AI For Business Growth: An Ultimate Guide For Finance Leaders

Can AI be a growth engine for business?

The integration of artificial intelligence (AI) into business is one of the most impactful shifts of the decade. Understanding it is a vital part of staying competitive, and could mean the difference between market expansion and stagnation. In this in-depth exploration of AI and its role in achieving strategic growth, we'll focus the realities, opportunities, and misconceptions that often shroud the conversation. Starting from the perspective of a finance leader, this Ultimate Guide will arm you with the knowledge necessary to leverage AI in pursuit of your company's objectives.

Growth and AI: a realistic view

Business growth, while driven by innovation, remains fundamentally about human behaviour—customer choices, employee performance, and leadership vision. AI, then, should be perceived as an enabler, not a panacea. It enhances productivity, refines decision-making processes, and automates menial tasks, freeing up human intellect to address the more profound aspects of growth. There are some highly credible examples already out there that show AI, when used correctly, can increase workers productivity and morale, and even increase the quality of some written content (such as emails and reports). However, the challenge lies in finding the balance. While AI can indeed open doors by optimising operations, if not deployed strategically, it can become a burden—the cost of implementation and maintenance potentially outweighing the benefits for smaller enterprises. unit. This, in turn, enables better, more informed decision-making that allows CFOs and their teams to optimise investments and manage cash flow.

Using AI to achieve a strategic advantage

To harness AI for growth, businesses must first understand where it can offer value. In sales, for example, AI-powered customer analytics can reveal patterns that lead to more focused marketing strategies or even the development of tailor-made products. In finance, AI forecasting tools can highlight where investments are most likely to yield returns. The goal in these applications is not to replace the human element, but to augment it. AI is a force multiplier for the keen insights and strategic decisions made by business leaders, accelerating growth in directions where, previously, it wasn’t possible. However, AI must be integrated carefully. For effective use, AI tools should seamlessly communicate with existing software and processes.

Overcoming the 'AI as saviour' mindset

One of the most pervasive myths surrounding AI is its potential to operate independently, making business decisions like a digital oracle. The truth is, AI systems are only as good as the data they're fed—and the humans who direct and interpret their “work.” For entrepreneurs and executives alike, understanding AI’s limitations is a critical part of the process. You should be focusing on making AI an ally to your existing workforce, rather than a substitute. By leveraging its ability to process vast quantities of data and provide insights, businesses can empower their human capital to make the innovative leaps necessary for growth.

Building an AI-informed growth strategy

Integrating AI into business growth strategies requires a methodical approach. This involves identifying the areas within your business where AI can have the most significant impact, understanding how it can align with your current operations, and fostering a culture that uses AI to capitalise on opportunities. There are four key steps in this process:

Identify: Begin by thinking about your goals, then looking for weaknesses or bottlenecks in the processes you’re using to accomplish them. There are often areas where AI can make a big difference by automating simple or repetitive elements, freeing up valuable time and effort for your staff.

Integrate: Make sure that your AI systems communicate seamlessly with existing technology, providing benefits without disrupting the flow of operations. For example, if you’re using AI to analyse data from trends, you don’t want to have to input that data manually.

Innovate: AI can be used to help workers brainstorm new approaches to old problems, find unexpected trends in data, and free up human time and attention to think outside the box.

Impact: As with any technology related to growth, it’s vital to measure relevant KPIs, such as customer acquisition, retention, and satisfaction, operational efficiency, and cost reduction. Exactly what you measure is dependent on how you’re using AI and the nature of your business – but it’s important to make sure it’s having a positive impact on your business.

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The Art and science of AI implementation

There is no one-size-fits-all approach to integrating AI into growth strategies, but we believe there are some best practices that can guide the process. These include:

Picking the correct AI

There are a variety of different AIs on the market, so it’s important to pick the one that suits your business. For example, we would usually recommend Microsoft Copilot, which can integrate with Microsoft’s suite of market-leading business software tools, and is purpose built for business applications.

Scalable solutions

Many AIs have different subscription tiers, and in Microsoft’s case, it also has AIs that are purpose built for specific functions (like sales or finance). In most cases, you can start out with a free plan. However, integrating AI further into your business will be easier if you pick an AI like Microsoft Copilot, since you can add more functionality when you need it.  

Staff orientation

Don't overlook the importance of training and support for your workforce. Ensuring that employees are comfortable with AI tools and can properly interpret their outputs is critical to their effectiveness. Many employees fear they will be replaced by AI. Reassuring them that this is not the case and teaching them how to get the best out of it (for example, through prompt engineering) is vital to successful integration.

Ethical use

It’s important to ensure that AI is used ethically in your business. That means acting transparently when it comes to employees whose roles might be redefined, or customers whose data will be used. It also means being responsible for the AIs output, checking it for factual errors and problematic tones of voice.

