The role of Chief Financial Officers (CFOs) has undergone a remarkable transformation over the recent years. They’ve evolved from being traditional financial gatekeepers, primarily focused on historical data and compliance, into becoming the driving force behind digital acceleration and innovation within their organizations.
A crucial McKinsey study highlights the urgency of this transformation. Astonishingly, only 11% of companies believe their existing business models will remain economically viable beyond 2023. This concerning figure highlights the urgent requirement for a profound transformation in the way businesses conduct their operations and plan for the future.
The primary culprit behind this dire prediction is the reliance on outdated financial software platforms. These legacy systems, once considered the backbone of financial management, are struggling to keep pace with the dynamic digital environment. Their rigidity and inability to adapt hinder businesses from embracing the agility required to thrive in today’s competitive landscape.
Traditional financial software platforms can’t keep up.
5 steps to innovate your financial existing models
Become adaptable: Cultivate a culture of innovation and continuous improvement within your finance team.
Focus on impact: Prioritize initiatives that drive the most change and select key performance indicators to measure impact.
Embrace digitization and speed: Automate processes to create real-time reporting and faster cycles times, while streamlining repetitive tasks.
Drive governance and standardization: Unify data and drive standardization across global subsidiaries with secure cloud-managed platforms that eliminate data silos.
Get insights: Implement advanced data analytics and AI to drive finance-first innovation that underpins faster, more agile decision-making.
Future-proof your business and drive finance-first innovation with Dynamics 365 Finance
Dynamics 365 Finance is a powerful tool designed to revolutionize financial operations for businesses. It streamlines processes, offers valuable insights into financial performance, and equips companies to adapt to digital disruption. By enhancing financial decision-making, automating processes, reducing costs, and mitigating global risks, Dynamics 365 Finance can reshape your financial models and pave the way for innovation.
This highly adaptable ERP platform with robust financial risk management capabilities can function both independently and as an integrated part of your system. For financial leaders seeking to modernize their ERP systems, Dynamics 365 Finance provides the means to undergo digital transformation and attain the IT agility necessary to embrace new business models.
Take control of your business operations
Discover how Confiz services can simplify your complex workflows and improve decision-making.
Benefits of Dynamics 365 Finance: How can it help?
Let’s explore the benefits and see how Dynamics 365 Finance can fit into the equation and address the business challenges:
Enhanced financial visibility: Dynamics 365 Finance provides real-time insights into your financial data, allowing you to assess the health of your business accurately. With unified global financial reporting and embedded analytics, you can make informed decisions quickly based on up-to-date information.
Improved financial control: The platform helps you optimize cash flow and enhance financial controls. By automating core financial processes, such as billing and expense management, you can reduce errors and streamline operations, ultimately leading to better financial control and efficiency.
Simplified compliance: In addition to financial management capabilities, Dynamics 365 Finance simplifies compliance with regulatory requirements. Its no-code configuration service for regulatory and tax reports, e-invoices, and payments ensures that you can easily manage and adhere to frequently changing regulations, reducing the risk of non-compliance.
Customization and scalability: The platform offers unmatched flexibility and scalability. You can customize it to meet your specific business needs, integrating it with your existing systems seamlessly. Whether you prefer a cloud or hybrid deployment, Dynamics 365 Finance adapts to your growth and innovation requirements.
Global financial management: Dynamics 365 Finance is a valuable tool for organizations operating internationally. It simplifies global financial complexity with rules-based chart of accounts and dimensions. This ensures consistency and accuracy in financial reporting across various regions and currencies, reducing the risk associated with global operations
Solution capabilities
Role-based workspaces: Dynamics 365 Finance offers role-based workspaces that provide a comprehensive view of your business’s financial health. These workspaces are tailored to specific roles within your organization, making it easier for users to access the information and tools they need to perform their tasks effectively.
Data and process integration: The platform supports seamless integration of data and processes across Dynamics 365 Finance, the broader Microsoft technology stack, and third-party applications. This integration creates a centralized source of information, ensuring that all relevant data is readily available when needed.
Customizable workspaces: Users can customize their workspaces to suit their specific needs and preferences. This flexibility allows individuals to arrange their dashboards and tools for maximum productivity and efficiency.
Office 365 integrations: Dynamics 365 Finance integrates with Microsoft Office 365, facilitating collaboration and communication within your organization. This integration streamlines tasks such as document sharing, email communication, and scheduling, making it easier for teams to work together effectively.
Intelligent tools: The platform incorporates intelligent tools that provide predictive insights and proactive guidance. These tools leverage advanced analytics and artificial intelligence to assist users in making informed decisions and optimizing financial processes.
