This article was contributed by Hazel Raoult who works as a freelance marketing writer with PRmention.
Microsoft introduced Dynamics 365 as a cloud-based enterprise resource planning (ERP) and customer relationship management (CRM) platform. It began by merging Dynamics AX with Dynamics CRM. Microsoft was an early pioneer in providing a comprehensive answer. Businesses using Dynamics 365 can manage their customer relationships, sales, services, marketing, and operations more efficiently.
Small and medium-sized enterprises (SMEs) have become an increasingly important part of the global economy, accounting for more than 99% of all businesses in the United States alone. In this modern age of technology, SMEs rely more on business solutions to stay competitive.
Dynamics 365 for SMEs
One of the most popular business solutions in the market is Microsoft Dynamics 365, a cloud-based software suite designed to help small and medium enterprises streamline their processes and increase efficiency. If your business functions in the SME space, leverage Microsoft Dynamics 365 Business Central, powered with a centralized platform to manage operations and boost efficiency.
It boasts powerful and adaptable capabilities that your SME can use to manage all aspects of operations, finances, and sales in a customizable manner. In fact, SMEs looking to get more out of their B2B sales process can count on Dynamics CRM CPQ, which helps centrally manage all aspects of product setup, pricing, and quotation. This enables sales teams to quickly and accurately estimate prices for products. Using CPQ for sales with Dynamics CRM offers a consolidated database of product details and a structured sales process.
Microsoft Dynamics 365 enables SMEs to manage the complexities of their business requirements better and provides their teams with the tools they need to succeed in a growing competition. The platform allows companies to connect their customer relationship management (CRM) solutions, ERP solutions, and business intelligence (BI) solutions to one platform.
It also includes a range of applications specifically tailored to SMEs, such as Finance & Operations, Customer Service, Sales, Talent, and more.
Dynamics 365 is made up of two core components
- Dynamics 365 Business Central: This is a comprehensive business management solution that enables organizations to manage finances, operations, sales, customer service, and more.
- Dynamics 365 Customer Engagement: This suite of applications enables organizations to build engaging customer relationships and enhance customer service. The platform is built on the Microsoft Power Platform, which consists of Power BI, Power Apps, and Power Automate. These help SMEs create apps and automate processes that help drive their business decisions and workflow.
How SMEs Can Use Dynamics 365 Small and medium-sized enterprises (SMEs)
SMEs can use Dynamics 365 and get access to a full array of tools and services that improves their operations and optimize their business's potential. It includes..
- Sales and Marketing: Dynamics 365 provides powerful tools for sales and marketing teams to track leads, nurture relationships with customers, and drive better customer service. It also provides analytics tools to gain insights into customer behavior and create targeted campaigns.
- Services: Dynamics 365 enables SMEs to manage service requests and cases. It also provides tools to track customer satisfaction and analyze service performance.
- Operations: Dynamics 365 allows SMEs to manage their operations more efficiently by providing inventory, financial, and asset management tools.
- Collaboration: The platform allows SMEs to collaborate on projects in real-time with Microsoft Teams or Office 365. This makes it easy for teams to communicate, share files, and track project progress.
How can SMEs Grow Faster with Dynamics 365?
SMEs have an important role to play in the global economy. They are the engine of innovation and growth that can drive economic development and job creation. As such, they should have access to the same tools and resources as larger companies. That's where Dynamics 365 comes in.
Dynamics 365 opens up many opportunities for SMEs, enabling them to easily create custom solutions to fit their unique needs and providing a level playing field to stay competitive in a rapidly-changing market.
Here are some of the major factors of Dynamics 365 that contribute to the growth of SMEs.
Ensures scalability
One of the key advantages of Dynamics 365 is that it is easily scalable. SMEs can start with a basic package and choose to add on more features as their businesses grow. This makes it an ideal solution for small businesses looking to save costs while gaining access to powerful business applications.
Integrating other applications
Dynamics 365 helps SMEs through its integrated suite of applications. This includes financial management, customer relationship management, supply chain management, asset management, and project management functions.
Moreover, you can also integrate Dynamics 365 with other systems and applications that help create a comprehensive end-to-end solution. It can also provide advanced business intelligence and analytics capabilities, promoting insights to make more informed decisions and drive improved outcomes.
For instance, a business can use Dynamics 365 CRM to manage customer relationships while using its financial management features can track invoices and accounts receivable.
Range of features
Your small and medium business should first craft a strategic plan to use Dynamics 365. This helps leverage its range of features and benefits across business departments. For example, you can use Dynamics 365 to streamline procurement processes by tracking purchase orders and invoices in real-time; manage project timelines and track progress, monitor customer service performance, and access real-time business insights through data visualization tools.
Moreover, use it to create custom applications tailored to a business's specific needs — from customer relationship management (CRM) solutions to inventory tracking applications. Click here to explore more about creating custom apps with Dynamics 365.
Operational insights
In addition to its suite of integrated applications, Dynamics 365 also provides SMEs with insights into their operations. For example, you can use its real-time analytics and business intelligence to drive data-driven decisions quickly and accurately.
It also helps enhance and improve customer service by providing automated workflows for tasks such as creating quotes, tracking orders, and processing returns. All such actions contribute to pivoting resources at optimized levels that drive growth across departments.
Cost-effective option
Growth-focused SMEs often look at cost optimization options and Dynamics 365 offers just that. You can easily integrate your existing systems and services into one unified platform, significantly reducing the cost of managing multiple systems.
Additionally, the subscription-based pricing model allows you to pay only for the services you need, enabling you to save on operational costs. As Dynamics 365 is a cloud-based solution, SMEs need not invest in additional hardware or software infrastructure, making it an ideal choice for businesses with limited budgets. And, since Dynamics 365 is designed to help businesses streamline their processes, it can further reduce overhead costs.
Leveraging analytics for decision-making
Dynamics 365 also offers powerful analytics capabilities, enabling SMEs to capitalize on data-driven insights to drive better decisions for their business. It also features predictive analytics, enabling key decision-makers in SMEs to make well-informed decisions about future opportunities and associated risks.
SMEs can use Dynamics 365 in analytics for decision-making, which helps provide powerful data analysis and visualization capabilities. SMEs can quickly analyze and visually explore large volumes of data, identify trends, and make informed decisions.
Dynamics 365 includes drill-down, filtering, and grouping capabilities to help SMEs quickly identify trends, spot outliers, and gain insights from their existing data. Key personnel in SMEs can leverage predictive analytics capabilities to help identify potential opportunities and risks in the future. With its comprehensive analytics suite, Dynamics 365 enables SMEs to quickly review their performance and make decisions based on accurate data.
Additionally, Dynamics 365's AI-powered insights can help uncover hidden patterns in their data and discover new opportunities within their business operations.
Wrapping up
Microsoft Dynamics 365 is a great solution for small and medium-sized businesses looking for quick growth. It has an integrated solution that helps them streamline processes and increase efficiency.
Gaining a competitive advantage in today's time requires SMEs to step up the game. And it can begin with adopting Dynamics 365 which comes with a wide range of features designed specifically for SMEs that help them gain valuable insights into their operations and customer service.
For any business looking for a comprehensive and cost-effective solution for managing its operations, Microsoft Dynamics 365 is an ideal choice.
About the author
Hazel Raoult is a freelance marketing writer and works with PRmention. She has 6+ years of experience in writing about business, entrepreneurship, marketing, and all things SaaS. Hazel loves to split her time between writing, editing, and hanging out with her family.
Last Updated on January 24, 2023 11:04 am CET by Markus Kasanmascheff
