Microsoft Dynamics 365 Finance and Operations Release Wave 2 2023
Communications Pangea | August 04, 2023 | Dynamics 365 | Customer Service | 6min read
Microsoft recently announced the plans for the 2023 Release Wave 2 of both Microsoft Dynamics 365 and Microsoft Power Platform. Basically, this strategic compilation outlines a spectrum of new capabilities, all slated for deployment from October 2023 to March 2024.
Representing the second release wave of the year, this phase introduces many cutting-edge features. Encompassing advancements in AI and other domains, underlining the company’s unwavering commitment to fuel digital transformation across its diverse customer and partner ecosystem.
This news will examine Finance and Operations’ most important aspects and highlights.
Dynamics 365 Finance remains committed to improving organizational data visibility and will continue enhancing AP and bank statement automation. Moreover, the platform will extend its coverage to include more out-of-the-box countries in LATAM. Specifically, organizations will benefit from the expanded automation of complex tax scenarios and e-invoicing requirements, fostering greater agility and efficiency within their business models.
Finance Highlights
The guiding principle of achieving autonomous finance centers on achieving a seamless and touchless close for each customer, driving a robust investment in automation. Initiating this transformative journey, the focus begins with global organizations in the banking sector. This way, their periodic closures entail intricate tasks of reevaluating accounts and handling an extensive volume of foreign currency transactions, translating them into the reporting currency.
Some other features included:
Empowering each legal entity with the choice of dimensions for calculating gains and losses during the revaluation process, amplifying automation prospects and time savings for accounts payable.
Streamlining invoices automation through an intuitive workspace facilitates the AP clerk’s seamless review and correction of vendor invoices requiring attention.
Pioneering automatic creation of vendor invoices and expanding the purview of invoice capture solutions to encompass non-PO invoices, email-scanned invoices, employee expenses, and items procured without a purchase order.
Introducing integration of the tax calculation service with the invoice register, invoice approval, and invoice pool, augmenting compliance, and enabling the utilization of exceptional tax determination and calculation features across project transactions and invoices.
Enabling a profound shift in finance operations from periodic insights to daily performance metrics, democratically accessible through innovative business performance analytics tools, including Excel and Power BI.
Demonstrating actionable insights for non-technical users, offering clear comprehension of various business functions and embedded intelligence to foster informed decision-making for improved performance.
Unleashing the potential of extended planning analytics solutions to empower the finance office with a new generation of planning capabilities.
Furthermore, Dynamics 365 Finance has undertaken significant enhancements to cater to the regulatory needs of an expanding list of countries, encompassing regions like Polynesia, France, Australia, and New Zealand, Expanding country coverage to additional LATAM countries of Bolivia, Dominican Republic, Ecuador, Guatemala, Peru, and Venezuela.
In a rapidly evolving business landscape, these innovations solidify the journey towards autonomous finance and empower teams, regardless of their technical expertise, with real-time insights and analytics to drive continuous improvement.
Core Financials
Explore the 2023 release wave two features with extended planning, enhanced financial capabilities, automation, and analytics.
Archive tax transactions.
Use bank foreign currency revaluation enhancements.
Financial tags added to accounting distributions.
Import bank statements automatically.
Handle periodically recurring invoices.
Check out the new AP clerk workspace capabilities.
And more enhanced features… click here to see the full list of improvements
Dynamics 365 Supply Chain Management
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Supply Chain Management will further optimize business processes, equipping companies with the agility and resilience required in the modern complex business landscape. Enhanced sales and procurement processes, increased manufacturing flexibility, and improved warehouse processes, including counting, customer returns, and product receipts, will ensure a smoother and more streamlined operation.
Supply Chain highlights
Significant enhancements have been introduced in manufacturing and warehouse management, redefining the operational excellence landscape. These innovations, designed to elevate efficiency and bolster seamless operations, promise to revolutionize organizations’ operations. Key highlights include:
Anomaly Detection for Proactive Operations: The anomaly detector casts a proactive net over organizational operations by introducing an unprecedented game-changer. By meticulously analyzing sensor data and swiftly detecting anomalies such as spikes, dips, and deviations, this tool enables early problem identification and prediction. In fact, this proactive stance ensures operations run smoothly, drives efficiency, and curtails disruptions.
