Last year, Microsoft announced Dynamics 365 to a great deal of fanfare, and has continued to improve the product, expand the product, and satisfy the evolving needs of businesses as they progress through the 21st century. Today, we would like to introduce you to Dynamics 365 Inventory Management module, available as part of Dynamics 365 for Business—Finance, and Dynamics 365 for Enterprise—Finance and Operations.
This is a continuation of our introduction to Microsoft Dynamics 365 series. You can view part 1 and part 2 of our look at Dynamics 365 for Financials here, as well as our brief look and introduction here, and a look at the Dynamics 365/LinkedIn Integration here.
Moving along the list of capabilities, we would today like to look at their inventory management functionality, with coming blogs on sales, purchasing, project management, and more.
Please note, even the following is by no means exhaustive, as Microsoft continues to add new functionality at a rapid pace, as demonstrated in their product roadmap.
Dynamics 365 for Financials: Inventory Management
Increase visibility across your entire supply chain to reduce inventory costs and keep customers happy. Use built-in intelligence to predict when and what you need to replenish, ensuring inventory levels are maintained to avoid shortages and lost sales.
Dynamics 365 Inventory Management helps you empower and streamline your supply chain, helping you track inventory across multiple locations, manage refunds easily, recommending substitutions for out-of-stock products and more. Watch this brief video to learn more.
Handle the Basics More Easily
What’s the point of making a change to something that can’t handle the basics? Dynamics 365 lets you automate redundant tasks so that you don’t have to spend an overabundance of time on them. Perform basic inventory tasks quicker within receiving, selling, and calculating the cost of items.
- Search for items by range of fields, including SKUs, manufacturer’s part number, categories, or product attributes
- Manage inventory and sales forecast using Cortana Intelligence, to accurately predict future sales and avoid inventory shortage
- Set up automated reordering based on pre- determined stock levels
Avoid Lost Sales with Smart Linking Products
What happens when you have a new prospect, but not enough supply to satisfy them? Too often, a lost sale, or, at a minimum, an unhappy customer. What if you could offer them a related product? What if you could automatically offer that related product? Dynamics 365 addressed this need.
Link items with the same or similar features so that if a customer orders an item that is unavailable, you can suggest a substitute item.
- Offer substitute items quickly and avoid lost sales
- Provide extra service to customers by offering cost-effective alternatives
- Create a hierarchy of item categories and assign item attributes to each item category for easy filtering and navigation across related items
Manage Returns and Cancellations More Easily than Ever
It’s inevitable that you will need to refund a customer. Dynamics 356 Inventory makes it easier and more pain free than ever, posting sales credit memos easily managing customer refunds.
- Reverse and record customer refunds
- Integrate sales, G/L, inventory, and cash disbursement transactions
- Eliminate recalculations for local currency conversions
In addition to the aforementioned functions, Dynamics 365 Inventory Module offers the following to make life easier for organizations:
- Register nonstock items into the software to provide a more diverse recommendation/replacement system.
- Connect with other modules like sales, purchasing, finance, and supply chain to automatically update stock of items.
- Easily reconcile inventory when a purchase occurs, automatically posting inventory costs to related inventory accounts.
What’s on the Horizon?
Per the roadmap, Dynamics 365 for Inventory has the following features in development:
- Assembly Management
- Average Costing Method
- Bins and Movement Documents
- Item Tracking
- Pick Documents
- Putaway Document