Understanding Business Performance Analytics in Microsoft Dynamics 365 Finance
Finance teams face many data-related and tool-based difficulties, which affect their efficiency, precision, and capacity to create strategies. They often deal with obsolete data coupled with outdated tools, forcing them into tedious routines to collect the data and extract into real insights.
When it’s time to analyze the compiled data, the tools at their disposal either demand a deep understanding of data science or are overly simplistic and inflexible. Outdated enterprise resource planning (ERP) interfaces also lack modern features such as machine learning and AI. Business performance analytics transforms how finance departments manage complex data and use it for informed decision-making. Customers can easily consolidate data from Microsoft Dynamics 365, and also from third-party ERP systems, P2P systems, and more, which enables faster data updates and more automation. This blog dives into how to set up business performance analytics for your company.
For a successful setup of business performance analytics, you’ll need to tick off a few prerequisites:
- Have the roles of System Administrator and System Customizer in the Power Platform admin hub.
- Play the role of a System Administrator in Microsoft Dynamics 365 Finance.
- Obtain the Organization Admin role for creating atmospheres in Microsoft Dynamics Lifecycle Services. Additionally, you should either be a Project owner or have the Environment manager role under the Project security role section in Lifecycle Services.
Stages to Set Up Microsoft Power Platform
- Log into Lifecycle Services.
- Navigate to the detailed page of the project overseeing the Dynamics 365 Finance realm.
- Click on Full details for the desired setup environment.
- Ensure the Microsoft Power Platform Integration appears. If already configured, the corresponding Microsoft Power Platform environment linked with Dynamics 365 Finance should be visible, indicating completion. Otherwise, hit Setup and proceed with the given instructions. After finalization, the connected Microsoft Power Platform environment’s name should be visible.
- If incorporating an existing Microsoft Power Platform realm, ensure it’s active. More on this can be found at the Power Platform admin hub.
Setting up the Azure AD Domain
Azure Active Directory (Azure AD) configuration is necessary for integration with Microsoft Power Platform:
- Within the Azure portal, visit the license assignment section. Authenticate using the tenant admin’s details.
- Assign a Dynamics 365 Finance or its equivalent license to the analytics installer.
- Refer to the “Assign or remove licenses” section for detailed steps.
Power App User Activation
Before rolling out business performance analytics, ensure that users have access in Dynamics 365 Finance:
- Within Dynamics 365 Finance, head to System Administration > Users.
- Filter by setting IsMicrosoftAccount to true.
- Select the PowerplatformApp user.
- Hit Edit, then opt for Enabled, followed by Save.
Configurations Needed in Dynamics 365 Finance
Ensure the following steps are executed in Dynamics 365 Finance:
- Activate maintenance mode via Lifecycle Services.
- In Lifecycle Services, access the environment details.
- Opt for Maintain > Activate maintenance mode.
- In Dynamics 365 Finance:
- Navigate to System administration > License configuration.
- Validate that SQL row version change tracking (preview) is active. If not, tick the box.
- Under General ledger, ensure that Budget and Reversing entries are activated. If not, tick them.
- Conclude by turning off maintenance mode.
Power Platform Admin Center Adjustments
In the Power Platform Admin Center, go to Resources, then choose Dynamics 365 installed apps. Locate Finance and Operations Virtual Entity and check for updates. If an update is available, implement it (this step is mandatory if incorporating Business performance analytics into pre-existing realms).
If you want to learn more about business performance analytics in Microsoft Dynamics 365 Finance, contact us here to learn how we can help you grow your business. You can also email us at email@example.com or call (312) 345-8817.
2020 Nucleus Research Report on ERP Technology