Microsoft Dynamics 365 is an expansive toolset that will cater to many of the needs of different types of business, large and small. Instead of the one-size-fits-all approach that is used by many ERP software solutions, Microsoft has turned to a module-based paradigm for addressing the challenges faced by companies operating in different spaces. For companies seeking to improve their operational processes, to find more efficient ways of managing finances, Microsoft offers Dynamics 365 Finance and Operations.
What is Microsoft Dynamics 365 Finance & Operations?
This solution is meant to help your business handle both the operations side of things and the financial side from one point of control, even if your operations are on a global scale geographically. The software helps you to stay on top of day-to-day sales, manage and control your cash flows, and stay on the right side of regulatory compliance requirements. For companies that have operations in different countries, these features make a real difference as management of global finances is built into the system. Beyond this, the platform offers predictive tools to help your decision-making and enable you to prepare a proactive strategy.
On the operations side of things, the platform offers tools for managing and enhancing your supply chain. You can manage assets, warehouses, transportation, and other operational aspects of your business. You can track inventory and plan your procurement accordingly. You can also perform cost accounting operations, manage your costs, and control things like production and service.
The fact that all of this can be done within one application is what makes this solution such an appealing choice.
Dynamics 365 Finance & Operations Best Features
Tools for Managing Finances
Apart from features that help you manage assets, Microsoft Dynamics 365 Finance gives businesses the ability to create general ledgers, accounts payable and receivable, and provides for bank reconciliation tasks. This toolset provides a system that facilitates and enhances budgeting and planning for organizations.
Tools To Support Sales and Service Provision
D365 Finance also provides a single storage location, a unified virtual space from which you can view and manage parameters related to your customers. This means you can categorize them and automate sales operations and marketing processes that pertain to certain groups. Using the e-commerce capabilities provided in this module, you can process online transactions and payments, generate quotations for products, and do invoices.
Project Management Capabilities
Microsoft Dynamics 365 Finance also offers tools to help you plan, cost, and manage resources for individual projects, as well as portfolios of projects.
Supply Chain Tools
You’ll also appreciate the ability of this platform to provide you with tools across your supply chain, helping you improve efficiency in time and cost. You can oversee shipments and distribution, manage your inventory, and handle cancellations and returns. There are also features for managing your vendors.
Operations Management
For operations, you can perform tasks that are related to HR management, like payroll, attendance, benefits, and remuneration. The platform can help you with hiring and training new employees, as well as terminating it when you need to let them go. You can also make forecasts, and plan and monitor production.
Reporting and Analytics
One of the biggest advantages of using ERP software is the reporting capabilities it affords users. For D365 Finance, this is no different. There is excellent reporting in Dynamics 365 For Finance and Operations. The software’s algorithms can organize and collate data to enable you to appreciate trends and insights related to different parts of your operations. Interactive dashboards will keep you up to date with real-time information.
Dynamics 365 Finance & Operations: Pros and Cons
Pros
- Easily compatible with other MS D365 products, so you can extend your current setup quite seamlessly if you are already using other solutions in the D365 suite
- Stable solution that is set up using familiar Microsoft design practices
- AI-powered tools offer impressive and powerful functionality
- Single representations of various facets of business data
- Cloud-based solution which makes it accessible on different types of devices
- No code deployment
Cons
- Total cost of ownership may be too expensive for small businesses
- No direct access to the cloud-based database, making customization tricky when you don’t use native Dynamics 365 Finance and Operations extensions
- Users have complained that the UI isn’t great on mobile devices
Conclusion
As with most software solutions of this magnitude, it is important to comprehensively assess whether or not they are a good fit for your particular business model. Microsoft has done impressive work providing functionality that will truly provide meaningful improvements in your operations. If you can get the software working for you, Dynamics 365 Finance and Operations features options that will really produce returns.