Nostico | June 06th, 2024
The benefits of a modern enterprise resource management (ERP) system are widely recognized in the retail environment. A recent Microsoft study revealed that, regardless of their size or the sector in which they operate, the majority of retailers, 93% in fact, recognize the benefits offered by cloud ERP solutions such as Microsoft Dynamics 365 Business Central, especially in terms of flexibility and integration capabilities. However, many companies are still not taking advantage of these benefits, as they still rely on legacy on-premise ERP solutions, including Business Central's predecessor, Dynamics NAV.
There's a good reason why Dynamics NAV has been one of the most popular ERP solutions in the retail industry over the years. By integrating finance, customer relationship management (CRM), supply chain management, data analytics and e-commerce functions into a centralized environment, retailers appreciated the fact that Dynamics NAV could be tailored and customized to meet their business needs. As this ERP solution is phased out, retailers are increasingly looking for a modern alternative to avoid the problems associated with using older software, such as:
- Lack of general support
- Increased risk of downtime
- Security threats
- Regulatory compliance issues
- Inability to scale and add new functionality
If you're reading this and your company still relies on Dynamics NAV for retail management, you're probably considering making some changes to your technology infrastructure soon. To help you decide which path to take, here are some of the benefits you can expect when upgrading your ERP from Dynamics NAV to Business Central:
1. Increased agility
There's a good reason why Forbes Advisor named Microsoft Business Central the best global ERP system of 2024. It described the solution as “affordable and scalable, so it can support growing businesses that scale quickly.”
A wealth of integrated functionality spanning sales, service, operations and finance makes it easy for retailers to manage all facets of their business and add new capabilities as they evolve. And because Business Central is cloud-based, they avoid the overhead costs of maintaining a physical IT infrastructure as they grow.
2. Increased productivity
One of the main advantages of having all functionality and data centrally managed in the cloud is the ability to get a global view and make decisions based on the information available. With Business Central, retailers can help their employees work more productively by automating repetitive tasks and making connections between data. They can also tailor the solution to their specific needs and workflows.
“You can use it to automatically record shipped goods and store details in one place, assign employees to specific work orders, and move items between locations with ease,” notes Forbes Advisor.
Another advantage is Microsoft's familiar interface, which eases the transition to a new solution. Users will learn to use it much faster than if they had to familiarize themselves with a completely different system.
3. Harness the power of AI
Business Central incorporates real-time dashboards to connect employees and decision makers with all the information they need without having to switch between applications and folders. And if they need to see different information, companies can generate customized reports and financial analysis. Business Central also enables companies to take advantage of artificial intelligence (AI) and machine learning (ML) capabilities thanks to features such as Power BI and Copilot for Dynamics 365. This AI assistant automates certain tasks, helping to increase productivity. Its natural language processing technology enables it to understand and respond to queries in everyday language, allowing users to perform more tasks without the need to enter complex commands or perform any programming.
Microsoft CEO Satya Nadella described AI tools such as Copilot as “the next big step in the evolution of how we interact with computing.”
4. Enhanced Security
Business Central users benefit from a range of industry-leading security features to keep their data and their customers' data safe, with the peace of mind that Microsoft is compliant with leading standards and certifications such as SOC 1, SOC 2 and ISO 27001. Want to find out more? Contact us.
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