While the objectives and strategies may vary across departments, the one thing they all have in common is the role contracts play. Contractual agreements are at the heart of nearly every business partnership, and often multiple teams are involved in most contract processes. However, most of the time, there is no defined system for information and responsibility sharing among teams. Consequently, firms fail to capitalize on the wealth of data available to streamline the sales and contracting process. And departments end up being information silos.
Despite being largely an ERP solution, Microsoft 365 Business Central has cutting-edge CRM (Customer Relationship Management) features to support your sales team. But contract management is where it misses the mark. But integrating contract management software with Business Central enables the organization to manage the entire sales process, including sales agreements, within a single platform.
Signing sales agreements marks the closure of a deal. Hence, the sales cycle heavily depends upon the contract management process to get tangible results. In addition to performing other sales-related tasks, the sales team must monitor the sales contract lifecycle; if they are to close deals on schedule.
Therefore, for salespeople, switching between platforms to manage the sales and contract lifecycle can get tiresome soon. That is where Microsoft 365 Business Central’s integration with contract management software comes in. With an emphasis on contract management, the seamless system provides a centralized solution to handle the entire sales process. The whole organization can successfully participate in the operation without miscommunication or overstepping.
A sales model exploiting the capabilities of both Business Central and contract lifecycle management platforms can streamline the entire sales process, reduce lifecycle times, and close deals faster. Faster sales cycles mean the salespeople have more time to focus on scouting potential clients. Here is how the sales team can utilize Microsoft 365 Business Central contract management for better results.
Manual data entries and repeated administrative tasks pave the way for inaccuracies and delays in contract approvals. Integrating the Business Central platform with contract management software can offer organizations a respite from repeated manual processes. The centralized system enables the teams to import data from one platform to another.
For instance, the potential customer details on the Business Central platform will be automatically reflected in the contractual agreement. It eliminates the need to re-enter data while moving from one platform to another. Thus, organizations can put an end to errors and avoidable errors in the contracting process.
One of the major hindrances in the sales process is the drawn-out contract lifecycle. Salespeople often have to wait a long time for the contract to get across the approval stage. They do not have the means to keep track of the sales agreements or push them through the contracting process.
But implementing the integrated system enables users to initiate the sales contract request within the Microsoft 365 Business Central platform. Thus, the sales team can self-serve sales agreements without having to wait for the legal department. It accelerates the contracting process and empowers salespeople to close deals faster.
Lack of visibility in the contract lifecycle can mean roadblocks and unnecessary risks for the organization. When enterprises are using multiple platforms for business operations, it is quite hard to ensure everyone is on the same page. Integrating Microsoft 365 Business Central with contract management software lays the foundation for open communication and efficient collaboration.
The integrated system enables the finance and sales team to access contract data readily. Consequently, other departments do not have to depend upon the legal team for every little bit of contract-related information. Moreover, the salespeople can utilize Business Central contract management to keep stakeholders apprised of the contract lifecycle. Thus, relevant parties get a comprehensive view of the entire sales and contracting process.
An integral part of the contract management process is getting the legal document past the approval stage. If the sales team wants to close deals effortlessly, they need sales agreements that the customers are cent percent onboard with. The best way to ensure that is by incorporating consistency and compliance in the contracting process.
Microsoft 365 Business Central integrated with contract management software offers a centralized location for organizations to manage the contract lifecycle. When you have a lone source of truth and a unified platform, it is easy for organizations to establish compliance and quality. Moreover, with an integrated system, all the stakeholders can assist in ensuring the sales agreements keep up with organizational and customer standards.
Business Central contract management comes with comprehensive financial summaries. It enables users to access real-time data about customer transactions, order lists, and balances. The legal team can access all this financial information within the contract management software.
Anytime, users select a customer or contract on either platform they can have the fiscal history easily available. And the invested stakeholders can stay on top of customer transactions to get the most out of their clients. It helps organizations to improve their contracting process and better serve customers.
Organizations require all information easily accessible to make intelligent choices. Often, when enterprises have multiple platforms for business operations it is hard to keep track of relevant data on time. Business Central integrated with contract management software provides a shared system of record so that every stakeholder can get current information.
Real-time data visibility enables organizations to make informed and timely decisions. A comprehensive overview of the entire sales process empowers the legal team to create client-centric contracts. Flexible, transparent workflows also allow enterprises to synchronize collaboration to optimize business operations.
While collaboration is integral for accelerated sales processes, organizations cannot afford to compromise data security for the same. Apart from setting up a centralized system for information, enterprises also need to ensure all the sensitive information is only accessible to relevant parties. Integrating Business Central with contract management software enables the organization to establish secure business processes.
The customizable dashboards and workflows ensure that only authorized personnel can get to contracting and sales processes. Approved users also help organizations to establish accountability in their processes. Moreover, the integrated system stores all the contract and customer-related information in a cloud-based centralized location. So, there is no risk of data leakage or legal liability.
Microsoft 365 Business Central contract management is a highly configurable system capable of supporting a wide variety of commercial requirements. The integrated system allows users to get real-time visibility of customer and transaction data. It enables sales and legal teams to serve customers efficiently and accurately with access to transaction status, billing, and payments.
Thanks to the transparency and ease of communication brought on by the integrated system, the sales team can track the progress of sales agreements and step in during roadblocks. Also, it empowers the salespeople to initiate sales contract requests within the Business Central platform. Thus, other departments can self-serve contracts without constant intervention from the legal department.
To know more about the ins and outs of contract management software, schedule a live demo with our experts.
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