4 Fundamental Ways Manufacturers Manage Contracts with Dynamics 365
Manufacturing leaders in today's world have a lot on their plate - from product development to sourcing and quality control, to global supply chains being disrupted by pandemics, they require intuitive, scalable solutions that can meet all of their business needs. Contract management is no different, and with Microsoft Dynamics 365 and the Power Platform, it's easier than ever for manufacturers to have everything they need to properly track, control, and report on what matters. Let's take a look at four fundamental ways manufacturers can (and should) be managing contracts using Dynamics 365 and the Power Platform.
Contract Relationship Management
Simply managing a digital Rolodex next to a digital list of contracts won't cut it in today's manufacturing climate. Dynamics 365 applications go well beyond the 'traditional' CRM or ERP functionality, however. Are you managing not only to end customers, but also reps, distributors, suppliers, sourcing groups, and more? Does your business maintain complex customer and vendor hierarchies? Do you want to see the complete relationship picture from customer *or* contract vantage points? With Dynamics 365 first-party apps (i.e. Sales, Field Service), you're covered. You can also use Dynamics 365 and Power Platform tools to extend your business solutions and achieve a true 360° view of any relationship from any angle.
Managing Your Contract Process
Sometimes, getting a contract created and signed-off is more than just a one-and-done ordeal. Often, manufacturers look to subject matter experts, teams, and leaders to perform various tasks or validate data in the end-to-end process. Additionally, not all manufacturers have the same steps or requirements when it comes to managing contracts. That’s where a flexible system like Dynamics 365 comes in. Within Dynamics 365 you have the ability to set up processes and tasks required prior to a contract being completed. Automated workflows then help move that process between stages from beginning to completion.
By automating your processes and systems you can speed up your contract process and accuracy. With Power Automate you can manage all actions related to the contract process and automatically complete sections or data by pulling in information from already entered sources. These fields that can be automated include effectivity/coverage date warnings and notifications, changes in terms, transferring contracts to and from responsible parties, etc.
Transform for Your Customers
While there are many internal benefits to manufacturers who take advantage of these modern tools, there is also a risk associated with those companies that do not move to more modern technologies. Today’s buyers and suppliers are becoming savvier when it comes to how they want to communicate and do business. Without the right tools in place, you’ll quickly fall behind your competitors, making your prospect’s decision on who to work with easier. By offering a vendor portal, a robust online ordering system, insights into contracts and discounts, and other important information, you’ll increase your customer satisfaction and sales.
By putting the right systems in place, you’ll be able to access information faster, close deals quicker, and increase customer and vendor satisfaction. Reach out to the team at Stoneridge Software to learn more and make plans to join our upcoming webinar to learn about self-service portals for the manufacturing industry.