Financial process automation: Dynamics 365 Finance includes automation capabilities for financial processes. This automation can encompass tasks such as invoice processing, expense management, and workflow automation, reducing manual effort and increasing efficiency.
Budget control: The platform offers robust budget control features, allowing organizations to establish and manage budgets effectively. This capability helps prevent overspending and ensures that financial goals are met.
Financial planning tools: Dynamics 365 Finance provides financial planning tools that assist organizations in creating and managing financial plans. These tools can support activities such as forecasting, budgeting, and scenario analysis.
Global deployment: The platform supports rapid deployment in a wide range of countries and regions, making it suitable for global organizations. This global reach ensures that businesses can implement and scale Dynamics 365 Finance across their international operations.
Compliance: Dynamics 365 Finance helps organizations maintain compliance with financial regulations and standards. It includes features like regulatory reporting, tax compliance, and support for various accounting standards, ensuring that financial data and reports adhere to legal requirements.
Financial reporting: The platform provides robust financial reporting capabilities, allowing users to generate a wide range of financial reports, statements, and analyses. These reports can be customized to meet specific business needs and can be accessed in real time.
Event-Handling Processes: Dynamics 365 Finance automates critical financial processes, including revenue forecasting, allocation, recognition, subscriptions, renewals, and reporting. These processes are driven by rule-based event handling, ensuring accuracy and compliance with accounting standards.
How can Dynamics 365 Finance deliver business impact and value?
Dynamics 365 Finance can increase finance personnel productivity by up to 55%
As a decision-maker, it’s fair to question why choose Microsoft Dynamics 365 Finance. Microsoft stands out as a top choice for businesses seeking innovation and efficiency in their operations. It is listed as a “Leader” in the August 2021 Gartner® Magic Quadrant™ for Cloud ERP for Product-Centric Enterprises. Additionally, its Visionary status in the 2021 Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises highlights its commitment to providing comprehensive financial solutions.
What sets Microsoft apart is its dedication to helping businesses achieve rapid results and exceptional ROI. Microsoft accelerates business value realization with tools like FastTrack and Lifecycle Services while enhancing implementation quality. The end-to-end solution offered by Microsoft, spanning from lead to cash, ensures a seamless flow of operations and a holistic approach to business applications.
Microsoft’s vision extends to the cloud, with a complete ecosystem that covers infrastructure, platform, applications, and data. This is exemplified by the synergy between Azure, Office 365, and Dynamics 365. A unique advantage that Microsoft offers is the flexibility of hybrid deployment options, catering to diverse regulatory and operational needs across different industries and scenarios.
Trust is paramount, and Microsoft guarantees reliability with a financially backed 99.9% service SLA across Dynamics 365. This assurance reinforces its commitment to providing its users with a dependable and consistent experience. By collaborating with a trusted Microsoft Partner like Confiz, you can seamlessly create a single source of truth, enabling smooth data sharing across every line of business on Dynamics 365.
Spanning the globe, Microsoft’s footprint extends across 44 countries and supports 52 languages. Additionally, it provides partner localizations for over 50 additional geographies, ensuring its solutions are accessible and adaptable to a wide range of business environments. The depth of Microsoft’s offerings, coupled with its industry recognitions, innovative approach, and global reach, make it a compelling choice for businesses looking to thrive in today’s competitive landscape.
Summing up
Agile financial systems such as Dynamics 365 Finance can offer finance leaders the support they need in the form of the right technology solutions for driving adaptability to capitalize on emerging trends. This modernized ERP solution serves as a cornerstone for driving adaptability, ensuring your organization remains at the forefront of industry shifts. By leveraging its capabilities, you gain access to real-time data presented through a unified source of truth, enabling swift and informed decision-making that propels financial growth.
If you’re considering the implementation of Dynamics 365 Finance or seeking to understand how this ERP can revolutionize your financial operations, we invite you to connect with us at marketing@confiz.com. Our team of certified D365 consultants is here to guide you through the process, offering expertise and insights that will empower your financial department for sustainable success.
Saadia is a Technical Writer, Editor, and And Content Manager at Confiz. With a rich background in working for leading...
Saadia is a Technical Writer, Editor, and And Content Manager at Confiz. With a rich background in working for leading IT companies, she excels in crafting compelling content that drives engagement. As an INFJ, she brings a unique perspective to her role, combining creativity with a strategic approach. Saadia also leads the Content Strategy at Confiz, leveraging her expertise in SEO to boost web traffic and enhance online visibility.
New to implementation guide?
Start here to understand how it’s reshaping the future of intelligent systems.
