According to Forbes Advisor, the Microsoft Dynamics 365 Business Central is the best ERP system of 2024. Compared to other solutions like SAP, Oracle NetSuite, and Acumatica, it stands out as the best overall ERP system. The key advantages mentioned by Forbes include:
- A wide range of functionalities for large companies as well as small and medium-sized enterprises
- Transparent pricing
- A free 30-day trial period
- A mobile app
- Additional warehouse management and reporting capabilities
Forbes Advisor states in the article:
“Microsoft Dynamics 365 is one of the best ERP systems because it is a comprehensive platform that meets all business management requirements. It offers a range of applications to help manage core operations, including sales, marketing, customer service, finance, supply chain, and human resources. While Microsoft offers a wide range of enterprise resource management applications, Microsoft Dynamics 365 Business Central is specifically designed to meet the unique needs of small and medium-sized businesses. It is no surprise that it is both affordable and scalable, making it capable of supporting growing companies that scale quickly.”
The full article can be read here: Forbes Article
Forbes mentions two drawbacks – software integration available as an add-on and the lack of a free version. However, it should be noted that integration with external systems is possible by using the built-in API, and many ready-made interfaces are available in the out-of-the-box solution, such as for exchanging inventory and customer records or synchronizing sales and purchase documents. The system also allows for development through the creation and installation of additional applications, which 7F Technology Partners specializes in as a partner in Business Central implementations. Instead of a free version of the application, there is a free 30-day trial period during which the client can familiarize themselves with the system’s functionalities before making a choice.
Cloud or On-Premise?
One of the most important advantages mentioned by the Forbes advisor is that the Dynamics 365 Business Central system can be implemented in both cloud (on-cloud) and on-premise versions. The first option supports companies that do not necessarily want to invest in their own IT infrastructure. Microsoft takes on the tasks related to maintaining and servicing the hardware and software, including regular scheduled system updates. This ensures that Business Central is always up-to-date and provides easy access to data and information from anywhere in the world, securely and from any stationary or mobile device. The on-premise option is suitable for companies that want to maintain the system on their own resources. This allows for full independent management of the infrastructure and application updates.
Finance and Reporting
The built-in financial module of the Dynamics 365 Business Central system allows for managing financial areas such as receivables and payables, general ledger, bank accounts, fixed assets, cash flows, and multi-currency usage. The financial reporting function enables the creation of custom analyses of accounting records and other data entered into the system, thus supporting the work of managers and the controlling department. Built-in dashboards and real-time KPIs provide information on budgeting, forecasting, and resource allocation.
Dynamics 365 Business Central as a Comprehensive Solution for the SME Sector
Forbes advisors also consider the comprehensiveness of the solution, meeting the needs of entrepreneurs from various industries. The system includes the following modules, delivered out-of-the-box:
- Financial Management
- Sales
- Purchasing
- Warehouse Management
- Project Management
- Service Management
- Manufacturing
These areas form a single, fully integrated system, eliminating the need for several separate programs, and data from all modules correlate with each other and are available at different levels. An example process, starting from a supplier’s offer, through the execution of a purchase order and receipt of materials into the warehouse, to the production of the finished product, followed by a sales order with delivery to the customer, ending with revenue booking and payment settlement, is just one of many that can be carried out in the system.
Automation and Integration with External Applications
Dynamics 365 Business Central is fully integrated with other Microsoft applications. Starting with Microsoft 365, which includes well-known office applications like Excel, Word, Outlook, and even Teams, the system allows actions to be performed from within these applications to carry out tasks in Business Central. For example, from within Outlook, we can create and fulfill a sales order for a customer based on their order received via email. This is just a taste of the power provided by the Microsoft application ecosystem. Integration with Power Automate allows for creating automations within the Business Central system and at the interface of various applications, to perform a selected action in Business Central on the fly based on defined parameters or to perform an action in an application like Teams from within Business Central. Similarly, within Business Central, you can use built-in Power BI reports related to sales, purchases, finance, and other areas.
Additionally, there are many industry-specific applications created by partners that extend the standard functionalities in Business Central, such as warehouse scanner support, Gantt chart production planning, optical recognition of supplier invoices and XML files, financial report export, e-commerce support, and many others. 7F Technology Partners, as a Microsoft partner, also creates tailored extensions to meet the needs of clients from various industries.
Artificial Intelligence
It is also worth mentioning the artificial intelligence engine used in Business Central to reduce the number of repetitive tasks. Thanks to Copilot, employees can do more with much less effort using intuitive AI tools. We can interact with Copilot to learn how to use installed additional applications, create inventory information much faster, and increase operational efficiency in creating and managing sales documents. Additionally, artificial intelligence helps us forecast inventory, reconcile bank accounts, and analyze cash flows. More about the use of artificial intelligence in Business Central will be discussed in one of the upcoming posts.
In summary, Microsoft Dynamics 365 Business Central allows for business management and resource planning in many areas, in an integrated environment, in a scalable and secure way, using the latest technologies on the market, at a very affordable price. Our company, 7F Technology Partners, offers comprehensive system implementation.
Feel free to contact us: contact@7f-tp.com or fdabrowski@7f-tp.com +48 451 253 308
The illustrations used in the article were generated using AI.