What’s New and Expected in the Dynamics 365 Finance and Operations 2023 Release Wave 1
The 2023 Release Wave 1 plan is placing emphasis on enhancing data visibility, delivering increased function, investing in new features, and improving app performance.
Microsoft says regional deployments are set to roll out starting April 1, 2023. In this blog, we will take a look at what’s new in the 2023 Release Wave 1 for Dynamics 365 Finance and Operations.
Automation, Expanding out-of-the-box Country Coverage, and more for Dynamics 365 Finance
Microsoft is focusing on empowering organizations to expand their capabilities and visibility within their financial systems to respond to changing economic conditions, geographical regulations, a need to deepen financial insights, process automation, and much more.
The 2023 Release Wave 1 covers a wide variety of core financial functionalities and improvements to help you with processes ranging from archiving data, defining financial tags, and processing free text invoices faster.
One particular feature we are excited about is enhancements to AP automation and the general availability of invoice capture. This automates the reading and recognition of vendor invoices by providing OCR capabilities to complete the full automation of accounts payable.
Other enhancements to Finance include:
- Further enhancements to subscription billing solution, enhancements for advanced cost and revenue deferrals with project accounting and sub-ledger
- Improvements to ledger settlement automation and the introduction of financial tags
- The invoice number length has been extended to 50, and the ability to use the payment schedule in invoice journal in accounts payable has been added
- Ongoing improvements for advanced bank reconciliation, including the capability to use booking dates to post new transactions in bank statements
Microsoft has also announced some improvements to Globalization Studio with this Wave 1 release, including expanding country coverage, enhancing automation of complex tax scenarios, and delivering regulatory updates for legislative changes.
New Fixes, Features, and Functionalities in Dynamics 365 Supply Chain Management to Address Supply Chain Disruptions
Functionality improvements in product information management, planning, inventory, sales, procurement, asset maintenance, warehousing, and transportation are a crucial focus in the Supply Chain Management sphere in managing current supply chain disruption.
Microsoft says this will improve the agility and efficiency of your front-line workers and will place priority on reimaging experiences for Inventory Visibility and Asset Management to simplify tasks and deliver actionable insights.
Inventory and Logistics
Managing your end-to-end sale processes effectively and efficiently is key to ensuring your customers get what they need when they need it. The investments being made in this area include:
- Manage attribute-based omnichannel sales pricing
- Evaluate costs in discrete manufacturing using standard cost
- Calculate available to promise (ATP) up to three months in advance with Inventory Visibility
- Make soft reservations for Supply Chain Management sales orders
- A reimagined Inventory Visibility user experience
- Prospect-to-cash scenario enhancements
- Archive inventory transactions and sales orders
Microsoft wants to focus on simplifying the configuration experience of the warehouse management solution to reduce implementation time and provide you with detailed insights into how well your warehouse system is performing.
There is a heavy focus on improving the Warehouse Management mobile app for warehouse workers who use it. These include improved GS1 barcode support, improved packing functionality, support for iOS devices, and more.
Manufacturing and Asset Management
In terms of managing your manufacturing and maintenance operations, the investments in this release are focused on improving the user experience while allowing for greater efficiency for both your processes and front-line workers.
Some of the main improvements include an enhanced mobile experience for maintenance operations that gives them the information they need to quickly complete their daily tasks. On the manufacturing side, your supervisors can now better access material availability before approving work orders.
The 2023 Wave 1 Release continues to try and make organizations more resilient in their procurement and sourcing area supply chain processes, with a focus on protecting the accuracy and integrity of vendor bank account information.
Having a great plan is always a good place to start. In the release, improving performance and scalability are two top priorities. They included added support for additional manufacturing scenarios using discrete and light-process manufacturing. There are also some new features to help manufacturers optimize scheduling.
Product Information Management
This feature helps companies manage data about products and product variants in a focused way. You can monitor their entire lifecycle including the attributes, configurations, documentation, and identifiers needed for supporting key business processes.
In the 2023 Wave 1 release, Microsoft is emphasizing enhancements to let companies share released product data across legal entities – reducing data duplication and simplifying maintenance – and general driving efficiencies for companies that manage large product portfolios.
Improving the User Experience and Simplifying the User Experience for Dynamics 365 Project Operations
Dynamics 365 Project Operations is a great app that bonds your sales, resourcing, project management, and finance teams. Having those teams in synch lets you win more deals, deliver your products faster, maximize profitability, and make your employees happier.
Essentially, it lets you run your entire project operations process – from sales to delivery - in one application.
For the 2023 Release Wave 1, Microsoft is focusing on improving functionality in these areas:
- Improve user experience and incorporate performance investments in project estimation, sales processes, and project invoicing
- Implement project budgeting and time-phased forecasting for Resource/Non-stocked deployments of Project Operations
- Use the improved notifications, approvals, and itemization support in the expense mobile application
- Use the advanced cost and revenue deferrals with time and materials to project for stocked or production-based scenarios
- Allow cancellation of PO receipts with connected item requirements
Cross-App Capabilities for Dynamics 365 Finance and Operations
You can expect a lot of new cross-app capabilities that will apply to all Dynamics 365 Finance, Supply Chain Management, Commerce, and Project Operations apps.
Not only is Microsoft focusing on product enhancements, but there will also be frequent updates that will help customers stay up-to-date and consistent.
Microsoft is working on continuous improvements and innovations to the digital platform. Stoneridge is proficient in this platform and can help you embed all the tools you need to optimize your business processes without the entanglement of multiple integrations.
In this wave, Microsoft is focusing on performance improvements to ensure users have the newest innovations in the areas of:
- Personalization and grids
- Including saved view support for dialogs and workspaces
- The ability to save filters to view more page types
- The ability for users to set and change tile sizes on workspace
- Extend aggregation capabilities in grids beyond showing totals
You should be able to better optimize the experiences of our users and focus that to drive productivity.
Want to Learn More About the New Features in the 2023 Release Wave 1?
Reach out to Stoneridge Software! Our team of Dynamics 365 Finance and Operations experts is ready to assist you.
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