Unlocking Business Success: Dynamics 365 for Contract Management

Contract management has become an essential part of businesses that want to streamline growth. You will support me when I say, “The manual ways of managing, tracking, and maintaining contracts have been a factor in loss and inefficiency, restricting business growth.”

This is a common issue that business owners and contract managers have to face. But, with an ERP implementation like Dynamics 365, you can automate the different processes along with getting real-time data. This will empower you to make informed decisions about a contract and drive maximum revenue.

In this blog, we are going to discuss what exactly contract management is, the challenges faced by industries, and how Dynamics 365 Contract Management can support businesses with its advanced capabilities.

What is Contract Management?

Contract management consists of different complex processes that include creating a contract, negotiating terms, executing processes, monitoring contracts, and streamlining processes.

All such activities must be followed to ensure the involvement of all personnel related to a contract. Also, all personnel must be notified about the status of the contract and ongoing processes. It enables the contract management business to resolve any dispute or issue without any hassle until the completion of the contract.

From the start to the end of the contract, there are a few stages, which are:

• Pre-contract: This stage includes identifying the requirements of contracts, finding good vendors, and performing negotiations on different resources.
• Contract Information: Once we have the requirements and are done with negotiations, it’s time to draft the contract. After this, we can proceed to review and get signatures from all parties.
• Contract Execution: After signatures, we can move forward to execute the contract based on terms and conditions, like delivery service or goods.
• Contract Administration: Managers can track the performance of contracts to make them successful. Also, we can resolve any dispute and make important changes to the contract.
• Contract Termination: Once the service is completed, the contract can be terminated following all terms.

What is Dynamics 365 for Contract Management?

Dynamics 365 contract management is a powerful module that helps a business streamline the processes of managing contracts while optimising resources for greater profitability. Being capable of dealing with various challenges, Microsoft Dynamics 365 for contract management offers full visibility across projects.

D365 contract management enables the business to centralise contract data, automate tasks, generate data-driven reports, and simplify different processes of managing contracts. Also, it complies with international standards of doing business, eliminates risks, and opens doors to valuable opportunities.

How does Dynamics 365 for Contract Management benefit businesses?

Businesses have to deal with numerous challenges while they streamline different contracts altogether. In such a scenario, contract management in Dynamics 365 gives sufficient tools and capabilities to tackle all challenges and boost business operations. Some of the benefits are:

Centrealised Data Storage

Store data along with contracts in a unified place for ease of access and let users access it whenever needed.

Track Changes

The Dynamics 365 cloud enables the user to track contracts at each milestone until they are completed. Also, you can track contract history to resolve any dispute and perform audits.

Advanced Search

Dynamics 365 is an advanced solution that enables users to find a specific contract by searching its keywords and other parameters.

Automated Workflows

Avail the advanced capabilities of AI to automate workflows, repetitive, and recurring tasks; such tasks include invoice creation, contract approvals, and tracking resources.

Access pre-built Templates

The pre-built templates let you create contracts with the minimum effort and resources. You can access the desired templates from Dynamics 365 to make work easier.

Customizable Dashboard

Based on your role, you can customise the dashboard to suit your needs. It lets you filter out unnecessary data and replace it with useful and actionable information.

Obligation Tracking

Track the credibility and duty in each contract to check the status of payment and service-level agreements. Also, you can set automated alerts and specific reminders to accept compliance.

Risk Assessments

You can find the potential risks associated with a contract and supplier and resolve them before they hinder performance.

Renewal Reminders

Microsoft Dynamics 365 contract management proactively tracks the status of contracts to notify you about any kind of renewal, service, or compliance.

Supplier Performance Management

Evaluate the performance of the supplier or vendor on the basis of their work based on acceptable contract terms. Based on the data, you can analyse a supplier and improve its performance.

Seamless Integration

Integrate any native solution available in the Microsoft Dynamics 365 ecosystem with just a click, without writing a line of code.

Security Compliance

Based on standard security protocols, get high-end data security while accepting regulatory compliance with Dynamics 365.

How can Dynamics Square help you eliminate contract management challenges?

 If you are dealing with a lot of contracts and facing numerous issues, like disorganised documents, missed deadlines, and critical risks, Dynamics 365 contract management is the perfect solution.

Being a reliable, trusted, and cost-effective Microsoft Solutions partner, Dynamics Square can help you with Dynamics 365 implementation. We have 150+ solution experts who understand the complexity of businesses and offer the perfect solution they require to grow and scale.

To streamline all your contract management activities, feel free to write us a message at info@dynamicssquare.co.uk or call us directly at +44 207 193 2502 to get instant help.