Must-Know Features Of Microsoft Dynamics 365 Contract Management

Content

• What is Microsoft Dynamics 365 Contract Management?
• What are the must-have features of Microsoft Dynamics 365 Contract Management?
• Dynamics 365 Contract Generation
• Manage Contracts In Microsoft Dynamics 365
• MS Dynamic Electronic Signature
• Two-Way Data Sync
• Benefits of Microsoft Dynamics 365 Contract Management
• Conclusion

Contract management entails creating, negotiating, approving, executing, and managing contracts with suppliers, clients, employees, and partners. The task doesn’t start and end with the legal department. From sales to procurement, everyone has a stake in the contractual agreement that calls for complete visibility into the contract lifecycle. The majority of management tools, including ERP, CRM, and VMS, fail businesses when it comes to contracts. 

Employees have to keep switching between platforms to tackle contracts. That is why you need contract management transparency across the organization. What better way to do that than to make contract management accessible within platforms where the other teams thrive? Microsoft Dynamics 365 Contract Management offers just that. You can streamline the sales process by enabling the sales team to contribute to the contract lifecycle. Thus, there are better business operations all around. 

What is Microsoft Dynamics 365 Contract Management?

Microsoft Dynamics 365 CRM is the leading choice for businesses to handle sales, marketing, and customer service. It’s where the salespeople communicate, convince, and convert prospective customers. However, it doesn’t offer specific features to handle sales agreements. As a result, the sales team is either entirely cut off from the contracting process or must switch platforms to gain access. Either choice is a big blow to efficiency and productivity. 

There’s a quick and easy solution to overcome these challenges. Dynamics 365’s integration with contract management software, like Dock 365 offers, paves the way for the sales team’s incorporation into the contracting process. Microsoft Dynamics 365 contract management enables salespeople to route sales agreements within the CRM system throughout the contract lifecycle. It replaces disconnected systems with shared processes and data. 

What are the must-have features of Microsoft Dynamics 365 Contract Management?

Typically, the legal team is in charge of contracts and related procedures. They carry out the contract lifecycle in contract management solutions tailored to their needs. Thus, the contract management lifecycle remains separate from the other teams without room for collaboration. It means that sales agreements reach the signing stage without the sales department's active participation. Financial, vendor, and employment contracts all suffer the same fate. This limitation may prove costly to the organization. That’s where Dynamics 365 contract management comes in. Here are some of its features that can help you open up your contract lifecycle to collaboration and efficiency.

Dynamics 365 Contract Generation

Microsoft Dynamics 365’s integration with contract management software allows users to create contractual agreements within the CRM platform. It enables sales teams to initiate contract requests without leaving Dynamics  365 CRM. They do not have to submit a contract request form or email legal to ask for one. As a result, there is no additional waiting period, and the sales contract lifecycle for onboarding new clients is much shorter.  

Salespeople can access pre-approved templates and clauses in Dynamics 365 through the integrated system to create precise and capable sales agreements. It enables sales and other departments to handle contracts independently without requiring ongoing assistance from legal counsel. Additionally, using the pre-written material from the clause and template libraries ensures legal validity and standardization of contract content throughout the organization.

Manage Contracts In Microsoft Dynamics 365

The sales department needs up-to-date information on the status of the sales contract lifecycle to close deals and handle customers. This data, including executed sales agreements, milestones, and renewal dates, is essential to the sales process. However, disjointed contract management systems rob salespeople of access to more specific contract lifecycle details. Businesses can overcome these shortcomings through Microsoft Dynamics 365 Contract Management.

The integrated system makes it simple to update the sales team on the status of contracts at various points in their lifecycles and monitor their progression in real-time. All the active sales agreements and related documents are accessible through the CRM platform. From contract drafting to negotiation to review and beyond, the sales team can easily stay on top of the status of contracts. Dock’s integration with Dynamics 365 provides quick access to the CMS interface to manage and monitor workflows, tasks, invoices, and obligations. As a result, salespeople are always aware of the sales agreements' progression as well as critical deadlines and commitments.

MS Dynamic Electronic Signature

Digital sales agreements and signatures make for a smoother buying experience overall. There is no need for the hassle of printing, signing, scanning, and sending contracts back and forth between the company and its clients. The sales team can get the approved and reviewed documents straight to the customers for signing through Microsoft Dynamics 365 Contract Management. The integrated system also provides a comprehensive log of all the documents sent for e-signature. As a result, the sales team can monitor the execution phase and ensure that no sales agreements fall into the abyss of never hearing back from potential clients. 

Dock’s integration with Dynamics 365 enables users to utilize a range of legally binding electronic signatures like DocuSign, Adobe Sign, and Sertifi. Thus, the sales department can send countless documents to any number of signers through the integrated system. The automated workflows always route the sales agreements to the appropriate decision-makers and signing authority. Thus, the sales contract lifecycle progresses through the execution phase without avoidable delays.

Two-Way Data Sync

Getting everyone on the same page regarding contract management is easier said than done, particularly when teams and processes span across various platforms. Microsoft Dynamics 365 Contract Management offers two-way data sync between the CRM and CMS platforms. Thus, there are no data silos or disconnected systems throughout the contract lifecycle. Within the Dynamics 365 CRM system, salespeople can create contracts and request agreements. The contract management software will automatically update to reflect these changes. A contractual agreement created with Dock CMS is also automatically synchronized with Dynamics 365 CRM. As a result, no one misses out as sales agreements progress through their various stages.

Benefits of Microsoft Dynamics 365 Contract Management

Compliance

Microsoft Dynamics 365 Contract Management enables the sales team to ensure that contracts comply with industry standards and laws. The integrated system provides a comprehensive audit trail, making it easier to track changes, approvals, and other contract-related activities, which is crucial for compliance and legal purposes. The organization-wide commitment to overseeing invoices, obligations, and contract-related tasks increases overall efficiency and compliance.

Data Accuracy

All contract-related information is stored in a centralized location, reducing the chances of data duplication and ensuring data accuracy. The sales department can make use of pre-approved templates and clauses for contract generation to ensure competence. Moreover,  auto-populating CRM data from Dynamics 365 to create contracts minimizes manual data entry errors and inconsistencies.

Collaboration

Microsoft Dynamics 365 Contract Management facilitates collaboration among different teams and departments involved in the contract lifecycle by providing a central platform for communication and document sharing. The integrated system enables real-time updates, allowing stakeholders to stay informed about the status of contracts and any changes made during the negotiation or approval process. The sales team can oversee the sales contract lifecycle from within the CRM platform.

Standardization

The integrated Dynamics 365 system ensures the use of standardized contract templates, reducing the risk of errors and discrepancies in contract language and terms. The salespeople can self-serve sales agreements while promoting consistency in contract creation, negotiation, and approval processes, leading to better control and governance.

Shorter Lifecycle

Microsoft Dynamics 365 Contract Management streamlines contract processes, leading to shorter contract lifecycles from creation to approval and execution. The sales team can self-serve sales agreements and get them to clients for signing without switching between multiple platforms. The automated workflows and e-signature solutions enable businesses to close deals faster and without any unnecessary bottlenecks.

Conclusion

A smooth contract management lifecycle is essential for a faster sales cycle and satisfied customers. Salespeople waste valuable time filing contract requests, entering data, and tracking down misplaced sales agreements in the mail. Optimizing all these processes within a centralized platform accessible to all relevant stakeholders can help to close deals faster. Microsoft Dynamics 365 Contract Management enables the sales department to collaborate on the contract lifecycle within the CRM platform.