What was announced?
On June 15, 2023, Microsoft announced new Microsoft Dynamics 365 Copilot capabilities for ERP solutions including Copilot for Dynamics 365 Project Operations, Dynamics 365 Finance, and Dynamics 365 Supply Chain Management. Our new copilot capabilities will empower customers to transform business operations as we know them, modernizing the way work gets done and how businesses adapt to an ever-accelerating pace of business.
How will these updates support customers?
In today's dynamic commercial environment, business leaders face growing responsibilities and new challenges. They must handle their traditional duties and play a crucial role in driving long-term sustainability through innovation and business transformation. These new copilot capabilities will change day-to-day activities across operation roles like finance managers, collections agents, project managers, and procurement professionals to free them from repetitive tasks and allow them to focus on the work that matters most, increasing job satisfaction and productivity.
What is Microsoft’s vision for Dynamics 365 Copilot capabilities for ERP solutions?
How does this change the ERP landscape? ERP systems have long been the lifeblood of modern businesses, centralizing data for better business insights from core functions like finance, HR, procurement, resourcing, and supply chains. However, traditional ERP solutions have struggled to keep pace with the dynamic nature of today's global markets. Complex and rigid processes within ERP solutions create more work for people, and repetitive manual data entry overwhelms departments.
Many traditional ERP systems can automate repetitive tasks, but generative AI, the technology powering Dynamics 365 Copilot, takes it a step further. By learning from historical data and user behavior, generative AI algorithms can not only automate routine processes but also suggest optimizations and adapt workflows based on changing business needs.
This empowers people with digital assistance that completes work that previously took hours in minutes, along with speeding time to insight for more informed decisions. The result is improved efficiency, reduced risks, and better strategic planning. This level of adaptability and intelligent automation will free up valuable resources, allowing employees to focus on more strategic and value-added activities.
What models are powering these updates?
The new feature is built using Azure OpenAI Service leveraging GPT. The underlying model is called Textdavinci-003.
Do you have any data to support the need for these solutions?
The shift to AI is underway and will completely transform the way people work. The pace of work has increased exponentially—along with the crush of data, information, and always-on communications. People are struggling to shoulder the weight of it all, while business leaders feel pressure to increase productivity amid economic uncertainty.
• 2023 Work Trend Index Stats:
Nearly 2 in 3 people (64%) say they struggle with having the time and energy to do their job—and those people are 3.5x more likely to also struggle with innovation and strategic thinking.
Nearly 2 in 3 leaders (60%) are already feeling the effects, saying that a lack of innovation or breakthrough ideas on their teams is a concern.
62% of survey respondents say they struggle with too much time spent searching for information in their workday.
AI can help lift the burden. To date, AI has mostly been on autopilot. Now, next-generation copilots will work alongside people, freeing us from digital debt and fueling innovation. Organizations that embrace AI will unleash creativity and unlock productivity for everyone—ushering in a new wave of productivity growth and value creation.
• 2023 Work Trend Index Stats:
While 49% of people say they’re worried AI will replace their jobs, even more—70%— would delegate as much work as possible to AI to lessen their workloads.
Not only did 3 in 4 people tell us they would be comfortable using AI for administrative tasks (76%), but most people also said they would be comfortable using it for analytical (79%) and even creative work (73%). People are also looking for AI to assist with finding the right information and answers they need (86%), summarizing their meetings and action items (80%), and planning their day (77%).
People also believe it can enhance creativity, from formulating ideas for their work (76%) to editing their work (75%).
What’s new with Dynamics 365 Project Operations?
Today we announced new copilot capabilities within Dynamics 365 Project Operations that will harness AI to keep projects on track, and within budget, and help predict/mitigate issues—all roadblocks to productivity and successful delivery of services. Read More
What’s new with Dynamics 365 Finance?
Today we announced a new copilot for Dynamics 365 Finance. Collection agents spend their days ensuring companies receive the payments they need to keep their business rolling. With Copilot in Dynamics 365 Finance, collections managers have quick access to credit and payment history so they can prioritize and personalize customer communication, helping to increase successful collection rates and proactively keep customers in good standing. Read More
What’s new in the supply chain?
Today we announced new Dynamics 365 Supply Chain Management capabilities via Dynamics 365 Copilot to respond and adjust purchase orders, and assess impact and risk to optimize sourcing decisions. AI will present and summarize changes in the procurement pipeline and combine them with the calculated downstream impact on production, planned service, and sales. Read More