Dynamics 365 Finance stimulates the economy. Investigate how it affects financial knowledge, resource allocation, and overall economic health to help you make wiser financial choices.
ERP (Enterprise Resource Planning) systems are currently entering a new era. From this viewpoint, ERPs are characterized by agility and AI-driven operations.
They also place a greater emphasis on user experience to reflect their critical role in digital business.
The organizations questioned for the TEI research discussed a variety of topics that were relevant to all of them, including:
The organizations polled for the TEI study noted several difficulties that they have in common, including
- Deep solution customization
- The absence of uniform financial practices.
- Relying too heavily on manual labor and traditional knowledge
- A deficiency in real-time visibility.
The composite organization eventually looked for and purchased a system that could:
- Provide basic finance and accounting activities right out of the box.
- Provide access to real-time visibility for the financial teams.
- Make it possible for the organization to expand in line with what the market anticipates.
Findings Enhanced productivity of the finance team
Interviewees noted how legacy ERP actively restricted the business by necessitating manual report production and distribution before the implementation of Dynamics 365 Finance.
Because reports were usually out of date once they were delivered, more personnel were required to support financial procedures as well.
These firms used significantly various processes and systems based on the region, location, and kind of location, process standardization was almost impossible (retail, office, and more).
The firms were able to standardize and streamline their financial procedures across all of their sites by implementing Dynamics 365 Finance.
At the same time, finance teams were able to repurpose some team members to support higher-value work and avoid adding additional staff through external hiring by utilizing real-time information and automation.
Productivity Gains for the IT Team
As firms transitioned from old, on-premises ERP solutions to the cloud-based ERP architecture of Dynamics 365 Finance, there were parallel increases in the productivity of the IT team.
Most of the legacy solutions had been in use for more than ten years, which presented several difficulties. The ERP solutions, in particular, had evolved into highly specialized systems that demanded substantial resources to run and maintain functionality.
This issue was particularly difficult because team members who knew the several customizations and skills in them had left for other positions or organizations. Further adaptations were made more challenging and time-consuming by the lack of continuity.
The composite organization significantly decreased IT administrator and development hours by standardizing Dynamics 365 Finance and implementing a solution that offered more capability with fewer changes and was easier to support overall.
Existing cost savings
The firms were also able to save money by using Dynamics 365 Finance to avoid expenses that would have been associated with their legacy solutions. When they switched to Dynamics 365 Finance, these old costs went away.
This cut down on infrastructure costs, got rid of unnecessary solutions across locations and business lines, lowered the cost of auditing, and lowered the cost of growing with demand.
Here are a few typical CRM features and their purposes to get you started:
- Integrations: Integrations let you use third-party applications like Mailchimp or Outlook in conjunction with your CRM to easily accomplish business objectives.
- Sales analytics and reporting: Dashboards for analytics and reporting let you know which targets you are accomplishing and which you are not, allowing you to change your tactics to stay on course. Additionally, they provide you with crucial data points to assist you in better targeting customer or lead categories and, eventually, closing sales.
- Automation: By automating time-consuming tasks like role assignments, outreach via email sequences, data collection, and report production automations, let your team grow lead and customer management.
- Sales forecasting: Some CRMs have forecasts that project sales volumes, enabling you to determine whether you’re likely to fulfill your sales targets.
- Email marketing: The majority of CRMs provide email marketing automations and features, including email templates, email sequencing, automatic email personalization, and email tracking and reporting.
- Collaborative tools: To assist businesses in coordinating sales, marketing, and customer service, several CRMs provide collaborative solutions like Zoom connectors or real-time document collaboration capabilities.
- Complaint tickets: When coupled with online chatbots, CRMs take complaints from leads or customers and scale excellent customer assistance. After that, they either provide content to help remedy the problems or refer such complaints to human representatives who can handle them the best.
- Website forms: To collect customer and lead information on your website, your team can use the templates provided by many CRMs.
- Lead and customer segmentation: Several CRMs provide you with the option to quickly divide leads and customers into groups based on their interactions or past purchases with your business. Your business can interact in scaled-down, tailored ways as a result.
- Task management: You may use a CRM’s task management tools to establish reminders to assist you in better managing leads and customer nurturing. You could, for instance, program reminders to follow up with leads at predetermined intervals or allocate leads to new reps once they reach particular stages in the leadership pipeline.
- Opportunity management and lead scoring: Your team will be able to rapidly and automatically identify which leads are most likely to make a final purchase from your business thanks to this functionality. Your sales reps will know which leads to prioritize based on this score.
- Mobile CRM apps: While away from their offices, your customer care and sales representatives can access and record data about prospects and customers using a mobile CRM. Company personnel will be able to provide customized experiences for any leads or customer contacts with your brand thanks to the increased data visibility.
- Contact center automation: Call center automation makes it simpler for customer care employees to provide tailored support to clients or leads.
- Marketing campaign management: CRM campaign tools may include, among others, campaign workflows and email templates, A/B campaign testing, campaign scheduling, tracking for social media and advertisements, and marketing analytics.
Dynamics 365 Marketing is a platform that may be utilized independently or in conjunction with another customer engagement strategy (Dynamics 365 Sales, Dynamics 365 Customer Service, etc.).
It offers a concession when used in conjunction with an existing customer engagement plan. The pricing structure for Dynamics 365 Marketing is distinct from that of other Dynamics 365 products; instead of charging based on the number of “marketing” contacts, it charges based on the number of users.