A Guide on Dynamics 365 Finance Implementation

Microsoft Dynamics 365 Finance is a comprehensive Enterprise Resource Planning (ERP) solution from the house of Microsoft that helps businesses manage their supply chain operations, undertake financial health tracking, human resource, manufacturing, etc. This software solution provides users with a holistic view of their business and enables them to make informed decisions. Interestingly, getting a Microsoft Dynamics 365 Finance implementation can appear a bit complicated. However, the process of getting it implemented can be made simpler with efficient planning and execution.

It goes without saying that getting Microsoft Dynamics 365 Finance is going to go a long way in helping you streamline your company’s financial health. Read on to know more about Microsoft Dynamics 365 Finance in detail and explore Dynamics 365 Finance implementation benefits, challenges and more.

Why Do You Need Microsoft Dynamics 365 Finance?

• Optimised and faster process automation will promote business expansion
• Use end-to-end functionality to oversee all activities with your customised Dynamics 365 for Finance solution
• Analyse, develop and adapt to new business models quickly
• Satisfy your present and future business demands, with a customisable, and extensive Dynamics 365 setup
• Easy integration with current systems and other Microsoft apps

How Does Microsoft Dynamics Finance 365 Help You?

You can optimise the visibility of your supply chain, speed up business processes, and boost profitability with Microsoft Dynamics 365 Finance & Operations (now Dynamics 365 Finance and Dynamics 365 Supply Chain Management). When you deploy Dynamics 365 Finance and SCM, you receive a comprehensive solution for your company that combines features like financial forecasting, demand tracking, procurement planning, supply chain & distribution management, production & manufacturing operations, WMS, and much more. So, get past the fundamentals and provide your company with a unified platform to manage your business smoothly.

Perks of Microsoft Dynamics 365 Finance

Cloud-First Solution

Microsoft Dynamics 365 for Finance makes for a fantastic choice since it is created to be a cloud-first but not a cloud-only solution. Regardless of whether you are already working on the cloud or are looking to make the switch, it gives you the flexibility to choose. You have the choice to choose as per your business model and requirements

Scalability is Its Striking Feature

Does your present ERP meet your needs or is it preventing you from moving forward? You can be at ease for the next 10 years given its futuristic features and its ability to scale with time. Talk to a Dynamics 365 expert today to discuss and analyse your specific growth areas and get a customised Dynamics 365 Finance implementation to bring a sea change in your business

All About Integration

Today's businesses are moving quickly towards integrated systems that offer transparency whilst viewing and analysing organisational processes. You can link operations with all your key systems using Microsoft Dynamics 365 for Finance and Operations without having to worry about losing any crucial information

Its Capabilities are Endless

Why depend on multiple software from ISV (Independent Software Vendors) for managing different processes when using one solution can solve the purpose? A cutting-edge ERP solution, Microsoft Dynamics 365 for Finance and SCM has a wide range of smart features to assist with diverse operations easily. Make use of its powerful capabilities to save time.

Scaling up Becomes Simpler

You may scale up using an ERP solution hosted in the cloud depending on your company's demands. Provide your team access to information from anywhere in the world. Empower your team to maximise their productivity with easy accessibility and transparency to scale higher.

Device Agnostic

Use any device to manage your business from anywhere. Workspaces may be used to give staff members access to real-time information and the data they need, when they need it, removing dependency on a single device to act faster and take decisions at the right time.

Budget Control Becomes Easy

With monetary process automation, budget control, analysis and planning of finances, and more effective company operations across business regions, you can save operating costs and do smart budget forecasting to gain more

Why Opt for Dynamics 365 Finance Implementation?

To begin with, it's important to have your vision and mission in place. The investment you make should be in tandem with the vision and mission. It is of paramount importance for you to give rise to goals that are both realistic and measurable.

The moment you determine the 'Why', work towards ascertaining and identifying the issues, everyday requirements, and pain points. It is also important to concoct a list of the drawbacks that you've come across as part of your findings. You need to prioritise each finding according to the values, objectives and beliefs of your business. A business needs to be agile to adapt to emerging technologies and market demands in the finance sector to be relevant and grow more. Dynamics 365 Finance implementation automates your process, revamps your workflow to suit your goals and streamlines your complex finance to gain stability.

Tips for Successful Dynamics 365 Finance Implementation

We have got you covered about Dynamics 365 Finance features, implementation benefits and reasons. More than 75% of ERP implementations are unsuccessful, choosing the right Dynamics 365 Finance Implementation Partner is equally important. Let us explore a few tips to ensure a successful Dynamics 365 Finance implementation:

Have A Cross-functional Team in Place

You need to have the right man in the right place whilst the process of implementation is being carried out. The team can include the key stakeholders and managers. These people need to have in-depth knowledge of the business unit they are working for to provide a set of detailed insights into the impact that Dynamics 365 Finance is going to have on a business's daily operations.

To put things simply, Dynamics 365 Finance is not just IT-oriented. Yes, IT does end up playing the role it is supposed to play. However, it is equally important for you to have business analysts & subject matter experts. These people will help you ensure that the product being offered meets the objectives you have put in place.

