It may look as weird as it sounds BUT Microsoft Dynamics 365 Contract management is not perfect for enterprise contract management. Yes, you read it right, Microsoft Dynamics 365 is not perfect for enterprise contract management and there we said it again.
This is weird as digitalization is what Microsoft has brought for businesses all size-inclusive. So, brace yourself for a perspective on Contract Management and MS Dynamics 365.
Microsoft Dynamics 365 CRM – A Leading CRM Tool
The ideal CRM tool is Microsoft Dynamics 365 CRM, also known as Microsoft Dynamics 365 Customer Engagement. It is a top tool to manage your clients and the sales opportunities available to your company. The platform or technology is not ideal for managing your contracts. It’s not because there are issues or flaws with the platform; rather, it wasn’t created to be a contract management program.
Although my research produced a number of leads on how it can be set up to use workflows and case management for direct contract requests to your legal team and how it could be assimilated with third-party eSignature products for effective execution of the contract, it still falls short of what an organization needs to manage contracts efficaciously.
In addition to a collective bargaining agreement repository too complex contract relationship assistance, collaborative effort, deal making, actively looking, work process metrics and tracking, reporting and dashboard, alerting, and responsibility management are just a few of the features supported by a powerful contract management application. While your CRM product focuses specifically on your sell-side engagements, and does so for both purchase and sales contracts.
Even if your firm decides to ignore the more advanced CLM features and solely concentrate on sell-side contracts, the work needed to set up Microsoft Dynamics 365 to resemble a contract management application and the associated downstream support requirements are not worth the time.
The Ever Expanding Value Of Microsoft Dynamics 365
Microsoft Dynamics 365 can and does deliver tremendous business value to many organizations. Over the past few years, it is progressively broadening the footprint to whom it delivers such value. Dynamics 365 has become one of the top five customer relationship management systems in the market along with Salesforce, SAP, Oracle, and Adobe. Its popularity continues to increase with staggering growth; a few data points of which you are likely unaware: Microsoft cited in the FY 20 Q2 earnings report an increase of Dynamics revenue of 12%. This increase in revenue was driven primarily by the growth in Dynamics 365. Q3 revenue growth for Dynamics 365 was noted at 42% with Q3 in at 47%, Q4 in at 42%, and Q1 2021 growth figures in at 38%.
An obvious question presents itself: “What is driving such growth?” This growth is attributable to the SaaS based CRM environment is experiencing tremendous growth. According to various reports, CRM software is now the biggest software market in the world, its growth is not slowing down, and CRM revenues are expected to reach $80 billion by 2025.
The acquisition of LinkedIn by Microsoft in 2016 is the other most intriguing element. The deal, which was extremely competitive because Salesforce also engaged in a month-long battle for the asset, had $26.2 billion worth. One of the emphasis areas was to bring synergy between the LinkedIn platform, and particularly the LinkedIn Sales Navigator product, and Dynamics, even if the results of the acquisitions are still being realized.
Microsoft Dynamics Contract Management Or Microsoft Dynamics 365 and Contract Management
Customer relationship management (CRM) systems like MS Dynamics and Dynamics 365 principally give your sales teams the tools they need to track their sales opportunities. Dynamics enables the sales team to organize work pertaining to both, track prospects and renewing, and manage prospects and clients. Additionally, the sales team could easily explore the LinkedIn network seeking fresh leads using Sales Navigator, and these leads may be saved immediately as CRM records.
Your company can generate more income and do so more effectively if you give your reps the tools they need to close bigger deals more quickly.
The process of contract management flows organically from the closing of sales prospects. An additional order form, SOW, or amendment to an existing contract is necessary when upselling a prospect. Additionally, managing a renewal necessitates that the person in charge of it be familiar with the terms of the contract, including its term, any notice requirements for renewal or termination, and it is potential to increase costs on an annual basis.
How can a company make the most of its current Dynamics 365 investment while taking care of its contract management requirements, then, if Dynamics 365 isn’t ideal for enterprise contract management?
Integrating Contract Lifecycle Management
There is an easy solution. Install a contract management program that is directly integrated with Dynamics 365 such that your sales team can focus on what they do best in Dynamics, the platform where they are most effective. The contract managers could continue to perform their finest tasks in a contract lifecycle management platform, where they are most at ease.
Your Sales Teams can request contracts straight from Dynamics 365 and have access to all the contract data they require to advance their opportunities thanks to a strong integration between both the systems. The data between both systems may be synchronized, and sales representatives can be given the authority to immediately track the status of their contracts. Renewal opportunities can also be produced automatically.
Not A Win-Win But A Win, Win – Microsoft Dynamics Contract Management
The General Counsel and his Paralegal now have a SaaS-based tool to efficiently handle the organization’s contracts thanks to the adoption of our Contracts 365 contract management platform. They may now take advantage of the numerous efficiencies made possible by the usage of a CLM solution because the contract development process has been automated. Companies no more need to waste time handling contract requests because they can now be handled by an automated self-service approach.
The Sales Team gains similar advantages by enhancing this installation with our Contracts 365 for Microsoft Dynamics module. They have all the data and resources they require to advance their sales process quickly available within their CRM system.
Conclusion
The short stick evolved into a wonderful educational opportunity. While Dynamics 365 CE is an excellent CRM product with a growing market share, MS Dynamics is not ideal for business contract administration. Businesses can automatically execute the entire contract lifecycle process by combining this with a contract management solution.
