How Dynamics 365 Finance can help you increase financial profitability and visibility to create a resilient organisation? How to optimize decision-making with the use of intelligent automation and enable global expansion in the face of impending disruption?
69% of board directors say that the effects of the pandemic are accelerating their digital business initiatives (Gartner, 2020). When faced with acceleration, it is crucial that they control their finances as digitization has a sweeping effect not only on organizations as a whole but also on their finance function. What does this new digital era demand from entrepreneurs so that they can keep business ahead of changing customer expectations? It is definitely flexibility and an agile approach to transformation. An accelerated speed of business requires delivering a differentiated value to customers through new business models in order to stay ahead of the competitors.
That is why CFOs have to address AI-insights and automation and embrace them across all entities in order to achieve financial disparity and increase their financial visibility and profitability. This is possible with a modern ERP tool such as Microsoft Dynamics 365 which enables agility and unlocks powerful financial insights across global operations.
What are Dynamics 365 Finance solutions for enhancing customer data management?
Dynamics 365 for Finance offers unlimited and customized analytic capabilities that make it possible for business users to support the most demanding data workloads. Financial insights that can be generated via analytics can be then translated into business actions and decisions. The module also integrates with third-party systems and triggers automatic workflows which are based on customer actions and predictive analytics.How to assess the health of financial performance quickly and extensively?
Financial visibility is an integral part of maximizing profitability in business. A company’s financial management system may be one of the roadblocks that prevents one’s business from gaining full visibility of the financial operations within their company. It is because systems might be outdated and/ or fragmented. Thus, they become a source of data silos and lead to static and untimely financial reporting. This in turn limits the ability to predict upcoming changes and adapt financial operations accordingly. With outdated systems, many processes are done manually which is not only inefficient but also more error-prone. This might be the reason for increased costs, low profit margins and frustrated employees. The tools offered by Dynamics 365 Finance allow to gain visibility when it comes to financial impact across the organisation. Comprehensive, real-time financial reporting, embedded analytics as well as AI-driven insights – these are the means that companies can and should use to assess the health of their financial performance. They should be used to support financial controls and make timely decisions that would drive agility and business growth.How to optimize decision making?
Hardly accessible information is one problem. The other one is data itself. Since the pandemic started, data requirements have been higher than ever, regarding both its speed and scale. When managing cashflows, having access to reports and metrics reflecting the latest data available is of crucial importance. In order to be fully informed about their financial performance, CFOs cannot rely on the traditional cash flow forecasting anymore. It is both time-consuming and inefficient. Lots of data silos and complicated Excel spreadsheets hinder the decision-making process and finance-first innovation. Manual processes also prevent business users from focusing on value-added, strategic work. Connecting data with automation of manual tasks can unlock predictive forecasting and enable insights that are necessary when making financial decisions in a timely and efficient manner. Identifying current and future trends allows to make data-driven decisions – this is possible with the use of intelligent and automated ERP environment of Dynamics 365. The added benefits of using this platform are increased efficiency and accuracy, reduced risk and complexity and also improved team experience. Automation of manual forecasting tasks and robotic process automation can enable much more accurate predictions while utilizing AI, therefore improving the financial decision-making process. Within Dynamics 365, financial leaders should also use data science insights for dynamic pricing, client segmentation decision-making and financial forecasting. By doing so, they can easily streamline the way of driving automation, e.g., for purposes of weekly reporting or accounting for leases.How to enable global expansion with unified models
Globalization, with improvements in transportation and communication and higher labor costs, has pushed a lot of businesses to expand globally. Entering new markets brings tangible benefits such as new customers, business partners, better access to resources and talent as well as diversified customer and product base which reduces risk. In the face of all these challenges, it becomes more and more necessary to scale companies’ infrastructure. Unified business models allow to adapt easily and quickly to the changing legal and financial requirements which, for example, for on-premises businesses might be otherwise challenging. Dynamics 365 tools allow not only easier and faster global and strategic growth but also simplified processes and operations. Features such as a guided and rule-based chart of accounts and codeless configuration service allow to streamline regulatory reporting, electronic invoicing and tax compliance processes. Apart from standardization processes and controls, utilizing technology and data that involve minimum customization and maximum automation allow greater speed, efficiency and governance.Stay agile with XPLUS
To sum it up, Dynamics 365 Finance implementation drives digital transformation that enhances financial operations across industries. It helps companies improve their financial controls and drive agility and growth with modern finance tools and features for budgeting and forecasting, document configuration, asset and account management, inter-company consolidations, year-end close and many more. Technological upgrade opens up possibilities for process standardization, effective change management and reassessment of the operating model and the quality of operations in place. We can help you with your business transformation through a partnership approach which from our experience is a crucial factor for a successful digital journey. Visit our website and get in touch: xplusglobal.com/dynamics-implementation/