Identify Your Goals and Objectives

Consider your project's scope and outcome. What does achievement entail? Will certain teams or the entire company adopt Dynamics 365? Which operations will the software support? Setting goals in advance will enable you to plan appropriately. If you're collaborating with an implementation partner, you could be asked to provide a set of KPIs you would like to improve to grow more and ensure a successful implementation accordingly.

Always Have a Plan in Mind

It goes without saying that planning is an essential part of any project, but it is extremely critical to plan and organise when deploying a business management tool. Because Dynamics 365 is hosted on the cloud, you should assess your infrastructure and system design to verify your users can access externally hosted apps without sacrificing speed.

Ask These Questions

• How problematic is the organisational change necessary to implement the new system?
• Are there bigger developments taking place simultaneously?
• What roles will be the most affected?
• What training resources does the company have?
• Who will act as the executive sponsor?
• How will we assist the user base?
• How will we welcome new users?

Microsoft Dynamics 365 Finance Implementation: Best Practices to Follow

We have discussed Dynamics 365 Finance implementation, its benefits, and its process in detail. Now, in addition to the list above, keep the following D365 recommended practices in mind:

Opt for a Software Dev. Lifecycle Tool

Choose a software development lifecycle tool because It's critical to establish where you'll keep all of your work, from code repositories to task management. Determine the licences you'll need to obtain before beginning the project after you've decided on a tool

Implementation’s Health is Important

Determine how you will assess the implementation's health. How will you know if everything is going well? Take into account the overall health of your budget, staff involvement, and timeframe

Have a Committed Team

Make sure your team is committed. Remember that it is critical for your implementation team to genuinely commit to the process (and to have the backing of your leadership team in doing so)

Understand the Procedures

Make certain that you comprehend the entire business operations. Each line of business must continue to function on your new platform from start to end. Understanding their procedures thoroughly can assist to ensure that no steps are overlooked

Choose The Best Team: Dynamics 365 Finance Implementation

Executive Sponsor

The executive sponsor will have complete control over the implementation. Throughout the implementation, they must be a visible champion, helping to convey the "why" to all organisational stakeholders. Executive sponsors will provide direction and supervision, and while they may not go into specifics, they will have a thorough awareness of the implementation process, effect, and goals

Project Manager for Implementation

This individual will keep track of the project's budget, resources, hazards, and timetable

Technical Architect

When it comes to connecting D365's "plumbing," it is vital to designate an architect from the IT team to assist in creating integrations, architectures, and sustainment plans

Test Lead

Before your Dynamics 365 system is live, it must go through one of the most critical components of the entire process: testing. A dedicated test lead ensures that the solution functions properly and that any bugs are discovered before going live

Subject Matter Experts

Typically, a senior team member, the SME has in-depth expertise in a certain area of business or department and represents it as a member of the implementation team

A Team of Business Analysts

This position is frequently filled by someone from outside your company who thoroughly evaluates your present processes and procedures to determine what works — and what doesn't. The BA will assist in the development of requirements and the identification of inefficiencies in your business processes.

Contact our Dynamics 365 Consultants

To identify the growth areas or check upgrade readiness to provide customised Dynamics 365 implementation solutions. Our expert team knows in-&-out of Dynamics 365 and ensures a seamless and successful Dynamics 365 Finance implementation to have maximum impact.

Conclusion

Microsoft Dynamics Finance is one of the best smart solutions for all kinds of businesses and companies. It doesn’t matter how big or small your business house is, Dynamics 365 Finance scales up with ease to meet the needs and requirements of your business house with time. Microsoft Dynamics 365 contains a host of tools that would help bolster your business.

Do not think twice and get a Dynamics 365 Finance implementation right now by contacting a leading Microsoft Dynamics 365 Implementation Partner, i.e., Dynamics Square to ensure successful and hassle-free implementation to gain maximum benefit and make a difference.

What are you waiting for? Book a demo right away before time runs out.

Frequently Asked Questions (FAQs)

Q: What does Microsoft Dynamics 365 Finance and SCM Include?

Dynamics 365 Finance majorly comprises budgeting, project execution, financial analysis, and accounting. Dynamics 365 Supply Chain Management mainly includes development, production, warehousing, and delivery.

Q: How can I get Dynamics 365 Finance & SCM implemented?

You have the option of implementing Dynamics 365 Finance and SCM on-premises or in the cloud. Contact our team of Dynamics 365 experts to analyse your business requirements and provide you with a customised enterprise solution.

Q: How much time would it take to get Dynamics 365 Finance implemented?

It typically takes 3-6 months to integrate Dynamics 365 Finance and SCM for a small organisation. The extent of the implementation will always affect the time period. To learn more about it, feel free to Contact a Dynamics 365 Consultant Now.

Q: Who can use Dynamics 365 Finance?

Dynamics 365 Finance is suitable for businesses across a wide set of industries, majorly such as Manufacturing, retail, Distribution, warehousing, etc. The good thing about Dynamics 365 Finance implementation is that it can be tailored (customised) to meet the specific needs of an organisation. Also, it can be integrated with other Microsoft products, such as Power BI, Teams, Microsoft 365, etc.