How to Adapt Quickly With Intelligent Budget Proposals Using D365 for Finance

Posted on: February 10, 2021 | By: Jarrod Kraemer | Microsoft Dynamics AX/365, Microsoft Dynamics Manufacturing

With AI, industrial manufacturers can transform and modernize your global financial operations and finance function. Microsoft D365 for Finance enables maximized financial visibility, profitability, and performance monitoring. For example, D365 allows manufacturers to monitor performance in real time, predict future outcomes, and make data-driven decisions. With this ERP solution, you can use budget planning tools and software to automate your key processes and manage your financial data. In this blog post, we will be discussing how to adapt quickly with intelligent budget proposals using Dynamics 365 for Finance.  

Budget Planning 

When addressing common financial challenges, the opportunities for AI transformation are abundant. With Dynamics 365 for Finance, manufacturers can reduce the required time and effort behind budgeting and avoid unnecessary tasks. Such manual tasks like stitching together data often lead to a focus of resources on repetitive work rather than work which adds value. By letting the system perform tasks, you can close books faster and simplify financial management. Further, you can quickly consolidate historical data to predict your budget forecast and identify trends through an intelligent and customizable cash flow–forecasting solution. 

Budget Planning Tasks

  • Create budget plans to define the expected revenue and expenditures for a budget cycle. 
  • Analyze and update budget plans for multiple scenarios. 
  • Automatically route the budget plans, together with worksheets, justification documents, and other attachments, for review and approval. 
  • Consolidate multiple budget plans from a lower level into a single parent budget plan at a higher level. 

Budget Control 

Budget plans approved in Microsoft Dynamics 365 Finance can be used to generate budget register entries to record the expenditure budget for an organization. Budgeting functionality supports management of your financial resources. With D365, manufacturers can plan, measure, manage, and forecast your organization’s financial resources throughout its fiscal year. Budget control is fully integrated into the application which lets you evaluate the available budget for both planned and actual purchases. This way, you can make changes and adjustments as needed in the form of budget revisions or transfers. 

D365 for Manufacturing 

Data, analytics, and machine learning are the driving forces behind the advances and transformation in the manufacturing sector. How well manufacturers can harness these pillars of digital transformation will dictate how successfully you can operate with new budgeting tools, operation management, and data harvesting. Centralizing  data with D365 for Finance enables you to increase transparency and communication at both ends of your supply chain. Further, managing and analyzing massive amounts of financial data generated by your operational processes require a sturdy set of business intelligence.  D365 enables manufacturers to manage job budgets with efficiency, coordinate budget planning, and balance optimum resource capacity.

Next Steps        

If you are interested in learning more about implementing Budget Planning and maximizing the use of Microsoft Dynamics 365 for Finance and Supply Chain Management contact us here to find out how we can help you grow your business.  You can also email us at info@loganconsulting.com or call (312) 345-8817.