With the increasing complexity in the modern supply chain brought about by the growing number of suppliers and countries that materials are being sourced from it is very important that manufacturing companies have insights into costs associated with suppliers, freight, inventory and other supply chain related expenses.

This can help businesses to make more informed decisions and align their financial strategies with their overall supply chain objectives.

In this blog post we’ll look at how Microsoft Dynamics 365 Finance can help businesses to effectively plan and budget for supply chain operations by providing real-time financial data, forecasting and budgeting tools.

Real-time financial data

Microsoft Dynamics 365 Finance can provide real-time financial data that can help businesses identify areas where they can reduce costs and improve efficiency by providing a comprehensive view of their financial performance.

By leveraging real-time financial data provided by Microsoft Dynamics 365 Finance, businesses can gain a deeper understanding of their financial performance, identify cost savings opportunities, and improve efficiency, Henrik Bo Christoffersen, Principal Solution Architect at AlfaPeople Denmark, explains.

“The earlier you have your financial numbers, the earlier you are able to make decisions, make adjustments and see a result. That means that businesses in the end can reduce costs and improve efficiency,” he says.

View of the financial future

The forecasting and budgeting tools that Microsoft Dynamics 365 Finance provide are important in any manufacturing company’s operations because it enables the business to plan for potential disruptions and make more informed decisions about supply chain operations because they provide the business with a clear understanding of the financial future.

Henrik Bo Christoffersen says, that are essential for manufacturers looking to navigate uncertainty and making better decisions about their supply chain operations.

“These tools provide businesses with a comprehensive view of their financial future, helping them to drive growth and success,” he says.

Track financial performance

By being able to track financial performance through Microsoft Dynamics 365 Finance the system enables businesses to make informed decisions about their spending, reducing costs and improving efficiency. This helps businesses to be more competitive, improve their bottom line and increase their overall financial performance.

Real-time financial performance tracking, enables businesses to monitor their costs in detail and identify areas where they can reduce spending. The accurate financial performance tracking also enables businesses to create more accurate budgets, reducing overspending and reducing costs.

“Essentially it provides businesses with a clear understanding of their costs, enabling them to allocate resources more effectively and reduce spending in areas that are not delivering value,” Henrik Bo Christoffersen says.

Automate financial processes

Finally Microsoft Dynamics 365 Finance offers the opportunity to incorporate automation into financial processes driving significant advantages.

By leveraging such technology companies are enabling employees to focus on high value analysis to enhance their decision making.

“By freeing up time and resources, improving data accuracy, and enabling better decision-making, businesses are able to improve their bottom line and remain competitive in a rapidly changing marketplace,” Henrik Bo Christoffersen says.

Are you finding it difficult to manage a supply chain pebbled with risks and unforseen disruptions? Read this blog post to learn more about how you can become more agile and responsive in your supply chain management.