As a business renting equipment or products to multiple parties, you always want to be at the top of your game when it comes to customer satisfaction. But here's the thing — to ensure you have happy customers, you need detailed and personal insight into each of your customers. Be it understanding customer acquisition, customer retention, tracking the customer's buying patterns, or having visibility into your customers' lead to cash cycle.
Some common reasons for customer dissatisfaction in the equipment rental industry are delayed quotes, incorrect delivery, overdue maintenance, and so on. So, how can you ensure that your customers are always happy? An efficient customer relationship management (CRM) solution could be beneficial.
With comprehensive experience in the rental and manufacturing industries, we at To-Increase have collaborated with global organizations to streamline their operations by leveraging the power of DynaRent, our rental-specific ERP software embedded in Microsoft Dynamics 365 Finance and Supply Chain Management.
In this article, we’ll share why rental companies need a CRM solution, explain the offerings within Dynamics 365 F&SCM (ERP solution) and Dynamics 365 Sales (CRM solution), and highlight the value of combining both solutions.
Why do rental businesses need a CRM solution?
Your sales team requires real-time access to intelligent information offered by the CRM to obtain the correct information about the customer. Direct access to the rental equipment data shortens the sales cycle and improves quoting accuracy. It also provides insight into customer behavior, which you can leverage to grow your rental business.
Now you must be wondering: I already have an ERP solution; do I need a CRM as well?
Yes, you do! While an ERP system helps you run a successful business by connecting your financial and operational systems to a central database, a CRM solution helps manage how customers interact with your business and build stronger customer relationships.
In our experience within the rental and manufacturing industry, we've observed that the sales team prefers using a CRM solution instead of an ERP, as a CRM solution is easy to use, customer-focused, and designed to address and assist the needs of the sales team.
To help understand this, we will discuss the CRM capabilities in Dynamics 365 F&SCM ERP against Microsoft's CRM solution - Dynamics 365 Sales.
What are the ‘CRM capabilities’ offered by standard Dynamics 365 F&SCM for rental companies?
You can carry out certain sales and marketing activities in D365 F&SCM, such as obtaining, storing, and using customer data within the sales process.
Activities you can carry out with the marketing functionality in F&SCM are:
- Conduct marketing activities such as analyzing and developing marketing plans
- Manage relationships from when a business becomes a customer in your database
- Create telemarketing and email campaigns
You can do the following activities with the sales functionality in F&SCM:
- Generate sales quotations and sales forecasts
- Cross-sell and up-sell with the account information
DynaRent leverages the existing functionalities offered within Dynamics 365 F&SCM with additional rental-specific functionalities to manage the entire rental lifecycle efficiently.
What is offered by Dynamics 365 Sales as a CRM solution?
Dynamics 365 Sales is a customer-focused, business-specific solution built on Microsoft Power Platform and uses Dataverse to store and secure data. The platform allows you to extend your business requirements by building customer apps directly from your core data without the need for integration.
It is a cloud-based solution that enables the sales team to:
- Access relevant customer information quickly
- Build strong customer relationships
- Take actions based on insights
- Close deals quicker
As a CRM solution, Dynamics 365 Sales manages the complete sales cycle from lead to cash: lead generation and qualification, opportunity management to order management. All this is stored, organized, and tracked in a single solution.
Why do equipment rental and industrial manufacturing companies need Dynamics 365 Sales added to Dynamics 365 F&SCM?
With today's competition in the rental landscape, businesses must adopt new solutions to enhance sales and focus on nurturing and growing their existing client and prospect base. Dynamics 365 F&SCM as an ERP offers certain sales and marketing capabilities from the point a contact becomes a customer, but not beyond. However, Dynamics 365 Sales provides an end-to-end picture of your customer's journey from the lead to cash stages, making it a perfect CRM add-on solution to your already existing ERP system.
If you’re an equipment rental or manufacturing company involved in local and global operations, complex projects, or multiple revenue streams, investing in Dynamics 365 Sales will help you unlock the maximum potential of Dynamics 365 offerings. You will leverage your existing investment into Microsoft productivity tools and technology stack while increasing revenue and customer satisfaction.
With Dynamics 365 Sales as the CRM, you have additional benefits and can:
- Have a single CRM solution with anytime, anywhere cloud access
- Easily integrate with Microsoft Teams, Word, and Excel
- Connect with Dynamics 365 Marketing or Click Dimensions
- Leverage a solution that is easier to use for the sales team
- Gain unique insights into buying patterns, account history, etc.
- Track your Outlook emails and appointments to leads, contacts, and opportunities, converting unstructured communications to structured
How can we help rental businesses manage lead-to-cash processes in a single solution?
DynaRent for D365 Sales has rental-specific fields added to it, so you can
- Forecast categories
- Rental calendars
- Rate codes
- On-rent date and time
- Expected off-rent date and time
- Equipment delivery and pick-up date and times
- Invoice profiles
Additionally, we’ve enhanced the entire process of quotations and approvals by adding a Microsoft Power Automate Cloud flow, which can be easily set up and modified to your needs.
DynaRent, combined with DynaRent for D365 Sales, acts as a lead-to-cash solution that handles all your business requirements in one location.
Are you looking to streamline your rental business with software embedded in Dynamics 365?