Six Trends Set to Change the Way Finance will Operate in 2019

Six Trends Set to Change the Way Finance will Operate in 2019

What’s on the horizon for businesses in 2019? More change. From finding and supporting new customers to dealing with new technology and data challenges, the coming year will require businesses to take a different look at the way that they operate, leveraging technology to get there.

Six Trends Businesses Need to Watch in 2019

A recent Microsoft report looked at the challenges, opportunities, and risks that finance will face in the rapidly approaching year. This report looks at six key trends that businesses will need to look into in 2019, and we will provide a brief look below.

Growing Importance of Finance

Throughout the organization, finance has continued to become more important to the entire business. No longer just tasked with managing money and approving budgets, the finance organization has found its way into operations, IT, and risk management; Microsoft found that Sixty-four percent of CFOs reported being asked to take on broader operational leadership roles beyond finance. This will require a new skillset to adjust, but technology will ultimately improve the way finance tackles these tasks.

Evolving Expectations of Customers

As Millennials pass Boomers as the largest generation in the U.S. and Generation Z enters the workforce in larger numbers, it also means that companies will have a broader set of customers or purchasing managers with whom they will work. Globally-minded, well informed, and passionate, they will push businesses to operate with greater transparency and create more sustainable products.

Further, these customers will have different expectations in the delivery models and customer service requirements, and organizations will need to explore new ways to embrace this group of customers.

Better Technology

Finance has continued to embrace better technology. This has presented finance leaders the opportunity to free themselves from the struggles of manual processes and the poor control or visibility, contributing more to the strategic decisions of the business. In 2019, businesses will continue to leverage more data, building a ‘culture of data.’ 2019 will mark a time when companies become smarter about how they use data, the data itself is also becoming smarter, with AI and machine learning providing instant intelligence and enabling automated processes.

More Uncertainty

2018 was a year with great uncertainty, and trends suggest that 2019 will be no different. From financial regulations, tax changes, and trade policy to Brexit and data protection, finance leaders will once again be forced to navigate through great uncertainty in a turbulent, highly-politicized environment.

New Generations in the Workforce

While Millennials and Gen Z will represent a bigger part of your customer base, they will also play a more important role within companies. As businesses face an increasing skills gap in 2019, they must seek new ways to fill critical roles, including re-training older employees, seeking foreign labor, and tapping the emerging gig economy to meet temporary labor demands.

New Challenges and Risks

As discussed in point one, finance will be focused more on risk management. However, it goes beyond the basics of technological risk, as organizations face additional regulatory risk as well.

Be Ready for 2019: Dynamics 365 Business Central & Acumatica

If you are looking to continue driving your business further in 2019 and beyond, you can’t afford to be held back by manual processes and lack of visibility. Be ready with the next generation solution like Dynamics 365 Business Central or Acumatica. For more details, please contact us

Facts About Microsoft Dynamics Business Central

Facts About Microsoft Dynamics Business Central

Since Satya Nadella took the reins at Microsoft in 2014, he has led the company as a whole through a variety of important changes. From the important acquisitions to the new-found focus on collaboration with competitors to the concept of One Microsoft, he has also taken one of the most important steps—getting Microsoft into the cloud.

The Path to Business Central

Throughout 2014, Microsoft continued to make investments in and push its cloud products, backing away from per-device licenses for Windows and Office Applications while beginning its platform battle against AWS. In the years since, Microsoft continued to develop and expand the platform before the general release of “Dynamics 365” in 2016.

The Initial Confusion

Dynamics 365 was new, innovative, and technologically powerful. Unfortunately, it also referred to a multitude of options.

At the time, Dynamics 365 could have meant Dynamics 365 (formerly CRM) or Dynamics 365 Finance and Operations, which was broken into Business (formerly “Project Madeira”) and Enterprise (Previously Dynamics AX) editions.

This immediately created confusion for customers who had to try to understand the many plans that were offered, the modules that came with each plan, and the features that came with each module. While the product itself was powerful, it presented a lot of confusion during the product research and RFP stages.

The Much-Needed Rename

Luckily, in April 2018, Microsoft made the move to set the record straight, renaming Dynamics 365 Finance and Operations Business Edition and Enterprise Edition into two distinct brands—Dynamics 365 Business Central (SMB) and Dynamics 365 Finance and Operations (Enterprise).

As a leading reseller and specialist in Dynamics 365 Business Central, we will be covering the product in great detail in the coming months, but today would like to take a brief look at what it is, what it does, and what switching to Business Central can do for your business.

Understanding Dynamics 365 Business Central

Microsoft Dynamics 365 Business Central is designed to provide a stable, affordable, and well-vetted cloud application for growing small and medium businesses. Built to provide the essentials that growing businesses need, Business Central offers two levels of its own—Business Central Essentials and Business Central Premium—that provide users powerful and reliable way to manage the entire business.

Bringing the power of Dynamics NAV to the cloud, Business Central is an all-in-one business management solution that helps companies connect their financials, sales, service, and operations to streamline business processes, improve customer interactions and make better decisions.

Features and Benefits

The powerful yet affordable Business Central platform shortens laborious processes, simplifies workflows, and integrates with other leading applications from Microsoft and beyond while providing flexibility and customization needed for your unique industry. Among the many features that Business Central offers for growing companies:

  • Powerful Financial Management: Break down the silos and make smarter decisions while speeding up your monthly and annual close and setting yourself up for the following time period.
  • Smarter Supply Chain Management: Avoid stockouts and overstock with business intelligence. Business Central is designed to help you optimize inventory levels, reduce the likelihood of shortages and lost sales while maximizing profitability.
  • Happier Customers: Get to know who your customer is and tailor your communications. Business Central features its own powerful CRM platform that integrates with Outlook as well as the financials so that you know who matters and how to reach them.
  • Take Control of Your Projects: Not a product-based business? Business Central is there for you too. Designed to help your company keep projects on time and under budget, you can leverage the power of Power BI to analyze profitability, time use, job costs, and so much more.
  • Control Your Operations: From forecasting to fulfilment, Business Central gives you the control over every workflow so that you can reach and maintain optimal inventory levels, run a smarter warehouse, and save money.

At Integrated Business Group, we have helped companies just like yours to understand your ERP options and make the most of the move to cloud applications like Dynamics 365 Business Central and others. Get to know more about this product, our unique process that increases the likelihood of a successful implementation, and click here to schedule a demo.