Every software product—either its on-premises or cloud version—is usually backed by a life cycle and support policy, which defines how frequently the product will be updated and for how long it will be supported. All Dynamics 365 products including Finance and Operations follow the Microsoft Modern Lifecycle Policy. Product and services under this policy are serviced and supported continuously. The Finance and Operations product life cycle and support policy are called One Version.

In a typical ERP implementation, the common strategy used to be once you had implemented a particular version of the ERP product, then in few years, you would have to go through the upgrade process to get on to the latest version. For example, if you are on Microsoft Dynamics AX 2012 and are trying to implement D365FO, then you would have to go through the upgrade...