U.S. Venture Enhances Efficiency and Insight with Dynamics 365 and Microsoft 365 Copilot for Finance
Transforming Finance with Microsoft 365 Copilot
Introduction to Microsoft 365 Copilot for Finance
Microsoft 365 Copilot for Finance is a powerful tool that combines the capabilities of Microsoft 365 Copilot with specialized features designed for finance professionals working in Excel. This innovative solution streamlines various financial tasks, allowing users to efficiently summarize spreadsheets, conduct calculations, and access important financial data.
Real-World Impact: U.S. AutoForce’s Experience
A notable case study involves U.S. AutoForce, which is part of U.S. Venture. They implemented Microsoft 365 Copilot to tackle two major and time-consuming tasks: reconciling credit card transactions and bank statements. The integration took just four weeks, and as a result, the finance team now saves over 30 hours every month. Samantha Rooks, the Assistant Finance Operations Manager, shared her experience, noting that the Copilot has significantly reduced the time spent on bank reconciliations by 80%. This efficiency has allowed her team to allocate time to other critical functions and simplified the month-end process.
Upcoming Challenges: Streamlining Vendor Statements and Cash Reconciliation
Following the initial successes, U.S. AutoForce intends to use Copilot for additional functions, such as processing vendor statements and performing cash reconciliations. Each vendor statement can take about an hour and a half to process manually, highlighting the need for automation in these areas for greater efficiency.
The Need for Modernization
Background of U.S. Venture
For over 70 years, U.S. Venture has been a leader in distributing renewable and traditional energy products, vehicle lubricants, tires, and parts. With over 5,500 employees across 70 locations, the company is committed to utilizing data-driven insights to enhance its operations, especially as it seeks to expand into new markets.
Challenges with Legacy Systems
Historically, U.S. Venture has faced obstacles due to its outdated IBM iSeries enterprise resource planning (ERP) system. This legacy system was not user-friendly, making it challenging to train new employees and requiring substantial manual input to manage business operations. Often, many work processes operated outside the system, resulting in inefficiencies and increased operational costs. It became clear that a modern solution was necessary.
Modernizing Operations with Microsoft Dynamics 365
U.S. Venture began its transformation by adopting Microsoft Dynamics 365 Finance in 2021, which led to improved workflows and better visibility into accounts payable and receivable. Employees found Dynamics 365 Finance to be more user-friendly and adaptable to the company’s evolving needs compared to their previous ERP system.
Enhancing Supply Chain Management
With the finance and accounting processes refined, the company’s next focus was on enhancing supply chain management at U.S. AutoForce. As a significant distributor of automotive parts and tires, U.S. AutoForce serves a large customer base, including independent tire dealers and national retailers. By implementing Dynamics 365 Supply Chain Management, the organization aimed to improve efficiency, gain critical business insights, and scale operations for both East and West Coast expansions.
The supply chain management system plays a pivotal role, especially with 80-90% of customer orders processed through in-house e-commerce platforms. Given that 50-60% of these orders require same-day delivery, it is essential to have an efficient operational cycle that automates ordering, picking, and shipping processes. The new Dynamics 365 solution offers an intuitive, web-based dashboard with centralized data which simplifies tasks while cutting down operational costs associated with the legacy system.
Ben Hermus, the Director of Operations – Systems & Training, pointed out that while the previous systems were functional, they had reached their limits in terms of efficiency and capability. As business grew, the need for a more integrated solution that automates processes and optimizes time management became apparent.
Key Benefits of Upgrading to Microsoft 365 Copilot
- Time Efficiency: Significant reduction in time spent on recurring tasks like reconciliations.
- User-Friendly Interface: Easier for employees to learn and navigate.
- Adaptability: Can be configured to meet changing business needs.
- Improved Processes: Automated workflows enhance overall operational efficiency.
U.S. Venture’s journey with Microsoft 365 Copilot for Finance exemplifies how modern technology can transform finance and operational processes, paving the way for more streamlined operations and better opportunities for growth.