Simplified Warehouse Inventory Counting: Streamlining inventory counting within warehouses, a new approach revolutionizes the process for packed inventory tagged with licensed plates. Users can now effortlessly confirm expected quantities by scanning the packages’ license plates. So, this simplicity greatly expedites the counting process and enhances accuracy.
Enhanced Customer Return Process: A complete overhaul of the customer return process ushers in a user experience like never before. Users can seamlessly navigate return handling and experience the convenience of automated or on-demand label printing. Upon the arrival of return items at the warehouse, the Warehouse Management mobile app seamlessly processes them, generating return orders automatically. These enhancements collectively save valuable time and effort.
Empowered Pricing Management: The new pricing management workspace empowers sales managers to make informed and strategic decisions regarding pricing policies. With swift modification capabilities, sales managers gain heightened control over their pricing strategies, enhancing their agility and adaptability.
Copilot for Purchase Order Management: The Copilot tool transforms the landscape of purchase order management. So, Copilot eliminates the need for laborious clicking through individual purchase orders by consolidating updates and changes into an easily reviewable format. It offers a clear and comprehensive view, identifying differences and providing actionable insights for informed decision-making.
Investment areas
Inventory and logistics
Warehouse management
Manufacturing and asset management
Procurement
Product information management
Copilot and AI innovation
And more enhanced features… click here to see the full list of improvements
Dynamics 365 Project Operations
Dynamics 365 Project Operations is investing significantly in enhancing service procurement and project contracting scenarios. It will introduce new functionality and methods for pricing models, catering to the evolving patterns of the service-centric economy. Additionally, intelligent resource recommendations will be presented, enabling decision-making based on experience, cost, and employee and subcontractor utilization.
Project Operations Highlights
Introducing a groundbreaking feature set, the latest enhancements to the platform empower project managers with an array of tools designed to optimize project estimation, resource allocation, and cost management. Here’s a glimpse of what these innovations bring:
Streamlined Budgeting: The project manager gains the ability to consolidate estimates at specific dimension levels, such as tasks or roles. This empowers the project team by ensuring that budget lines are maintained at a manageable scale, significantly enhancing the process of tracking cost budgets.
Effortless Cost-Plus Pricing: Project managers can now easily input a markup percentage with the newly introduced cost-plus-pricing feature. The system adeptly incorporates this percentage into the cost price of each line item within the project, fostering accuracy and efficiency in pricing strategies.
Progress-Based Billing: The platform incorporates this functionality to meet client demands. Project managers can define percentage-based milestones, facilitating the automatic generation of invoices as these milestones are met and aligning billing with project progress.
Smart Resource Allocation: Strategic decisions surrounding resource allocation now receive a potent boost from AI-driven resource recommendations. This intelligent system evaluates resources based on experience, utilization rate, and cost, offering optimal suggestions for each role to ensure project success.
Seamless Rescheduling: In response to dynamic project scenarios, a new bulk resource reconciliation feature equips project managers with the capability to adjust project start dates efficiently. All bookings and requirements can be seamlessly rescheduled through a single operation, saving substantial time and effort.
Enhanced Project Oversight: Expediting bulk approval processes and providing insights into project contributions to overall sales, the project cost budget management feature offers project managers the ability to monitor actual unbilled sales against the sales budget. This comprehensive oversight drives sharper decision-making and improved project execution.
These advancements underscore our commitment to equipping project managers with tools that enhance precision, streamline operations, and amplify project success. Explore the platform’s enhanced capabilities and transform how you manage projects.
More Project Operation Features
Increased WBS task limits to 1000.
Improved pricing for labor with cost-plus and contribution-margin-based models.
Copy quotes, contracts, and opportunities across Legal Entities.
Enhanced project budgeting to support revenue forecasting and summarization options when importing from estimates.
And more enhanced features… click here to see the full list of improvements
Learn how our consultant specialists can guide you through your digital transformation, increasing productivity, and minimizing costs with Dynamics 365.
Microsoft Dynamics 365 can help you catalyze your business by optimizing your financial and supply chain processes and methods across your company in a digital environment.
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