When considering a move to a new ERP system, choosing the right solution to support your current needs and future growth can be challenging. We’ve outlined our top five qualifiers to help you determine if engaging with Microsoft Dynamics 365 for Finance is the right choice for your business.
Cloud First Mindset
Companies evaluating Microsoft Dynamics 365 Finance and Supply Chain Management are either already working in the cloud or are willing to move there. While there is an on-premise version available, Dynamics 365 for Finance and Dynamics 365 Supply Chain Management can be best described as a cloud first, but not cloud-only product. With the Cloud deployment option, you can take advantage of all the advanced offerings of Azure such as AI, Machine learning and top-notch pre-built analytics.
With 70% of the Fortune 500 companies using Dynamics 365, there is no question on availability in the cloud option. Microsoft commits for 99.99% availability for all Dynamics 365 apps.
For companies with critical business processes that cannot shut down due to connection issues, such as Hospitals, we typically recommend hybrid “Edge” modeling.
Broad Business Applications
Dynamics 365 Finance and Dynamics 365 Supply Chain Management are advanced ERP applications with broad capabilities, and even more so when enabled with other applications of Dynamics 365 such as Customer Engagement, Project Operations, Human Resources, Customer Insights, Financial Insights, Field Service, AI and Mixed Reality and others. There is a Dynamics 365 application for every stream of operations of your business. When dealing with a broad business set including financials, procurement, project accounting, revenue recognition, asset management, or inventory & warehouse management, Dynamics 365 Finance & SCM is a good fit.
With many other ERP systems, business processes such as requisitions, workflow, budgeting, and multi-company structures with inter-company transactions and consolidated reporting require the utilization of ISV solutions. These capabilities are largely included within the core functionality of Dynamics 365 Finance and Supply Chain Management right out of the box. This allows you to scale your business application easily with no friction, as your business grows to any extent.
Integrated Enterprise and the Power Platform
Microsoft is making huge leaps forward in providing an Integrated Enterprise for companies to provide visibility of all activity within the organization. In the past, in order to share data between say Sales and Operations, companies engaged in a manual (Excel) process of combining this data or paid for custom integrations between their on-premise CRM system and on-premise ERP. Microsoft is bridging this gap with the power of Common Data Service (CDS) and Microsoft Power Platform.
The Power Platform CDS are now the backbone of all Dynamics 365 applications and they allow for data, transactions, and visibility among all aspects of an organization, along with product, sales, and financial life-cycles. Further, when you combine this with other Power Platform services such as PowerApps, Power Automate and Power BI, this opens exciting new opportunities for transforming your business to the modern in a whole new way.
Also, companies currently utilizing other applications besides ERP for operations such as Human Resources, Sales & Customer Service, Project Management, or secondary ERP’s for satellite companies can benefit significantly from Dynamics 365 Finance and D365 Supply Chain Management as their financials and inventory & warehouse systems.
We have moved companies from QuickBooks to Dynamics 365 Finance. Yes, really. Some simply stayed on QuickBooks too long, while other companies were projecting a “hockey stick” in their sales and needed to prepare with their ERP System and other integrated business applications like Office 365. We’ve seen this with pharma companies getting final approval of their medication to launch, emerging technology companies, companies about to receive a large contract, and private equity roll-ups of multiple companies coming together.
The lifespan of a deployed ERP system should be 10 years and beyond! These companies may not have the business requirements for D365 Finance and Dynamics 365 Supply Chain Management today, but based on growth projections, it makes sense to move them to a scalable, top-tier product so that they do not need to implement twice. We would be doing clients a disservice if we only installed what they need today, with no eye to the future. Additionally, with the “One Version”, Dynamics 365 Finance and Dynamics 365 SCM is always up-to-date. Every customer remains on the latest and greatest version always, getting access to new features every month. So, no more expensive version upgrades.
Dynamics 365 Finance User Counts
This isn’t exciting, but it is a qualifier. Dynamics 365 Finance requires 20 full user licenses to be in the Cloud and on the product. We could look to the on-premise version to eliminate the user requirement, but that has limitations. The size of the workforce that will use Dynamics 365 Finance should be validated before taking the next steps in your decision-making process.
Still not sure if Dynamics 365 is the right fit for your business? Get in touch with our consultant today.