In the previous part of this blog series, we explained 7 advantages of upgrading from Dynamics AX to Dynamics 365 F&O. This follow-up blog specifically dives into the benefits and functionalities that Dynamics 365 Finance offers. Compared to Dynamics AX, its cloud-based successor is more flexible and adaptable. It also allows for integration with different applications and business departments, as well as automation of your business processes. Lastly, the solution has built-in tools that provide insights into your financial data.
Flexibility
Dynamics 365 Finance is easily accessible for all your employees: it is multilingual and can deal with different industries, localizations and currencies. In addition, D365 Finance offers tools to determine exchange rates and accounting policies. You can either configure these individually or make generic rules. Lastly, adjustments to regulations require a flexible system. D365 Finance fulfills this need by complying with local laws and allowing you to tailor your electronic reporting and invoicing. This means that you can create files and invoices in any (local) format based on local requirements.
Integration
Furthermore, the electronic invoicing is integrated with electronic messaging, which supports you in sending your files to other parties such as tax authorities and customers. Likewise, Dynamics 365 Finance is integrated with applications such as Office 365, Power Platform, and apps for expense management. Additionally, Microsoft has created an out-of-the-box infrastructure called Dual-write, which integrates the F&O apps with customer engagement apps and facilitates interaction between them. The resulting information transfer is smooth and efficient, ensuring that your financial data is always up to date. The system functions as the single source to rely on for all your data, thereby allowing you to quickly make well-informed strategic decisions.
Automation
Automated process management is another key benefit of this solution. You can create workflows to make sure that processes are performed properly and timely and to guarantee that the required steps are being followed. Additionally, the system monitors credit limits and allows you to manage the pricing policies of all business departments. Invoicing can be automated, and you can adopt strategies for automatic customer collections. This will save you time and improve your cash flows.
Insights
The system monitors your performance real-time and predicts future events as well. Out-of-the-box Power BI dashboards provide insights into your data by visualizing it. Predictive analyses are conducted based on built-in AI and machine learning. For instance, future cash flows and invoice payments can be predicted from your existing data. Additionally, reports (such as end-of-month reports) are easily created to provide an overview of your financial situation.
Other functionalities
Next to those mentioned in this blog, there are even more functionalities that D365 Finance does offer whereas Dynamics AX 2012 does not (click here for an overview). Dynamics 365 SCM, the other product that is part of Dynamics 365 F&O, offers still other benefits and functionalities. These will be covered in the next blog of this series. With our experience and know-how, our people can provide you with advice on system migration. In case you are interested in upgrading your current solution, please feel free to contact us.
Stay tuned for the next (and last) blog of this series!