted marketing strategies and effective sales and inventory forecasting.
Empower employees
As many as 70% of people say they would happily delegate tasks to AI in the interest of lightening their day-to-day workload. With tools like ChatGPT, accessible in Business Central, they can benefit from the following:
- Write faster email replies and automatically generate meeting summaries: Staff can capture key information from meetings and compose emails faster thanks to AI-generated sentences and auto-corrections.
- Extract and make sense of unstructured data: AI-powered automation can extract key points from documents and collect data from lengthy email threads.
- Use natural language prompts: Employees can ask ChatGPT complex questions in their own words, treating AI as a virtual assistant to brainstorm ideas, weigh up pros and cons, and evaluate reports. They can also quickly resolve a wide range of customer queries.
These capabilities take the pressure off staff, allowing for a better flow of communication and easier access to crucial information.
Transform your retail business with AI
Are you ready to explore the power of AI in Business Central? LS Retail’s experts can show you how to make AI work for your business and improve both the employee and customer experience for the better. Contact us for more information.
