Dynamics 365 for Finance and Supply Chain Management is an Enterprise Resource Planning or ERP application that helps businesses make insightful financial strategies.
With deep insights and intelligence, the Dynamics 365 Finance and Dynamics 365 Supply Chain Management allows enterprises to evaluate decisions and implement changes to gain a competitive edge.
Even better, the system offers flexibility and scalability for businesses of all sizes across diverse domains.
Earlier, the solution was called Dynamics 365 for Finance and Operations.
In the year 2020, Microsoft decided to split it into two different applications – Dynamics 365 Finance and Dynamics 365 Supply Chain Management.
This article attempts to understand how the two platforms differ and how both can benefit modern businesses.
Transform your Business with Dynamics 365 Finance and Dynamics 365 Supply Chain Management… Learn How!
DYNAMICS 365 FINANCE
Microsoft Dynamics 365 Finance enables businesses to monitor and optimize financial operations using integrated Artificial Intelligence or AI capabilities. Here, below are the most used features of Dynamics 365 Finance:
Accounts Payable:
Generate and review vendors’ invoices manually or electronically through an interactive dashboard that includes invoice matching and workflow capabilities, Dynamics 365 Finance also allows users to auto approve specific invoices.
Accounts Receivable:
Generate invoices for customers with or without packing slips or sales orders. Dynamics 365 Finance lets businesses receive payments from diverse payment modes, including cash, checks, electronic, and credit cards.
Users can even create and capture centralized earnings for a legal entity on behalf of other official entities.
Budgeting: Manage business budgets and track financial transactions through budget registries.
Dynamics 365 Finance allows businesses to modify existing budgets, transfer money, and move forward funds from the previous year’s budgets while setting budget control levels according to the business model and other requirements.
Cash and Bank Management:
Maintain and manage business bank accounts and financial instruments like checks, deposit slips, and promissory notes. Dynamics 365 Finance enables enterprises to reconcile bank statements and print bank reports.
Expense Management:
Customize and create integrated workflows to capture payment details and track credit card transactions. Dynamics 365 Finance lets users seamlessly monitor and analyze employees’ spending and other business expenses.
Financial Reporting:
Manage the complete lifecycle of Financial Reports, from creation to modification and deployment, leveraging the Dynamic 365 Finance’s report infrastructure.
Project Management and Accounting:
Analyze and assess the cash flow for business projects and other initiatives. Dynamic 365 Finance enables enterprises across diverse domains to keep a close track of business resources, including personnel, aligned with different finance or operation projects.
Tasks Automation: Enterprises can use Dynamics 365 Finance to automate recurring business assignments.
DYNAMICS 365 SUPPLY CHAIN MANAGEMENT
Dynamics 365 Supply Chain Management empowers enterprises to transform the overall supply chain and manufacturing operations while enhancing product quality, optimizing operational efficiencies, and assuring profitability.
Below are the core functionalities of the application:
Asset Management:
Stay tuned with effectively managing and overhauling the business assets, including production equipment, office/ factory vehicles, and other industrial machinery.
Cost Management:
Ensure an insightful valuation and accounting for raw materials, assets in progress, and finished goods.
Inventory Management:
Manage critical tasks, including inventory control, inventory activities, quality assurance, outbound operations, and inbound operations.
Sales and Marketing:
Manage & monitor data facts aligned with marketing and sales initiatives while analysing new & ongoing campaigns, monitoring customer engagements, tracking business relationships, and more.
Internet of Things (IoT) Intelligence:
D365 Supply Chain Management is compatible with IoT Intelligence and allows businesses to deal promptly with production delays, equipment downtime, and product quality issues.
Transportation Management:
Plan and manage business transportation, vendors’ locations, and steering appropriate solutions for inbound and outbound orders.
Procurement and Sourcing:
Streamline all procurement & sourcing functionalities from a centralized location while identifying products or services for processing vendor payments.
Warehouse Management:
Define meaningful warehouse layouts to manage space needs effectively, create material zones for the warehouse, allocate level- wise warehouse locations, and improve item storage/ removal processes.
HOW DO BOTH SOLUTIONS WORK TOGETHER?
Dynamic 365 applications work seamlessly with each other, which allows businesses to select the right functionality as per their needs.
Use Dynamics 365 Finance to:
- Monitor financial performance and forecast business
- Make data- driven decisions for future business
- Support multiple entities and currencies leveraging agile reporting.
Use Dynamics 365 Supply Chain Management to:
- Make proactive decisions for business operations leveraging IoT
- Streamline and optimize production processes, warehouse operations, and
- Ensure unified planning and adapt to the altering customers’
- Deal with capacity constraints in warehouse
- Capture timely updates on stock and shipping operations.
Dynamics 365 Finance and Dynamics 365 Supply Chain Management can assist businesses in building an architecture that lets enterprises explore and improve the most critical operational aspects.
LET’S ENGAGE TO MAKE THE MOST OF DYNAMICS 365 FINANCE AND Supply Chain Management
Let Team Dynamics Square help you maximize the benefits of both Dynamics 365 Finance & Supply Chain Management. Connect and plan a demo to understand how both solutions can transform your business.
