As we step into 2024, exciting changes are coming to how businesses organize and plan their work, especially for those using Microsoft Dynamics 365. Imagine new tools like Microsoft Dynamics 365 Copilot, designed to make teamwork and getting things done much smoother. Companies are also focusing more on responsibility and following environmental, social, and governance (ESG) standards. This year, there’s a shift in how businesses plan their finances, with a focus on looking at the bigger picture. Plus, there are new ways to make billing and payments easier using automated systems. Below is a list of some of the core changes we’re seeing in the space as we head into 2024.
1. Global adoption of AI and Microsoft Dynamics 365 Copilot capabilities
Businesses worldwide are ushering in a new era by embracing artificial intelligence to streamline processes, enhance efficiency, and revolutionize their approach to planning and forecasting. Generative AI, the latest star in this technological evolution, is poised to transform ERP, offering a promise of modernization that spans from operational efficiency to accelerated actionable insights.
In March of 2023, Microsoft unveiled Dynamics 365 Copilot. Copilot is designed to benefit everyone in an organization. From leaders to IT professional managers, Copilot offers features that streamline tasks, automate workflows, and enhance collaboration. Its adaptability means that it can be customized to meet the unique needs of any organization. The ability to extend its capabilities through plugins makes it a continually evolving asset that can adapt to the ever-changing landscape of business needs.
2. Companies will be expected to meet ESG regulatory compliance standards
ESG (Environmental, Social and Governance) standards have increased globally; with conversations around how to meet fluctuating legal requirements continuing, companies will continue to focus on profitability while operating more responsibly. Microsoft Cloud leads the charge toward a more sustainable cloud, empowering organizations to progress and grow their businesses responsibly.
Solutions such as Multi-Entity Management are just one way that you can better handle operations with more responsibility. It’s predicted that the importance of ESG strategies will increase, with the complexities of more regulations adding even more complications to operating in various markets.
3. The rise of FP&A and XP&A
As we enter 2024, the buzz around FP&A (Financial Planning and Analysis) and XP&A (Extended Planning and Analysis) is gaining momentum. Companies are focusing on these strategic planning approaches to navigate the complexities of an ever-evolving business landscape. FP&A involves the traditional financial planning processes, while XP&A expands this scope to include a broader range of factors, such as operational and non-financial metrics.
This trend signifies a shift towards more comprehensive and integrated planning methodologies, enabling companies to make informed decisions considering financial aspects and incorporating a holistic view of the entire business ecosystem. As the business environment becomes increasingly dynamic, the rise of FP&A and XP&A reflects a strategic response by companies to enhance their adaptability and resilience in the face of emerging challenges and opportunities.
4. Accounts receivable (AR) automation and the importance of payment portals
As billing methods evolve in the modern business landscape, there is a growing imperative to automate accounts receivable processes (AR). What was once considered convenience has become necessary, and companies must incorporate best practices to thrive in an ever-more competitive environment. Adopting these best billing practices is essential for the smooth functioning of businesses and plays a crucial role in their survival.
In this dynamic environment, it’s not enough for organizations to implement efficient billing practices. They must go a step further by empowering their customers with tools to manage payments effectively. This empowerment includes the provision of payment portals and self-service options, allowing customers greater control over their financial interactions with the company. Moreover, integrating automated invoicing systems enhances the efficiency of the billing process, ensuring accuracy and timeliness. In a world where competition is fierce, staying ahead involves embracing modern billing practices and actively engaging customers in managing their payments through accessible and automated solutions.
5. Mark your calendars for 2024’s biggest Dynamics 365 community events
We’re excited about this year’s major community events and can’t wait to join you worldwide. At these gatherings, we’ll share insights into the latest ERP innovations, covering areas like revenue recognition, managing multiple entities, compliance, and modern billing. Our team will be present at several events, ready to provide advice, demos, and suggest solutions to address any accounting issues hindering your team’s progress.
Additionally, we’re eager to expand our global network of partners. Join us to explore these advancements together. Below is a brief list of key events we hope to see you at this year. Stay tuned for more details about our participation. You can also keep on top of the latest ERP innovations by signing up for some of our upcoming webinars.
Save the dates:
- Directions North America 2024, San Diego, 14th-17th April
- Community Summit 2024, San Antonio, 13th-17th October
- Directions EMEA 2024, Vienna, 6th-8th November
6. Discover ERP products embedded directly into Microsoft Dynamics
Embedded directly in D365 Finance, D365 Business Central, and GP, the following products will take your business processes to the next level:
- Multi-Entity Management. Gain complete financial visibility with hassle-free transactions across all your business units.
- Subscription Billing Suite. Maintain audit-readiness year-round and never miss another invoice, no matter how complex you structure your billing model.
- Property Lease Management. Digitalize your lease portfolio and discover unprecedented flexibility for property, plant, and equipment lease management.
- RevOps 365 offers end-to-end revenue and billing management, giving you total control over your revenue streams from one centralized platform.