For customers looking to facilitate successful multi facility or entity management, we walk through the key components to look out for.
For organizations with multiple businesses, units, or divisions, finding the right way to manage these entities is crucial to ensure efficiency. Being able to share information, access real-time reporting insights, and control resources are all vital for successful multi-entity management. Within the Microsoft Dynamics 365 ecosystem, this ability is particularly useful for organizations that operate in multiple regions, have various subsidiaries, or run several distinct legal entities. However, while the Business Central core offers tools to streamline such business arrangements, opportunities exist for customers to open themselves up to even greater levels of efficiency.
For customers looking to facilitate successful multi facility or entity management, we walk through the key components to look out for, and explore the unique offerings of Binary Stream’s Multi-Entity Management (MEM) product.
Within the Microsoft Dynamics 365 Business Central core system, users can easily manage multiple companies within the same localization. For streamlined efficiency, however, customers will often require tools that extend their functionality. Not all solutions are equal in this regard. Binary Stream’s MEM solution in Dynamics 365 Business Central, for example, aims to help teams consolidate multiple legal entities into a single centralized instance, and gain 360° visibility with hassle-free transactions and reporting across all business units.
In general, recommended features to look out for in a robust multi-entity management software include:
Customers already in the Business Central ecosystem, who think they’re doing just fine might wonder—why bother with a new system? Let’s explore some critical benefits of a system that expands your multi-entity management functionality.
Centralized management can lead to significant cost savings through resource sharing and streamlined processes. By reducing redundancy and improving coordination between entities, users will eliminate repeated spending and increased costs from convoluted workflows.
With a robust multi-entity management solution, users should be able to simplify financial workflows across their entire organization by performing intercompany transactions across all Business Central modules. In Binary Stream’s MEM, for example, users can complete transactions within a single instance, and include multiple legal entities in a single transaction with proper allocation and resources. In addition, automating intercompany balance tracking is a breeze and ensures streamlined organization-wide financial tracking and period closing.
The right solution will help to provide greater insights with real-time flexible reports across all user entities. For example, in Binary Stream’s MEM, almost any Business Central report in any module can be run for individual entities or across any number of entities. With these reports, users can make data-driven decisions about how to better manage their units and improve efficiency.
Users can avoid duplication in processes or the need to synchronize data by automatically sharing records across entities or subsets of entities. These records include Customer Vendors, Bank Accounts, Items, and much more. By maintaining a single set of records, users can eliminate disparities across entities and ensure data integrity.
In general, users want a software solution that can grow as they grow. For example, in Binary Stream’s MEM, customers can add new entities in a matter of clicks. Eliminate any downtime by accelerating the initiation of transactional and reporting activities for new operations or acquisitions.
In addition to the benefits we’ve explored above, Binary Stream’s MEM also facilitates and enables:
To take things even further, MEM can be combined with the Intercompany Suite (ICS) module to provide advanced reporting capability, unified data, enhanced intercompany transactions, and localizations. Combining MEM and ICS with the BC functionality allows users to:
