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FAQs while looking to upgrade from Dynamics AX to Dynamics 365
Currently Microsoft provides a direct upgrade path from Dynamics AX 2012 to Dynamics 365 Finance and Supply chain management, which essentially means that you can upgrade to Dynamics 365 Finance & Operations if you are on AX 2012 R2 or AX 2012 R3 and you are updated on the latest available cumulative update for your version.