Microsoft Dynamics 365 for Finance and Operations was previously called Dynamics AX. It delivers ERP capabilities inside a cloud-based, single business application. With this, currently, the main financial and operational processes of your business are connected seamlessly into one application- distribution, production, inventory, orders of sales & purchase, financials, and supply chain.
Microsoft Dynamics 365 finance helps you gain the digital intelligence and visibility required by your enterprise to optimize operational efficiency, speed up growth, and deliver an excellent customer experience. Dynamics 365 for Finance & Operations aids businesses to adapt quickly to changes in market demand and triggers faster business growth.
This tool is the next-generation ERP cloud solution. You can promote the accuracy and speed of conducting business and empower digital transformation with this tool from Microsoft.
Microsoft Dynamic 365 for Finance is part of the MS Dynamics suite. The latter is a cloud-based combined tool for ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management), including several add-ons and apps. It benefits all kinds of businesses, enabling them to enhance customer service and sales processes, and employee productivity.
History
Microsoft Dynamics AX was a product of the original collaboration between IBM and a Danish company Damgaard Data called IBM Axapta. Axapta was released initially in March 1998 in the US and Danish markets. After some time, IBM relinquished all rights to the Danish company. In 2000, the latter merged with Navision Software to form Navision A/S. Microsoft acquired the company in 2002.
It was in September 2011 that MS released Versions AX 2012. It was made available and supported in over 25 languages and 30 countries. Dynamics AX is being used in over 20,000 enterprises, both big and small, all around the world.
The latest version, which had a release in 2016, dropped the name of year and version and was just called Dynamics AX. This update was a major revision delivering a totally new UI through a browser based HTML5 client. In its early days, it was available only as a cloud-hosted application.
This version lasted only for a few months. Dynamics AX was rebranded more times until finally getting the name Dynamics 365 for Finance & Operations in 2017. In 2020, it was reduced to Dynamics 365 Finance.
Examples of modules/ features of AX
- Call centre: orders are taken by employees on the phone, and they generate sales orders
- Warehouse and inventory management: compare prices of items, improve routine of posting and create new inventory aging report.
- General ledger: the capacity to transfer opening balances in accounts of balance sheets to a fresh fiscal year.
- Master planning: Estimation of future demand and creation of demand forecasts on the basis of the transaction history.
- Production control: a fresh option for automating material reservations.
- Sourcing and procurement: Creation of one’s own requests for RFQ (Request For Quote) and more.
- Accounting and Project management: A fresh on-account fee transactions and billing rules which modify sales prices of invoice proposal.
- Public sector- enabling the power to publish an RFQ to vendor portal as well as the capacity for viewing details of closed RFQ’s.
- Marketing & Sales: registration of serial numbers during sales processes while preparing invoice of sales orders.
- Retail: Updating of retail server, data exchange for commerce, and much more
- Transport management: Planning transport of outbound and inbound shipments, configuring rating structures, and viewing check-out and check-in data of drivers.
ERP Solutions and Promotions from Microsoft
Furthermore, Microsoft Dynamics 365 Finance is designed to enable businesses to streamline their financial processes through automation and advanced analytics. With real-time insights, companies can make data-driven decisions that enhance financial visibility, risk management, and compliance. This solution supports multiple currencies, languages, and regulations, making it highly adaptable for global businesses.
One of the key advantages of Dynamics 365 Finance is its integration with other Microsoft tools, such as Power BI and Office 365, which allows users to create custom dashboards, reports, and visualizations seamlessly. This capability empowers decision-makers with a clear view of financial performance, providing actionable insights across departments.
Additionally, Dynamics 365 Finance offers predictive capabilities through AI-driven analytics, enabling businesses to forecast demand, optimize budgets, and reduce operational costs. With this tool, organizations can also manage asset lifecycles, track project finances, and automate accounts payable and receivable processes, ensuring accuracy and timeliness.
As organizations continue to adopt digital transformation strategies, Microsoft Dynamics 365 Finance proves to be a robust and scalable choice, meeting the demands of modern businesses seeking comprehensive financial management solutions to stay competitive.
Conclusion:
Microsoft Dynamic 365 for Finance and Operations has been rebranded and divided into 2 entities in 2020- namely, Dynamics 365 Finance and Dynamics 365 Supply Chain Management. The new Microsoft Dynamics ERP finance is available as part of the Unified Operations Plan, including Dynamics 365 for Talent, Dynamics 365 for Retail, and Microsoft PowerApps. It has 3 options for deployment-fully managed by Microsoft Cloud/ Cloud + Edge (a central node of cloud with local application services and locally stored business data)/ Local business Data (on-premises data storage and business processes). It is a Microsoft ERP system for medium to large organizations.
