Many of the fascinating and unconventional properties of several transition-metal compounds with partially filled d-shells are due to strong electronic correlations. While local correlations are in principle treated exactly within the frame of the dynamical mean-field theory, there are two major and interlinked routes for important further methodical advances: On the one hand, there is a strong need for methods being able to describe material-specific aspects, i.e., methods combining the DMFT with modern band-structure theory, and, on the other hand, nonlocal correlations beyond the mean-field paradigm must be accounted for. Referring to several concrete example systems, we argue why these two routes are worth pursuing and how they can be combined, we describe several related methodical developments and present respective results, and we discuss possible ways to overcome remaining obstacles.
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