Dynamics 365 Finance and Operating
The Dynamics 365 Finance and Operations is a Microsoft product in the line of the Dynamics 365. In a simple sense, this is an enterprise operating system that has been designed for medium to big organizations. The product was initially available as a general release in November 2016 and was termed Dynamics 365 for Operations. Later, the growing popularity led to the rebranding of the product in July 2017 by the name Dynamics 365 Finance and Operating.
The basic function of Dynamics 365 Finance and Operations is to create a modern spectrum of global financial operations. The Dynamics 365 finance version can be deployed by an organization in a hassle-free manner. Microsoft provides three modes of deployment for the product which can be categorized in the following manner :
- Cloud – This service is completely managed by the cloud service operating under Microsoft.
- Cloud + Edge – This consists of a central cloud node along with local availability of services for applications and local storage of business data.
- Local Business data – In this setup, the processes of business and data storage capacities are on-premise.
Renewed Dynamics 365: The improved features
Initially launched as Dynamics 365 for Operations, the Dynamics 365 Finance and Operationst has constantly evolved to provide the users with a better service in managing organizational finances. Recently, Microsoft has improved the product and has provided some renewed features. These are discussed below as follows :
- Increased Efficiency – Microsoft has made significant enhancements in the efficiency of Dynamics 365. After these enhancements, the users will be able to view, analyze and subsequently save the analyzed data. This in turn will have a positive impact on the daily working capacity of the organization. Other similar improvements in the sector of inventory reporting, planning, and consolidation of the planned orders of the organization and operations at the warehouse will enhance the end-user performance.
- Customization – The improvements regarding the customization features include the removal of columns from the grids, adding extra fields, and adding fields to track the information in the system. This in turn can aid in tailoring the application to fit the needs and requirements of the organization.
- Improved Analysis – One of the constant improvements made by Microsoft in its software product is the analysis capacity. In Dynamics 365 Finance and Operations too, there has been an improvement in the workspace analysis. The user organizations will soon be able to personalize dashboards by combining data from Finance and Operations and other applications with enriched visualizations.
- Inter-connected Environment – All the products of Microsoft are designed in a seamless manner which makes their internal environment inter-connected with each other. The user can use the Data Management Workspace for configuring the information from varied sources.
In the improved Field Services module, the system has become more proactive. The project service contains adjustments to time, expense, and journal lines.
5. Global capacities – The basis of enhancing the global capacities of a company lies in improving the working capacity of the software systems. Microsoft has been doing the same with Dynamics 365 all these years. The enterprise credit management capacities help in automating the credit management processes. This helps the accounting and financial technicians of an organization to proactively suggest future credit control actions to the management. These in turn will regulate the cash flow, reduce the bad debts of the company and provide proper account management.
The dual currency leads to the reporting currency becoming the secondary currency. After this, the reporting currency becomes easily trackable in fixed assets, accounts, bank management and others. The financial technicians use the revenue recognition capabilities of the Finance Services module to comply with the financial reporting standards.
6. Improvised Reporting – Microsoft has been working towards adding localization features into the to make the ERP systems meet the local tax regulations. The improvised regulatory services of the service will help in providing the functional capacity which can be integrated with any organizational setup. The configurations have also been enhanced to enable the partners and customers of the user organization to create extensions in the reports without coding. The system has been improved to support both incoming and outgoing electronic documents in order to meet the regulatory demands of several countries and regions. Now, several forms like vendor checks, customer sales invoices and others can be customized without the presence of a developer.
7. Tool for optimization – The improved features of the Dynamics 365 provide for an optimization tool known as the Optimization Advisor. This tool allows analysts, consultants, IT professionals and Power BI users to recognise the issues with the module and the stored business data patterns. The incorrect data can be identified easily and dealt with faster. A certain set of rules are run by the tool known as the best practices’ rules. In case a violation is detected, a correcting opportunity appears on the Optimization Advisor Workspace.
8. Order Management tool – The Distributed Order Management is a tool that allows retailers to reap benefits from the intelligent algorithms to complete order optimization functions across the whole organization. This tool detects a proper location for fulfillment across a warehouse, the scope of order fulfillment techniques, delivery methods, and other actions. These improved order fulfillment techniques in the Cloud POS turn each retail site into a mini-warehouse. This can efficiently help in filling orders efficiently and in a cost-effective way.
9. Collaboration with Vendors – The module created for vendor collaboration is custom-made to target the vendors who do not have electronic data interchange with Microsoft’s Dynamics 365 Finance and Operations. This module can enable such vendors to work with purchase orders, invoices, inventory data and also enables them to access the vendor master data.
10. Warehouse Management – The improved warehouse management processes include the process of weighing of sales boxes to be weighed on the per-pallet level. This enhances the method of packing according to the catchweight quantity.
Microsoft has been consistently improving the core capacities of Dynamics 365 Finance and Operations so that organizations can meet their business requirements effectively.