A comprehensive guide to the platform and how it can unlock your business’s potential.
Efficiency and adaptability are crucial in today’s rapidly changing business environment which means streamlining financial and operational processes is a strategic imperative. According to McKinsey, businesses that prioritize process optimization, on average, are 20% more efficient and see a 15% reduction in operational costs.
In response to these strategic goals, Microsoft created Dynamics 365 Finance and Operations, a solution that seamlessly integrates financial and operational functions into a unified platform. Below, we’ll take a closer look at what Dynamics 365 Finance and Operations is, exploring its pricing and licensing, features and functionalities, benefits, competitors, and the importance of training and onboarding your team onto the platform.
An Overview of Microsoft Dynamics 365 Finance and Operations
Microsoft Dynamics 365 Finance and Operations is an integrated suite of business applications that empowers organizations to streamline their financial and operational processes. It combines a set of powerful tools to manage core business functions, including finance, supply chain, manufacturing, and human resources, within a unified platform. Additionally, the platform leverages the scalability and flexibility of the cloud, enabling businesses to adapt and grow in a rapidly changing business environment.
Pricing and Licensing
The platform offers a flexible pricing structure, allowing organizations to choose from various plans based on their specific requirements. The primary licensing options include Finance, Supply Chain Management, Commerce, and Human Resources, each catering to specific business needs.
The cost of Microsoft Dynamics 365 Finance and Operations is typically based on user licenses, with businesses paying for the number of users accessing the platform. Pricing details can vary based on the chosen modules, deployment method (cloud or on-premises), and additional functionalities required. While exact costs can fluctuate based on the specific needs of an organization, it is common for businesses to subscribe to a monthly or annual payment plan.
For small to medium-sized businesses, Microsoft provides entry-level plans that provide basic functionalities at a more budget-friendly rate. Larger organizations with more complex requirements may choose from other plans with access to advanced features and scalability to accommodate their growing needs.
Features and Functionalities
Included in the platform is a wide variety of features and functionalities that span across the enterprise. Below are just some of the tools and capabilities included in the solution.
Finance Management
To simplify financial management, the platform includes a number of tools and capabilities. For example, budgeting and forecasting enable your business to accurately budget future finances. This empowers finance teams to make faster, more data-driven decisions. The platform also features tools for accounts payable and receivable that make for more efficient management. This includes automated invoicing, vendor collaboration, and real-time financial insights.
Supply Chain Management
Tools such as inventory optimization and order fulfillment streamline and optimize supply chain management and order processing. Both tools help to reduce carrying costs while ensuring product availability, enhancing customer satisfaction, and ensuring timely deliveries. To learn more about Intelligent Order Management, and how AI can improve order fulfillment, read here
Manufacturing Capabilities
To help businesses achieve greater operational excellence, the platform features advanced production planning and control features as well as quality control. This ensures your business can adhere to industry standards and customer expectations.
Human Resources Management
Dynamics 365 assists in attracting, hiring, and retaining top talent through comprehensive talent acquisition and management functionalities. Additionally, the employee self-service capability enables employees to access relevant HR information, submit requests, and manage their personal information in a single location.
Customer Relationship Management (CRM)
The integrated CRM feature (Dynamics 365 Sales and Marketing) within the platform allows businesses to easily manage customer relationships, sales processes, and customer service. Additionally, marketing automation capabilities enable your organization to create targeted campaigns, track leads, and analyze customer interactions.
Analytics and Reporting
With real-time data insights, Dynamics 365 enables your organization to gain real-time insights into your financial and operational performance. The seamless integration with Power BI also enhances data visualization, allowing users to create interactive reports and dashboards for more informed decision-making.
Scalability and Integration
The cloud-based infrastructure of the platform provides your organization with more scalability and flexibility to adapt to changing business needs. Microsoft Dynamics 365 also integrates seamlessly with the rest of the Microsoft portfolio, enhancing collaboration and communication across all your teams.
Artificial Intelligence (AI) and Machine Learning (ML)
The platform has leveraged the power of AI and ML to automate key business processes, improving efficiency and enabling your users to focus on more strategic activities. Additionally, predictive analytics assists users in forecasting trends, demand, and potential issues.
Security and Compliance
Tools such as role-based security and compliance management ensure your business data stays secure and compliant. Features such as role-based access controls limit access to sensitive information while adherence to industry and regulatory compliance requirements reduce risks associated with non-compliance.
Check out this detailed demo of the tool, by a Dynamics 365 Finance and Operations expert, Kerry Kennedy.
The Benefits: Driving Efficiency and Growth with Finance and Operations
Improved operational efficiency, enhanced collaboration among departments, and real-time data insights are just a few of the benefits Dynamics 365 Finance and Operation adds to your business.
Said Dan Brown, Enterprise ERP Practice Director at JourneyTEAM,: “With Finance and Operations, businesses can scale their supply chain and finance operations easily, using extensive configuration capabilities. Similarly, supply chain and manufacturing operations are able to implement a single technology for varying degrees of complexity and operations. An additional benefit of using FSC is the capability to leverage Microsoft Copilot, AI-based functionality, to accelerate and enhance analysis and fulfillment capabilities across the organization.”
Essentially, the platform's ability to adapt to changing business needs, coupled with its cloud-based infrastructure, ensures your business can stay agile in a dynamic marketplace.
Top Competitors of Dynamics 365 Finance and Operations
With the market offering a number of enterprise resource planning (ERP) solutions, Microsoft Dynamics 365 Finance and Operations faces competition from a number of players, including SAP S/4HANA, Oracle ERP Cloud, and Infor CloudSuite. Each of these platforms offers unique features and strengths, meaning your business must carefully assess your specific needs and priorities when evaluating solutions. Microsoft's extensive ecosystem, seamless integration with other Microsoft products, and a user-friendly interface are key differentiators that position Dynamics 365 Finance and Operations competitively.
Ensure Successful Implementation with Training and Onboarding Created by JourneyTEAM
The success of adopting Microsoft Dynamics 365 Finance and Operations is dependent on effective training and onboarding. Microsoft offers a range of training resources, including documentation, online courses, and certification programs to help get your team on board. These resources can also help your team feel comfortable using the platform moving forward.
Additionally, you can leverage the expertise of certified Microsoft partners like JourneyTEAM to create tailored training programs and implementation support. Together, we’ll create a well-executed onboarding process to ensure your users are proficient in utilizing the platform, maximizing its potential and contributing to the overall success of the business.
To leverage the power of Dynamics 365 Finance and Operations, contact a JourneyTEAM representative today.