Financial processes, which are critical components of any business’s operations, regardless of its industry or size, significantly influence the performance of factories and other facilities employing industrial workers (IWs). While IWs are often not directly involved in processing financial tasks, inefficient financial management can hinder their productivity in numerous ways.
How can Microsoft Dynamics 365 Business Central for IWs contribute to their efficiency by streamlining financial tasks? Read this article to find out more.
What is Microsoft Dynamics 365 Business Central for IWs?
Microsoft Dynamics 365 Business Central is a comprehensive business platform designed to streamline tasks related to the company’s finances, operations, sales, and services, catering to small and medium-scale organizations.
While this software is aimed to be adaptable to the needs of companies operating in various sectors, using Microsoft Dynamics 365 Business Central for IWs is one of the common applications of this versatile system.
In companies specialized in industrial operations, Business Central can be seamlessly integrated into the industrial environment, becoming a centralized hub for processing data collected across various systems, equipment, and machinery.
Business Central: one repository for all financial information
Microsoft Dynamics 365 Business Central provides IWs with a holistic view of financial information, facilitating decision-making and planning. Below is a list of data related to finances, potentially useful for IWs, that is processed by Business Central:
1. Payroll information
Regardless of their position, IWs should have access to comprehensive payroll statements, including wages, benefits, overtime payments, and labor hours. This cost data is essential for effective work planning.
2. Costs and budget
Some IWs need a detailed overview of cost information, including the costs of materials and labor as well as the costs of manufacturing a single unit. These employees can also benefit from access to up-to-date data on departmental and project budgets.
3. Performance metrics
Performance metrics, particularly those based on the comparison of actual production costs to the planned budget, are essential. Depending on their roles, IWs can also benefit from efficiency metrics such as cost per unit produced and variance analysis, which estimates the difference between actual costs and budgeted costs.
4. Inventory and equipment information
Without a clear understanding of inventory information, IWs may struggle to make informed decisions, which can lead to poor project planning and execution. IWs, particularly those engaged in managerial tasks, should be aware of the costs of raw materials and expenses associated with inventory holding.
The same applies to equipment. Some IWs should know the cost of new equipment and have access to depreciation schedules established for equipment used in the organization.
5. Operational efficiency
To encourage productivity among IWs, it is sensible to provide them with up-to-date information on the financial consequences of inefficiencies or downtime.
By having all this information in one place, IWs can make more informed decisions and contribute to the overall efficiency and productivity of their operations.
Streamlined financial processes
Depending on the company, industrial workers (IWs) can be involved in numerous financial processes, many of which utilize the data discussed above. Microsoft Dynamics 365 Business Central not only provides employees with a comprehensive view of all necessary information but also simplifies and automates many critical tasks involving finances. These tasks include:
- Detailed expense tracking;
- Real-time budget updates;
- Cost analysis by department or project;
- Comprehensive financial reports;
- Estimation of data related to inventory and asset management;
- Purchase and sales order tracking.
Some of the most critical financial processes involved in the work of IWs are discussed below.
Procurement and supply chain management
Business Central helps coordinate the work of teams to conduct thorough cost assessments for purchasing materials and equipment at the best prices. The software’s automation capabilities enable robust inventory tracking, facilitating effective procurement helpful in maintaining balanced inventory and warehouse levels with minimized holding costs and no shortages.
Production planning
Business Central enhances production planning with efficient resource allocation. With accurate data and streamlined processes, IWs can maximize their efficiency by optimizing their production or service capacity and reducing idle time.
Maintenance scheduling
Another powerful feature of Microsoft Dynamics 365 Business Central for IWs is equipment and machinery maintenance management. This software provides a comprehensive tool for managing every financial aspect involved in the entire equipment lifecycle, from purchase to disposal. With convenient maintenance budgeting and planning, IWs can streamline their routine, significantly minimizing downtime.
Flexibility of Business Central
Microsoft Dynamics 365 Business Central serves as a reliable and easily accessible source of information. The nature of daily tasks performed by industrial workers differs greatly from those handled by office workers, making simplified access to relevant data on the go critical. By choosing the cloud deployment model, companies can provide IWs with easy access to up-to-date information not only through desktop computers and laptops but also through mobile devices.
Whether IWs are working on the production floor, in the warehouse, or providing field services, any necessary information will be available to them with Business Central.
Does your company need Microsoft Dynamics 365 Business Central?
If your small or medium-sized company is looking for comprehensive software to optimize numerous diverse tasks involving industrial workers, including financial processes, Business Central is the right solution. Business Central strikes the perfect balance by offering state-of-the-art business functionality while keeping costs affordable for smaller organizations that may not have sufficient budgets for more extensive ERP and CRM products.