Microsoft Dynamics Business Central is more than an enterprise resource planning (ERP) solution. It gives small and medium-sized businesses the capabilities needed to remain competitive with larger organizations. Let’s take a deeper look into four essential Microsoft Dynamics 365 Business Central designed to optimize your operations.
1. Finance Module
One of the biggest advantages the finance module offers is the reduction of repetitive data entry tasks. Instead of having employees spend hours typing in figures, you can use automated accounts payable processes. For example, when a retail company receives an invoice, it can set up the Business Central Finance module to automatically:
- Match it to a purchase order
- Verify the amount is correct
- Schedule a payment
This increases the timeliness of payments, which creates good vendor relationships. Automation also helps reduce human errors that require manual correction.
Visibility Into Finances
Organizations can monitor their financial health in real time by setting up customized dashboards and reports. Decision-makers have quick access to key performance indicators (KPIs) like revenue, expenses, and profits.
For example, manufacturers can integrate inventory, procurement, and production data to gain insights into cost variances. Businesses can quickly locate inefficiencies and brainstorm ways to optimize their processes.
Budgeting and Forecasting
You can also use the Finance module to set up yearly budgets and allocate resources to various departments and projects. In addition, companies can compare revenue against the budget and find places where they may need to adjust before they go off-track.
Cash Flow Management
Use the Finances module to track accounts receivable and payable to ensure timely payment collection. A restaurant can monitor vendors' outstanding invoices and send automated payment reminders. The system can also keep up with vendor payments to ensure there’s enough cash available to meet current obligations.
2. Human Resources Module
It’s critical that companies find efficient ways of managing the workforce. The Business Central HR module provides key features like:
- A centralized database for storing employee information
- The ability to automate payroll and validate compliance with tax and labor laws
- Features for tracking work hours, absences, and leave requests
- Performance management capabilities to evaluate how employees perform against set objectives
Businesses can eliminate the need for manual record-keeping while establishing more accurate, updated employee records. For example, a small technology company can easily maintain employee records related to job roles, salary, and performance. HR managers can quickly access information when it’s needed for performance reviews or compliance audits.
Streamlined Recruitment and Onboarding
Using automated workflows, organizations can reduce the time it takes to attract and onboard new workers. The HR module also functions as a Business Central jobs module. For example, a law firm can use it to post job openings, track resumes, and schedule interviews. Once a firm hires a new recruit, it can set up welcome emails, assign essential training modules, and set up payroll information.
Payroll Processing
Business Central simplifies payroll processing by letting companies automate functions like payroll calculations, compliance reporting, and tax deductions. That reduces the risk of errors and ensures employees get paid on time. A manufacturing company can use the module to calculate wages, overtime, and tips for both hourly and salaried employees.
3. Sales and Service Management Module
The Sales and Service module assists teams with all aspects of the sales process. You can generate quotes, process orders, and set up invoices. For example, a distributor can send out quotes to customers from Business Central, then convert them to orders and automatically generate an invoice. The process is tracked in real time to ensure customers receive regular updates and that orders are fulfilled accurately.
Inventory Management
Use the sales and service tools to perform tasks like monitoring inventory levels, tracking stock movements, and finding ways to optimize supply chain operations. If you own an e-commerce business, the Sales and Service Management module can keep up with inventory across multiple warehouse locations. If a customer places an order, Business Central checks stock availability within the nearest warehouse to ensure fast delivery.
Integrated Marketing
The Sales and Service Module integrates with popular marketing tools. You use data stored in Business Central to inform your business plan and determine the best marketing campaign strategies. In addition, companies can track leads brought in from specific campaigns and their overall effectiveness.
For example, if a retail store rolls out a promotional campaign for a new product line, the Sales and Service Module can look at details of customer responses. That includes visits to websites, taking action to initiate further discussion, and making purchases.
4. Customer Relationship Management Module
The Business Central CRM module integrates easily into other popular modules to unify customer data management. The database stores information like customer details, communication histories, and preferences. That lets businesses track all customer interactions and make them accessible to teams that require the information.
A real estate agency can keep information about clients in a single location. That makes it easier for agents to retrieve data related to their budget range when scoping properties and location preferences. Those agents can review past interactions to determine if the approach taken needs to be refined and how to make the customer experience more personal.
Improved Service
Businesses can use the CRM module to log customer inquiries and issues. The system assigns tickets to support agents for timely resolution. In addition, the Business Central CRM also tracks resolution times and sends reminders to ensure reps provide timely follow-ups. All this contributes to a higher customer satisfaction rate.
Customer Insights
Organizations can use the CRM module’s analytics tools to better understand customer behavior and preferences. This allows companies to make data-based decisions and adjust their strategies to better meet customer expectations.
For example, a small store can analyze data outlining customer buying patterns to locate trends. They can see what products are most popular among specific demographics and those that might not be selling at the expected levels. That helps companies when it’s time to update their inventory and develop promotions to appeal to similar customers.
Take Your Business to the Next Level with Business Central
This article only scratches the surface of what you can do with Business Central. Internet eBusiness Solutions (IES) has years of experience helping companies refine business tools to fit their culture. Contact an IES representative today to learn more about the value we provide.