Enhancing the employee experience with AI

AI tools you integrate, this step is vital. One of the most important elements in successful AI integrations is to make sure that it doesn’t just improve your business’s bottom line – it also improves your staff’s day to day experience. Since your staff are the people that will be directing and checking the AI tools you integrate, this step is vital.

AI can enhance your employees’ workday in a number of ways, from helping them come up with ideas to automating mundane tasks. It can also help to tailor the employee experience by providing them with a personal assistant that helps them when they’re struggling. For example, consider an employee who is having difficulty managing their time; if one of their tasks is to find some data that is proving elusive, AI could find it for them. This will leave them with more time to accomplish their other tasks and help them to stop stressing about missing data that they might need urgently. The main point to take away is that the future is not about humans versus machines, it's about humans working with machines. Helping your employees to understand that fact is the single greatest change management challenge when it comes to integrating AI. Once they realise it will make their lives easier, they could become motivated and enthusiastic partners in the process.

Avoiding the cold and clinical: can AI write like a human?

AI can generate reams of content in seconds, much more quickly than any content writer can do it. Its work is versatile and well structured, and it writes well to marketing copywriter formulas (for example, PAS, AIDA, or ACCA). But can it write emotional, creative, prose like a human can? When left to its own devices or fed overly simple prompts, AI can write some very substandard content. You only need to look around the internet for proof: since ChatGPT was made public a few years ago, formulaic, cookie-cutter content that lack the hard-to-describe-but-easy-to-spot spark of genuine human creativity has proliferated. The reason AI can seem formulaic like this is that it’s not dissimilar, in some ways, to an incredibly complex autocomplete machine. As a result, it uses common linguistic structures and turns of phrase. However, this poses a risk to businesses: if your marketing material loses its brand voice, then it can leave customers disengaged and ultimately turn them away. Your brand starts to look inauthentic as it mixes in to the generic sea of AI-generated content online.

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Making AI content sound authentic

You can add the human touch to AI content in two ways. First, through customising your prompts, and second, through editing the AI’s output. In regards to prompt engineering, the key is to be specific and add detail.

• Don’t prompt: “write a blog post on solar energy.”

• Instead, prompt: “Please write a blog post on the benefits of solar energy instead of wind farms. The author’s intention is to convince authorities to build more solar farms, emphasising their ease of maintenance compared to noisy wind farms.” When it comes to editing, it’s relatively simple to humanise text. Some of the techniques you can use are:

• Make sure you contrast longer and shorter sentences

• Use contractions (like it’s instead of it is, you’re instead of you are, and they’re instead of they are)

• Use anecdotes or personal experiences to create a sense of relatability with your audience

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The Future of Finance: Harnessing AI in Dynamics 365 Business Central

The ever-evolving landscape of finance, where technology plays a pivotal role in streamlining operations, improving efficiency, and enhancing decision-making, is another area AI can make a big difference. Microsoft Copilot is the perfect tool to help you optimise your finance function, as it integrates perfectly with Microsoft’s suite of enterprise technology, which is purpose-built for business. Here are just some of the ways Copilot can transform your finance operations, with a special focus on its integration into Dynamics 365 Business Central.

Bank reconciliation made smarter

Traditionally, bank reconciliation involved manual effort or automated processes within Business Central. However, the Achilles’ heel of automatic reconciliation was its inability to handle fragmented transactions. Imagine a single bank transaction split into multiple payments in your system—this posed a challenge for reconciliation. But fear not! Enter Copilot. With its keen eye, Copilot identifies related transactions and suggests reconciliation, saving you valuable time and minimising manual errors.

Chat functionality gets an upgrade

Julie from the accounts department urgently needs an invoice sent to Robert at Alpine three weeks ago. Instead of diving into the database abyss, she simply types her query into the chat. Copilot swiftly retrieves the relevant invoice, sparing Julie the hassle of endless searches. Time saved? Check!

Mapping e-documents and predicting late payments

AI Copilot isn’t stopping there. It’s venturing into other realms of Business Central. Picture this: seamless mapping of e-documents to purchase order lines. No more tedious cross-referencing; Copilot’s got it covered. Copilot can also predict late customer payments, allowing you to proactively manage cash flow. Copilot even generates item descriptions, freeing up your team for more strategic tasks.

Looking ahead

As Microsoft continues to roll out Copilot features, finance leaders must stay informed. Consider the impact of AI on growth, change management, workforce strategy, risk mitigation, and system integration. Remaining competitive means embracing innovation, and Copilot is your trusty co-pilot on this journey.

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You ask, we answer

Q: Can AI be used to achieve growth strategies?

A: AI has the potential to impact business growth, but it’s essential to recognise its limitations. While AI can improve productivity and streamline operations, it’s not a magic wand that can fix all problems or replace human behavior. To achieve growth strategies, businesses should implement AI in areas where mundane tasks can be automated, data can be gathered more effectively, and predictions can be made to enhance decision-making

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Q: What role does AI play in business growth?

