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On the 1st of October 2024, Microsoft Dynamics 365 rolled out general availability for its new Wave Two features across a variety of software, including Dynamics 365 Finance, Dynamics 365 Project Operations and Dynamics 365 Supply Chain Management.
To help you get the most out of the new Microsoft Dynamics 365 update features, and to showcase the benefits of moving to a cloud technology solution, we want to update you on the latest Wave Two updates for 2024 and the benefits these new features could have on your business.
This guide will explore the key updates for each of the above Microsoft Dynamics software, as well as outline benefits for different industries. Keep reading to find out more!
Early access for Microsoft Dynamics 365 Wave Two updates were available from the 12th of August, but general availability took place as of Monday, the 1st of October. This included regional and production deployments.
There are different roll out methods, which are defined as follows:
Regarding those features that are updated automatically, users will see the relevant Microsoft Dynamics 365 update as soon as they log into their software. It is important to seek support if you have questions about how best to integrate any new features with your business’ workflows.
Following Microsoft’s Wave Two updates, we recommend that you revisit any training modules or documentation to include new features to avoid confusion amongst your team. In the case of user experience changes, you should have open and honest conversations with your team about any new challenges and work with an expert to implement regular training and development sessions.
After all, your people are your best asset; they need to be able to get the best out of your Microsoft Dynamics cloud technology.
Within Microsoft Dynamics 365 Wave Two updates for Microsoft Dynamics 365 Finance, there is a strong focus on utilising next-generation AI to transform day-to-day finance activities and responsibilities within organisations.
Microsoft has implemented new features to provide better insights for faster decision-making while also enhancing processes with in-app copilot and immersive experiences. In this way, all types of finance businesses such as banking, insurance or accountancy firms, can leverage these advancements to streamline operations, improve efficiency, and drive growth.
Some of the new stand-out features for Dynamics 365 Finance include:
In contrast, the new Wave Two updates for Microsoft Dynamics 365 Project Operations focus on enhancing the project lifecycle by improving visibility and collaboration. In addition, Dynamics 365 Project Operation now offers more support for larger projects with increased tasks and dependencies in the work breakdown structure.
New features for Dynamics 365 Project Operations in Microsoft Dynamics 365 Wave Two include:
For Dynamics 365 SCM, new features are powered by Copilot and aim to support planning, procurement, and manufacturing traceability. In particular, demand planners can leverage forecast models with external signals for better accuracy, which helps organisations to be better prepared for the worst-case scenarios and prepare solutions ahead of time.
Some of the most helpful new features for Dynamics 365 Supply Chain Management include:
While every business will undoubtedly implement and utilise cloud technology in different ways, there are some common benefits of Microsoft’s Wave Two updates for key industries.
Microsoft Dynamics 365 benefits for manufacturers:
The latest Microsoft Dynamics 365 update will support manufacturers to reduce excess inventory and prevent stockouts by leveraging real-time data analytics. For example, the Integrated project planning and budgeting tools from Dynamics 365 Project Operations can enhance collaboration between manufacturing departments, aid efficiency and quickly identify any delays for the customers.
With enhanced visibility into production schedules and market trends in Microsoft Dynamics 365 Wave Two, businesses can optimise their operations for maximum efficiency. In turn, this can lead to improved resource allocation through a more responsive smart manufacturing process, powered by Dynamics 365, which helps manufacturers stay afloat even in turbulent economic environments.
Microsoft Dynamics 365 benefits for logistics businesses:
The new features for Dynamics 365 Supply Chain Management support capacity planning in logistics companies, such as calculating ‘capable-to-promise’ quantities in real-time with Dynamics 365 Supply Chain Management. This reduces manual labour and more efficiently calculates if demand can be met within a specific time frame with the available materials and capacity.
Logistics companies can also use Dynamics 365 Supply Chain Management to gain a more holistic, end-to-end view of the supply chain which helps teams to identify and resolve any delays much faster. The AI-driven resource optimisation tools from Dynamics 365 Project Operations will also provide a fast solution to resourcing challenges and ensure projects are delivered on time and within budget.
In addition, Microsoft Dynamics 365 Wave Two updates allow logistics companies to better track and analyse sustainability metrics, providing insights that help reduce waste and lower carbon emissions. By integrating environmental compliance features, logistics businesses can also ensure adherence to regulations while promoting sustainable practices.
Microsoft Dynamics 365 benefits for financial professionals:
With improved forecasting tools, professional service and finance teams can predict cash needs more accurately, enabling better strategic planning. In particular, the ability to track change management in Business Performance Planning through Microsoft Dynamics 365 Finance will support businesses to maintain a steady cash flow for day-to-day operations and growth initiatives.
Across the board, updates to Microsoft Dynamics 365 can also support cybersecurity for many businesses which is crucial as studies show there is a new cyberattack every 44 seconds across the UK. Microsoft’s advanced threat detection and enhanced data encryption will help to keep customer data even safer than before Wave Two update and protect your business's reputation.
Microsoft Dynamics 365 is regularly updated, and more features are expected to be rolled out for general availability in March 2025. We already know that upcoming updates will be focused around creating an intuitive interface, and better customer experience and will implement more advanced AI technologies. Keep an eye on our blog for future updates!
At Essenkay, we pride ourselves on a “people-first” approach. Ultimately, we want all users to understand the benefits of new systems and will work to implement new technologies with minimal disruption.
If you are interested in implementing a new ERP-based cloud system and want to explore the benefits of Microsoft Dynamics 365 for your organisation, get in touch. Additionally, we can support you with implementing Microsoft Dynamics 365 Wave Two updates into your existing technology.
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