The recent October release for Dynamics 365 entailed a multitude of new features benefitting a variety of applications within the popular Microsoft Dynamics Finance and Operations (FNO) product suite.
This is an improvement on the functionality available in its predecessor- Microsoft Dynamics AX.
This recent release solidifies Microsoft’s dedication to ensuring the Finance & Operations system is the frontrunner out of other available contenders within the ERP space, and this was confirmed with this update.
Below is a list of the 7 top additions to the product suite based off the recent release
Due to the prevalent issue of ‘cheque fraud’ banks face when dealing with their customers, Microsoft have implemented Positive Pay (also known as “SafePay”), in Dynamics 365 FNO, which is essentially a 4-eye verification process of sensitive data.
When an organization prints cheques to send to its prospective bank, an electronic list of the cheques is automatically sent to the bank prior to them receiving the individual cheaque themselves. This provides the bank the ability to do a sense check of the information on the list and what’s on the cheques themselves, and if the data doesn’t match up, they can hold that cheque for further review.
2. Product Catalogues:
Another useful feature in this release of Dynamics 365 Finance and Operations allows purchasing teams to import information directly from vendor catalogues. This enabling employees to request information (such as items & services) internally from the procurement catalogue.
3. Global Address Book:
The Global Address Book is incredibly valuable as it consolidates the information regarding the parties’ organizations do business with into one central resource. The added functionality of assigning a ‘party role’ enables the segregation of parties/individuals based on relevance, such as customer, vendor, competitor and contact. On top of this, in the new release of Dynamics 365 FNO entities can be linked to several ‘roles.’ For example, a customer can also be a vendor
4. Mobile Project Timesheets:
One of the key features to come out of this release is the ability for mobile devices to host and manage timesheets.
This provides added flexibility for employees to manage their timesheets on the move and allows for line managers to approve the submitted timesheets on a mobile device or computer, as well as being able to add comments to provide better communication of project details.
This new functionality also allows users to copy information from historic sheets, significantly reducing both the time taken to complete the timesheets and the chances of manual errors.
5. Request for Quotation (RFQ’s):
Dynamics 365 for Finance and Operations now enables companies to submit RFQ’s more efficiently by providing the ability to send RFQ’s to multiple vendors, accept & register bids and subsequent replies, as well as transfer accepted bids onto relevant documentation such as PO’s (purchase orders).
6. Transportation Management:
Logistical efficiency is imperative to any organisation and the Transportation Management feature significantly improves the identification of optimal inbound and outbound vendor and routing solutions when submitting orders, enhancing cost effectiveness and speed.
Transportation Management enables organisations to efficiently identify transportation charges and adjust sales prices in advance, which ultimately frees up budget and saves on bottom line costs.
7. Trade Allowance Management:
The final noteworthy feature provides process efficiencies within the sales process- Trade Allowance Management allows companies to manage promo programs and offer a reward scheme to customers that meet certain criteria. Assigning sales milestones and targets to measure customers performance, coupled with assigning monetary rewards eradicates the need to run reports or manually track the status of clients performance.
Microsoft Dynamics 365 Finance and Operations recent release has provided a variety of benefits to critical areas within SMEs daily operations, enabling them to focus on alternative areas of their business with the power of knowing their processes are both efficient and cost effective. Which has only added to the existing reputation Microsoft have established in the Dynamics ERP & CRM marketplace.
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