Microsoft has unveiled its 2023 Release Wave 2 plans for Dynamics 365 Finance and Operations. In this blog, we will break down some of the core areas of improvement, most of which are set to go live between October 2023 and March 2024.
Dynamics 365 Finance
This release of Dynamics 365 Finance focuses on achieving rapid innovation through automation, creating high-performing teams that can work smarter with AI, and optimize costs, and take action faster with planning, forecasting, analytics, and insights.
With the Dynamics 365 2023 release wave 2 upgrades for Finance, Microsoft has focused on optimizing the visibility of companies’ data, introduced improvements to the automation of AP (accounts payable) and account statements, and expanded out-of-the-box country coverage in LATAM (Latin America). Further automation of complex tax scenarios and e-invoicing requirements for several countries is also included so that companies have a better opportunity to expand their business models and thus become more agile and flexible.
Updates to Microsoft Dynamics 365 Finance 2023 release wave 2 include:
- 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
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.
- 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.
- 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.
More enhanced features and improvements can be reviewed on the official Microsoft Dynamics 365 Finance 2023 release wave 2 documents page.
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.
Dynamics 365 Supply Chain Management
In Dynamics 365 2023 release wave 2, Microsoft continues to improve and streamline a number of business processes so that the flexibility and resilience that are conditions for companies to thrive in an increasingly complex and globalized business environment are implemented.
The sales and purchasing processes in Dynamics 365 Supply Chain Management are further improved, manufacturing companies get the opportunity for greater flexibility, and warehouse processes connected to counting, returns to customers, and product receipts are optimized.
- Inventory and logistics
- Warehouse management
- Manufacturing and asset management
- Product information management
- Copilot and AI innovation
Key new features added to Dynamics 365 Supply Chain Management 2023 wave 2:
- Simplified Warehouse Inventory Counting – Streamlining inventory counting within warehouses is a new approach that revolutionizes the process of 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.
You can review the official Microsoft Dynamics 365 Supply Chain Management 2023 release wave 2 documents for a full list of new features and updates.
Finance and Operations Cross-App Capabilities – One Dynamics One Platform
Finance and operations cross-app capabilities apply to all finance and operations apps, including Dynamics 365 Finance, Dynamics 365 Supply Chain Management, Dynamics 365 Commerce, and Dynamics 365 Project Operations.
Export to Data Lake Transitions to Synapse Link for Dataverse
Users can now find and select data from their Dynamics 365 apps within a single integrated space. This upgrade also comes with the ability to leverage advanced Synapse Link for Dataverse features, including support for restricted storage accounts, Parquet format, and Delta Lake.
Enable Support for Asynchronous Operation in Dual-Write Functionality
Dual-write currently supports initial synchronization and live synchronization modes, but this release takes it another step further by enabling asynchronous business processes to participate in dual-write functionality.
The Microsoft Dynamics 365 Finance and Supply Chain Management 2023 Wave 2 release offers a wide range of enhanced functionalities that will take your organization’s efficiency, accuracy, and user experience to the next level and help support your growth strategies in the complex business environment.