A: AI serves as a valuable tool to enhance productivity and decision-making. However, it cannot replace human judgment entirely. Businesses should strategically use AI to automate routine tasks, improve data analysis, and optimise operations. By identifying the right areas for AI implementation, companies can leverage its capabilities to support growth without expecting it to run everything.

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Q: What role does change management play in AI adoption?

A: Change management is fundamental to project success, especially for tech projects like AI. It ensures that employees embrace and adapt to new technologies effectively. By addressing concerns, fostering trust, and providing clear communication, change management lays the groundwork for successful AI implementation.

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Q: How can organisations build trust and encourage AI adoption among employees?

A: To build trust, organisations should:

• Communicate openly: Explain the purpose of AI, its benefits, and how it enhances employees’ work.

• Address job security concerns: Reassure employees that AI is meant to enhance their roles, not replace them.

• Emphasise human-AI collaboration: Highlight AI’s strengths (e.g., data collection speed) while valuing human decision-making.

• Provide ongoing training: Ensure employees feel confident using AI and understand its value.

• Maintain strong communication: Leadership should address organisational needs and make employees feel valued

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Q: To what extent should AI play a part in someone’s job role?

A: The extent to which AI should be integrated into job roles depends on various factors. Consider the following:

• Value of human input: Assess whether AI can handle routine tasks while preserving the essential human touch. For instance, in accounting, AI can handle data entry, but consultancy work requires human expertise.

• Skills and critical thinking: Jobs involving critical thinking, creativity, and adaptability are less likely to be automated. Evaluate the importance of these skills in a role to determine AI’s role.

• Efficiency gains: Identify areas where AI can streamline processes, such as automating repetitive tasks or analysing large datasets. This frees up employees to focus on higher-value activities

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Q: How does implementing AI affect workforce and talent strategy?

A: To build A: Implementing AI requires careful workforce planning:

• Potential redundancies: Evaluate whether AI adoption will lead to job redundancies. Consider reskilling employees for roles where there is a shortage of talent.

• Ethical considerations: Ensure employees are well-trained and understand the ethical aspects of AI. Promote a culture of learning and innovation to help them embrace AI and adapt to role changes.

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Q: Why does AI-generated content sometimes feel clinical and emotionless?

A: AI-generated content can lack emotional nuance because it operates based on algorithms and patterns rather than genuine human understanding. When not properly edited or guided, AI-generated text may sound robotic and devoid of emotion. This can negatively impact how customers perceive your company.

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Q: How can organisations address the clinical tone in AI-generated content?

A: To mitigate clinical and emotionless content, consider the following:

Editing and guidance: Ensure that AI-generated content is reviewed and edited by humans who understand the desired tone and style.

Training staff: Educate employees on how to use natural language AI effectively. Teach them which prompts to use and how to identify areas that need improvement.

Strategic use of AI: Determine where AI should be used in your organisation. Should it handle creative content, or is it better suited for specific tasks like data entry?

Balancing human and AI: While AI has strengths, recognise its limitations. Identify areas where AI can enhance efficiency while preserving the human touch.

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Q: How does Copilot enhance bank reconciliation in Business Central?

A: Copilot in Business Central automates bank reconciliation, saving time and improving accuracy. Unlike manual reconciliation, where discrepancies might be missed, Copilot recognises both bank transactions and system records. It suggests reconciling these transactions, streamlining the process for finance teams.

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Q: What other areas does AI Copilot enhance in Business Central?

A: AI Copilot brings additional benefits to Business Central:

• Chat function: Users can retrieve specific invoices or information quickly by querying Copilot in the chat. This feature reduces the time spent searching through the database.

• Mapping e-documents: Copilot helps map e-documents to purchase order lines, improving efficiency. • Predicting late payments: By analysing data, Copilot can predict late customer payments, allowing better financial planning.

• Generating item descriptions: Copilot creates descriptions for items, saving teams time and effort.

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Final thoughts

AI is not a magic bullet, but when it is deployed correctly, it has the ability to transform your business. In this guide, we have explored some of the ways it can help you make big productivity gains out of the gate, and how you can integrate it into your existing enterprise software for maximum impact. However, this is just the beginning. Microsoft is betting big on AI, and its range of AI solutions for business, as well as the integration of these solutions with its existing software, is only going to increase over time. AI is changing the world, and helping businesses level up their game. The best time to jump on this trend was yesterday; the second-best time is today. Act quickly, and you can still develop a significant advantage over your competitors. While this Ultimate Guide attempts to be comprehensive, without taking individual factors about your business into account, it can only ever be a general overview. For many people, that will be enough. But if you’re left with unanswered questions, want personal advice, or are in need of someone that can help you deploy this technology at scale, contact Creative. We’re Microsoft Gold partners with a three-decade history of helping UK companies streamline their business processes, and we can help you too.