Learn about the exciting new features in Microsoft Dynamics 365 Finance and Supply Chain Management 2023 release wave 2
The 2023 wave 2 release for Microsoft Dynamics 365 Finance & Operations (F&O), comprised of Dynamics 365 Finance and Dynamics 365 Supply Chain Management, promises exciting new features and improvements to enhance businesses’ efficiency, accuracy, and user experience worldwide. As organizations strive for greater agility to navigate the complex business environment, Dynamics 365 Finance and Supply Chain Management 2023 release wave 2 is designed to deliver rapid innovation through automation, high-performing teams that can work smarter with AI, cost optimization, and quicker action with planning, forecasting, analytics, and insights.
Dynamics 365 Finance 2023 wave 2 new features
Some new features of Microsoft Dynamics 365 Finance 2023 wave 2 include extended planning and analysis, business performance analytics, invoice capture, AP automation enhancements, foreign currency revaluation, bank statement importing, and bank statement management. Moreover, the country coverage has been expanded to include additional LATAM countries, and regulatory updates have been made to comply with tax digitization requirements. Below are a few of our favorite new features added to Dynamics 365 Finance 2023 wave 2.
1. Support more complex bank reconciliation matching rules
Bank reconciliation is a necessary process that helps to ensure the accuracy of accounting entries and transaction details by matching bank statement lines with bank transactions. To automate this process, matching rules can be set up. However, in earlier versions, only a limited 1:1 matching rule was supported, which left much of the process to be done manually.
Fortunately, the latest version now allows for more complex matching rules to be defined, which can automate the reconciliation process even further. With this new feature, users can set up rules matching multiple bank statement lines with bank account transactions. Additionally, automatic matching can occur in scenarios such as 1:N, N:1, and M:N.
2. Use deferral schedules with stocked materials
The inventory valuation method allows for the periodic recalculation of the stocked item inventory value. This feature automates the cost deferrals accounting process based on the latest calculated inventory value, eliminating the need for manual tracking and adjustment of deferrals.
This feature allows users to incorporate stocked materials into billing schedules alongside service items seamlessly. The inventory recalculation function updates item costs periodically, ensuring that the remaining cost deferral schedule is always correctly adjusted.
Other top features from the Dynamics 365 Finance 2023 release wave 2
For a full list of new features and updates, you can review the official Microsoft Dynamics 365 Finance 2023 release wave 2 documents. In addition to the futures listed above, here are a few other updates worth noting:
Dynamics 365 Supply Chain Management 2023 wave 2 new features
Dynamics 365 Supply Chain Management 2023 wave 2 offers greater flexibility to manufacturers, improved warehouse processes related to counting, customer returns, and product receipts, and export control capabilities to manage compliance with export restrictions. The reimagined approval experience for purchase orders and purchase requisitions increases the agility of the procurement process, while enhancements in material picking and handling last-minute manufacturing changes increase agility on the shop floor. Below are a few of our favorite new features added to Dynamics 365 Supply Chain Management 2023 wave 2.
1. Make better purchasing decisions in procure-to-pay processes with the help of Copilot
With so many signals to manage, purchasing agents may struggle to identify the overall impact, sometimes make suboptimal decisions, or overlook ripple effects that could have been prevented. That’s where Dynamics 365 Copilot comes in. It provides a conversational experience that helps agents make better purchasing decisions in the face of new information or changes to purchase orders.
Dynamics 365 Copilot is used in the procure-to-pay processes of Dynamics 365 Supply Chain Management. It uses natural language to help users filter and organize changes, suggesting actions based on an analysis of their downstream impact. For instance, it can identify which planned downstream sales, production, or maintenance work orders won’t be able to start as scheduled due to the changed delivery dates.
2. Find products and on-hand information by attribute
Inventory Visibility offers a convenient and efficient way to access on-hand inventory details. This feature allows you to search for inventory information by specifying descriptive terms such as product name, brand, size range, expiry date range, and more. You can also check inventory across multiple organizations with just one click, without complex customizations or workarounds.
To find the inventory you need, describe the products you’re looking for by specifying any part of the following information: product attributes like description, name, or brand; batch attributes like disposition code or expiry date; storage dimensions like site or warehouse by value selection or ID; and inventory dimensions like color, size, or style by value selection or by ID. You can also specify a range of values to search for using operators such as more significant than, less than, or between. You can view the inventory results for a single, multiple, or all organization, sites, and warehouses.
3. Enable prospects in prospect-to-cash with dual-write
Suppose your company uses Dynamics 365 Sales to manage the sales lead, opportunity, and quotation process. In that case, you may also use prospects as a crucial aspect of this process. With the integration of Dynamics 365 Sales and Dynamics 365 Supply Chain Management, it is now possible to seamlessly use prospects within the integrated solution.
This feature allows prospects to be synchronized between both systems when using prospect-to-cash with dual-write. Moreover, it can convert an opportunity into a customer account in cases where the sales quotation lifecycle is controlled by Sales or Supply Chain Management, making the process even more streamlined.
Other top features from the Dynamics 365 Supply Chain Management release wave 2
For a full list of new features and updates, you can review the official Microsoft Dynamics 365 Supply Chain Management 2023 release wave 2 documents. In addition to the futures listed above, here are a few other updates worth noting:
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.
The new features and enhancements listed above are only a few highlights of what Microsoft has planned in the 2023 release wave 2 of Dynamics 365 Finance and Supply Chain Management. Users can start exploring these new features and capabilities. Additionally, many Finance and Supply Chain Management users rely on a Microsoft partner for assistance reviewing the most impactful updates. The right Dynamics 365 partner helps users identify the features most beneficial to their organization and provides training for users to maintain peak performance.