Earlier there was Microsoft Dynamics AX, which was later replaced by Microsoft Dynamics Finance and operations and now all financial operations are done by Microsoft Dynamics Finance.
Microsoft Dynamics 365 implementation for finance and operations is an Enterprise Resource planning (ERP) for medium and large scale businesses.
To provide more flexibility to adopt the capabilities required by your organization Microsoft Dynamics 365 for finance and operations has been divided into two parts: Dynamics 365 finance and Dynamics 365 Supply Chain Management.
Dynamics 365 implementation for finance helps in monitoring performance in real time, predict future outcomes, and make data-driven decisions to drive business growth.
Dynamics 365 Finance helps in making strategic decisions faster to drive growth by using real-time, unified global financial reporting, embedded analytics, and predictive insights, which in turn helps you in driving statistical financial decisions with AI.
It also helps in minimizing costs and optimize spending of your organizations across different geographies with budget control, and financial planning and analysis.
D365 Finance also reduces your organizations global complexity and risks by instantly adapting to local and global financial needs. It also helps in managing the financial operations such as tax reports, e-invoicing, and payments.
With familiar applications like Microsoft Office, you can automate and prioritize your organizations tasks to save time, reduce errors, and get more done.
Microsoft Dynamics 365 Supply Chain Management helps in maximizing the product quality, profitability and the operational efficiency with smooth planning, production, stock, warehouse and transportations.
Supply Chain Management (SCM) can be used to adjust and control the workflows customized as per your specific business requirements. It can be configured flexible and it helps you integrate all your business partners in the best possible way.
Dynamics 365 SCM helps in innovating with intelligent manufacturing operations by driving automation and reducing downtime using Internet of Things and mixed reality across any type of manufacturing process.
SCM avoids running out of stock or overstocking through machine learning allowing you to modernize your organizations warehouse management. It also helps in optimizing the production by recognizing the potential issues that may occur in your machines, hence preventing downtime and an increase in the product quality using Internet of Things.
D365 SCM helps in extending the life and performance of your assets. The application uses Internet of Things and mixed reality to plan, predict, and perform asset maintenance with Asset Management. This helps your organization to work more efficiently.
Through predictive analysis you can improve the quality to your product and services help you optimize planning and improve the fulfillment, material sourcing, and logistics.
Hence from this we can understand that Dynamics 365 Finance & SCM is used for large organizations, Customer Engagement, Sales, Marketing, Customer Service, Field Service, Project Service Automation (PSA), and HR functions.