What You Can Expect from the Dynamics 365 Finance and Operations Wave Release 2 2022
Microsoft has many positive changes, updates, and new features coming out as part of the Dynamics 365 Finance and Operations Wave Release 2 2022.
Connecting your data from multiple systems and having a solution that can let you utilize that data to make key changes is vital in today's fast-paced and hybrid business landscape.
Before we start, make sure to join us on October 26 by registering for our upcoming webinar on this topic! We will go into detail about some of the exciting changes and new features that are part of this release.
Let's look at some of the main features.
Dynamics 365 Finance
Two main announcements as part of this release for Dynamics 365 Finance include enhancements to core financials and Globalization Studio. Let's take a look at both of them.
These enhancements will improve core financial capabilities, financial automation, and reporting. They will be generally available between October 2022 and March 2023:
- Split billing and Try quotation enhancements in subscription billing
- Invoice automation - process vendor invoices during the import process
- Print payment advice for approved vendor payments
- Reverse debit, credit when importing bank statements
- Specify time zone when importing bank statements
- Define financial tags to support analytical reporting
- Save time with ledge settlement automation
- Access new bank reconciliation report
- Financial Dimension service
- General-ledger year-end enhancements - specify balance sheet dimensions and year-end close service
- Select posting date in advanced bank reconciliation
- Vendor invoice OCR:
- try advanced configurations
- try deployment wizard
- try image file management
- try new hub
- Increase the length of invoice numbers.
Globalization Studio has many low-code or no-code capabilities that can help you with tax calculation, electronic invoicing, and electronic reporting. Some of the newest features include:
- Improve import experience when parent configuration is missing
- Switch a base data model in electronic reporting
- Switch a base data model in electronic reporting
- Tax Calculation service - batch input of tax codes in tax group and item tax group set up
Dynamics 365 Supply Chain Management
Minimizing disruptions to your supply chain, and in turn, how fast you can get products to your customers, is key for any business. Microsoft has several improvements to this solution as part of the Wave 2 release.
Inventory and Logistics
The updates to Inventory and Logistics are designed to help your team be more efficient and resilient in running your supply chain operations.
The main changes include:
- Businesses using warehouse management processes can now use the Inventory Visibility Add-in to make soft reservations and allocate inventory - this lets you track omnichannel sales demand in real-time to avoid overselling and lets you ensure you have enough inventory on hand for your most important customers
- Organizations can utilize the Inventory Visibility service to deduct soft reserve quantities from allocated quantities and calculate available-for-reservation quantities within a specific allocation
- Businesses using Inventory Visibility can now obtain a full inventory summary across channels and data sources from the Inventory summary entity in Dataverse
Improvements to Manufacturing are focused on optimizing business processes in Dynamics 365 Supply Chain Management. There are two main components as part of the Wave 2 release:
- Enhancements to the Sensor Data Intelligence offering - this will offer to add new asset management scenarios for downtime registrations and asset counter updates, and allow you to customize and extend supported scenarios
- Reduction in latency some users may experience in the production report-as-finished process by separating the physical registration form from derived financial updates
Having a good planning optimization strategy is something that should be on every business's radar. The enhancement in planning will help your users stay on task with minimal disruptions.
- You can now use Planning Optimization in process manufacturing scenarios, including batch orders, co-products, and by-products
- Batch disposition codes are now honored by Planning Optimization during materials requirement planning, granting your business more control over how inventory is allocated
- You can also use Planning Optimization when taking supply forecasts into account
- Sales quotations can now be considered by Planning Optimization for enhancing the quality and accuracy of the generated material requirements plans
- Planning Optimization will also respect finite material availability when automatically scheduling firmed production orders
Improvements to Procurement include a new supply-risk assessment dashboard to identify and understand the risks of sources shortages and delays and enhancements for customers to source products from multiple vendors.
Product Information Management
Release Wave 2 includes improvements that enable users in each legal entity to work with product information in their local language, which is a benefit for companies that operate in multiple countries.
Managing your warehouse is key to ensuring your products get out on time and are sent to the right places as quickly as possible. With the Wave 2 Release, improvements to the Wharehouse Management solution include:
- A new mobile packing experience that will help customers shipping large items or have large packing areas
- Rapid implementation and configuration experiences to help reduce implementation time and cost for customers
- Azure Application Insights will give your business easy access to insights into the performance and usage of your warehouse management system
Dynamics 365 Intelligent Order Management
Microsoft is including a pair of enhancements within Dynamics 365 Intelligent Order Management that will help your team work smarter.
The fulfillment optimization engine allows customers to fulfill orders based on time, distance, and cost strategies. This AI-powered solution is evolving as part of this release.
Additionally, a new FedEx connector will allow you to offer two-day delivery to your customers, ensuring fast service that will lead to customer loyalty. In addition to that, this feature includes:
- Fulfillment from warehouses that have minimal associated costs
- Detailed visibility into order tracking and status
- Real-time inventory updates on shipment delivery
Order Types Functionality
Flexibility in managing different order types is something every business needs. The following enhancements in this release aim to provide that.
- Self-service product returned powered by FedEx - Provides an intuitive self-service return process for your customers, ensuring returned products get back to you at a low cost and are back on the shelves quickly
- Combine Orders - gives customers a way to reduce the cost of goods solve and provide increased value to their customers
- Try new order types that support your business - This new functionality enables support for various order types so you can complete a wide variety of order fulfillment types
- Create purchase orders - This new capability allows you to create purchase orders from Intelligent Order Management. Before, Intelligent Order Management could only handle outbound orders or sales orders
Dynamics 365 Project Operations
Microsoft is delivering a lot of new features and enhancements in Dynamics 365 Project Operations, including:
- Project budgeting and time-phased forecasting
- Project baselines and snapshots
- Import projects from Microsoft Project Desktop Client
- Progress-based billing on fixed price contracts
- Allow contacts as customers in Project Operations
- Ability to bulk-confirm project invoices
- Modernize user experiences in sales, billing, and pricing
- Cancel PO receipts with connected item requirements
- Use advanced subcontract capabilities with Project Operations for resource-based scenarios
- Use subscription billing with projects in Project Operations for stocked or production-based scenarios
- Use expense mobile application for delightful expense entry experiences
- Intercompany ledger posting category support for timesheets in Project Operations for stocked or production-based scenarios
- Modernize user experiences for time entry in Project Operations
Finance and Operations Cross-App Capabilities
In the last section of the Dynamics 365 Finance and Operations Wave 2 Release 2022, we'll look at the cross-app abilities. Being able to use the apps that help your business run across Dynamics 365 Finance, Dynamics 365 Supply Chain Management, Dynamics 365 Commerce, and Dynamics 365 Project Operations will ensure a smooth business process.
These new abilities include:
- Cross-application features such as extended grid aggregation, saved views enhancement, and updates to client feature states
- Increasing stability with service protection API limits with Finance and Operations API
- Many One Dynamics One Platform Enhancements include:
- New dual-write features and enhancements
- Customer-managed encryption key using your Azure Key Vault key
Attend Our Webinar!
Want to know more about these features and how they can help you optimize your Dynamics 365 Finance and Operations solutions? If so, please register for our webinar on October 26, where we'll walk through some of these new enhancements and capabilities.
Please reach out to us! We have a team of experts waiting to assist you!