The requirements of finance professionals from a modern ERP solution are quite different from other business functions. Find out how Microsoft Dynamics 365 can help you drive growth and secure the future of your business.
The role of finance professionals has evolved rapidly in the past few years. From crunching numbers, making accurate forecasts, and adapting to changing regulations in different regions, which are still important, the emphasis has now shifted towards building a more secure future for the business that can survive disruption. Finance leaders are expected to build a data-driven culture to improve efficiency, drive user adoption of new technologies and innovative ideas, streamline execution, and improve margins.
Manage your finances more efficiently
With Microsoft Dynamics 365, you will be able to have better oversight and control over budgets. From a unified dashboard, you will be able to review the overall financial health of the business in a single snapshot of consolidated data with visualized data. You can also create custom reports quickly and choose the chart options you prefer by simply typing your requirements. The Natural Language processing capabilities of Dynamics 365 will understand your requirements and generate the report based on what you have typed.
A big advantage of Dynamics 365 over AX is the browser-based login option that allows you to stay connected to your solution no matter where you are. With the cloud-based solution, you get anytime, anywhere, any device access.
From the unified dashboard, you will be able to drill down to check the status of budget by region, legal entity, or team. With just a few clicks, you will be able to get a granular view of the individual line item of the budgets that you would like to investigate and view the attached documents and other information related to that line item.
And, if you are maintaining your budget data in Excel, it is easy to collaborate with your team by sharing the document on Microsoft Teams and editing the file together online. You have the option to connect the Excel file directly to Dynamics 365, which means that the changes you make will automatically get updated in the ERP system.
AI-powered business intelligence and insights, real time data
One of the biggest benefits of upgrading your systems is that you will be able to leverage the power of Artificial Intelligence for your data. This means that you will be able to take more informed decisions with better business intelligence and insights that you will be able to access in real time.
For example, knowing which clients will pay when is a crucial bit of information for multiple stakeholders like the CFO, Sales Director, and even the CEO. Having accurate and predictable information on this front will help you plan your budgets and devise a more efficient follow-up strategy to ensure that the invoices get paid on time.
Reduce cost and effort on IT infrastructure
With a move to the cloud, you will no longer need to maintain expensive IT infrastructure; the IT staff can spend more time on adding value to the business by taking up more strategic initiatives rather than working on support tickets.
If you are planning to replace the IT infrastructure with another on-premise system, it means you will have to incur an upfront cost which can be avoided if the upgrade moves your systems to the cloud.
Get centralized oversight of your global operations
One of the challenges finance professionals must wrestle with often is to check the exchange rates of various currencies. Microsoft Dynamics 365 allows you to connect to external exchange rate API to get the information automatically.
Dynamics 365 also makes it easier for you to deal with country-specific and region-specific rules and regulations with the localization feature.