The financial services industry has been leveraging apps and software, thanks to technology. The demands of clients are also changing with time. In this blog, we will talk about D365 Business Central for Financial Services.
Microsoft Dynamics 365 Business Central is a powerful and flexible solution for small and middle-sized businesses. It streamlines business operations while increasing productivity through automated workflows and processes.
What is Dynamics 365 Business Central?
Dynamics 365 Business Central is a cloud-based ERP system under the umbrella of Microsoft. It provides solid CRM capabilities as well while being an ERP solution.
You can actually improve your sales, optimize the supply chain and manage financials all at the same time. This comprehensive solution can aid your entire business. It integrates with other Dynamics 365 applications.
The cloud version is prevalent and provides ease of use for small businesses. It was originally known as Microsoft NAV. The cloud version is more prevalent and extremely easy to use.
Benefits of Dynamics 365 Business Central
Let us dig deep into the advantages of using Dynamics 365 Business Central.
Low cost of ownership:
One of the major reasons why you should opt for it for your small or mid-sized business is because you can control your costs.
In order to curb expenses in the long run, you can take the help of cloud ERP, such as no upgrade, lower maintenance expenses and low infrastructure investment.
The subscription-based monthly fixed fee model reflects that you do not need a huge upfront payment and your expenses stay predictable. You do not require servers, dedicated IT resources, etc.
Offers a Single Source of Truth:
Secondly, Dynamics 365 Business Central will make a single source of truth for your business data across many departments.
It means that your data is safe and secure and will be updated in real-time on a constant basis. It means that you can make decisions and create financial reports.
You can even see data reports and analyses easily through built-in dashboards. You will be able to take better business decisions and accelerate growth by connecting data across finance, sales, purchasing and more.
ERP Meets CRM in One Platform:
While Business Central is an ERP solution, it also has abilities to enable you to enhance customer experiences and strengthen relationships with your customers.
In fact, the CRM features help you track customer interactions along with aiding you with insights on upsell, cross-sell, and renewal opportunities across your sales cycle. Other things that you can create are flexible pricing, discount structures and more.
As far as customer experience is concerned, you can address customer returns or after-sales issues, track repair details and respond to enquiries, to name a few.
Warehouse and Supply Chain Management:
Dynamics 365 Business Central comes with solid warehouse and supply chain management features. You can maximize the supply chain with predictive stock replenishment and automatically create purchase orders on the basis of sales forecasts and stockouts.
Maximize warehouse storage facilities and streamline receiving and storage through the usage of templates to determine the best placement of items.
Fulfil your orders and even get intelligent recommendations on how to make your shipments fast.
Flexible and Easy to Scale:
You should also make the investment because of the feasibility it comes with. On the back of cloud technology, your business data is accessible to you and your workers.
This gives you the freedom to run and operates from anywhere and at any time of the day as long as you have an internet connection. As working from home or remote working is the new normal, you need to evolve with the help of technology.
This will provide your business with an edge. Business Central is easily scalable and helps you grow with ease as your business requires expansion.
Simple Project Management:
Dynamics 365 Business Central also provides features for managing your projects so that you can meet deadlines. It also enables you with financial, accounting, warehouse, and CRM capabilities.
An entrepreneur can track and control projects with timesheets, advanced job costing, and reporting capabilities. Managing resource levels will also be simplified by planning sales and capacity. In order to ensure profitability, you can get real-time insights on project status and other metrics.
If you use Microsoft business applications such as Office 365, you must know that Dynamics 365 Business Central seamlessly integrates with other Microsoft apps as mentioned before. It even comes with Microsoft Power BI dashboards.
Data Security and Compliance:
Dynamics 365 Business Central can provide enterprise-level security. It comes with in-built features to ensure your data is backed up and securely stored.
You can use features like authorization, authentication, data encryption, and auditing. Your business will become more compliant.
Is Dynamics 365 Business Central apt for your business?
Yes! It is. If you are a small or mid-sized business, or if your business has outgrown the accounting software, then you can opt for the same. This is a flexible and customizable solution. It comes with better data security as well.
Dynamics Business Solutions (DBS) is certified Microsoft Dynamics partner in UAE, we take pride in our ability to develop and deploy the right business solution that matches global client’s requirements. DBS has developed in-house state of the art solutions for HR and Payroll, Dynamo and DynaPay on top of Microsoft Dynamics 365 FO and Business Central respectively. These solutions are catering the all business needs of HR and Payroll departments. We provide best services and support to our clients.