Before shifting to Dynamics 365, you should know the benefits and drawbacks of upgrading your enterprise resource planning (ERP) solution. Let’s take a deeper look at what the Microsoft platform offers and how your company may profit from a cloud-based ERP system.
Microsoft ERP provides business intelligence to assist enterprises in the following ways:
1. FULLY AUTOMATED BUSINESS PROCESSING
Dynamics 365 Finance connects financial data with your key company activities. You may also automate manual operations to boost your productivity and financial success.
2. DEFINE BUDGETING AND FORECASTING
To ensure financial stability, businesses must be able to correctly budget and plan. Dynamics 365 allows you to configure transaction-level details for budgeting purposes. You may also make budget and prediction reports and compare them to your company’s performance over time. Additionally, your company may set up notifications to notify you when you reach specified budget objectives or constraints.
3. AI-POWERED DATA INSIGHTS
Improve your cash-flow situation by better grasping your organization’s monetary status.
4. GROW YOUR BUSINESS
You may increase your company’s profitability with Dynamics 365 Finance’s forecast solutions. Leveraging internal financial control solutions can help you save money and increase efficiency. The solution scales rapidly when you wish to organically expand your firm, collaborate with other businesses, or build up subsidiaries.
BENEFITS OF DYNAMICS 365 FINANCE
The scalable ERP foundation set by Dynamics 365 Finance integrates seamlessly with other cloud applications. You can achieve more significant business growth and handle fluctuating market demands by:
1. Providing sophisticated analytics for better report analysis
2. Using Microsoft Power BI to create a centralized analytical workspace
3. Using machine learning, resolve financial concerns more quickly (ML)
4. Implementing role-based processes and security
5. Assisting worldwide operations with diverse languages and financial needs
6. Integration with well-known business software
Another fantastic feature of Dynamics 365 Finance is the ability to create customized role-based workspaces for different teams. It is simpler for those groups to perform duties and collaborate on projects to resolve problems. Process automation aids in the optimization of financial management techniques.
IMPLEMENTATION OF DYCOTRADE & DYNAMICS 365 FINANCE
The goal of the implementation of Dynamics 365 is to move your business operations to the cloud. One of the biggest goals of each project is to finish implementation within the budget and time. The average implementation duration is between 6 and 24 months.
Each phase is concluded with a formal moment (e.g., Conference Room Pilot, User Acceptance Test) where the achieved results are presented to the stakeholders.
1) DIAGNOSE PHASE
During this phase, the overall scoping of the project is set, and (high-level) requirements are gathered. After the Diagnose Phase, the end results will be presented to the stakeholders, including the most critical business processes and the gaps.
2) ANALYSIS PHASE
DycoTrade environment is set up, and all detailed processes and requirements are discussed and defined for the new system. During this phase, it is decided to which extent the requirements can be covered by the DycoTrade application statement of work for the continuation of the project.
3) DESIGN & DEVELOPMENT PHASE
The DycoTrade solution is designed, developed, and configured during this phase.
4) TEST PHASE
During this phase, the complete DycoTrade D365 solution is tested by the Customer’s Key Users to determine the quality of the solution
5) DEPLOYMENT PHASE
In this phase, the activities are carried out to put the tested solution into use
6) OPERATION PHASE
From the operational phase, the customer is working with the DycoTrade system.
THE CRUCIAL FACTORS OF SUCCESSFUL IMPLEMENTATION
Collaboration between key users of the customer and DycoTrade experts is essential for effective implementation.
From a project management perspective, the project structure should be clear to the team and the client about these 3 key factors:
1. What needs to be done?
2. When does it need to be done?
3. How long will it take one to complete the step that is expected of him?
Determine the project’s scope, timing, what functions must be completed, and any customizations. That gives much better how do I say there is not so much tension in a project because it’s for everybody is a risky thing to do and implementation but if you have a strong foundation, then that that that helps.
RISKS OF THE IMPLEMENTATION PROJECT
1. Knowledge and availability of key users and project team members (The project must be done besides the everyday work)
2. Commitment and Support Management (Make sufficient recourses available while making decisions on time)
3. Scope Creeping (What is needed now and what can be done later)
4. Out of the Box Implementation (Using standard DycoTrade without customizations)
5. Make sure sufficient testing is done (Using Test Scenario & Sigh Off Test Scenario)
Changing from the familiar to something new can be difficult. DycoTrade can assist you if you are concerned about migrating to Microsoft Dynamics 365 Finance.
We have designed efficient cloud migration plans for businesses of all sizes. If you’re looking for a partner to assist your transition, contact DycoTrade to schedule an experienced consultation.
THE TOPIC OF OUR NEXT LINKEDIN NEWSLETTER: “MANAGE YOUR TRADING RELATIONSHIPS WITH CUSTOMER PORTALS”
Customer Portal is a customer-facing web portal allowing you to distribute and receive real-time customer quotes efficiently. Effectively manage transparency and flow with your customer base through new tools enabling net pricing per contract and per customer basis.
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