What is Microsoft Dynamics NAV?
Industry Specialties: Serves all industries
Benefits and Insights
Key differentiators & advantages of Microsoft Dynamics NAV
- Centralized Data: Microsoft Dynamics NAV leans in to the essence of ERP software — data centralization. For example, the system’s contract management program maintains a shared database of customers and prospects that can be customized and filtered. The program also removes any duplicates found in the system, which is especially helpful when you have multiple people entering prospect information or liaising with customers. Customized dashboards and visualizations are also available for insights developed across your company.
- Accessibility: This software is available either on-premise or as a cloud-based ERP. If you opt to go with a cloud deployment, the solution will be accessible to your employees anytime and anywhere as long as an internet connection is available. This broadly increases the scope of where your employees can complete their duties and access pertinent information.
- Forecasting: Microsoft Dynamics NAV contains forecasting tools that include the use of historical demand to estimate future demand. This is helpful because it can improve efficiency, reduce spoilage and improve the likelihood that you will be able to fulfill orders from customers.
- Simple Integration: As a Microsoft product, Dynamics NAV is well poised for integration. The software can work with programs such as Word and Excel and is also available across iOS, Android and Windows devices. Microsoft offers a wide variety of software solutions that can be connected to Dynamics NAV, such as Dynamics 365 for Sales.
- Collaboration: Microsoft Dynamics NAV provides visibility and control over multiple production sites. This allows you to collaborate with employees located in that facility to determine benchmarks such as optimal inventory level. Additionally, because of Dynamics NAV’s availability as a cloud-based solution, it is easy for employees to collaborate on and access materials whether they are in a corporate office or at a production facility.
- Security: With this program, you can configure user access to different components of the software. For example, if you don’t want an account representative to have visualization of the payroll, you can limit the scope of a user’s access to the application. Disaster recovery tools also assist with security measures.
Microsoft Dynamics NAV is a suitable program for companies spanning a range of industries. The solution is currently used by more than 100,000 businesses globally to assist with workflows such as financial management, supply chain management and customer relationship management. It is available both on-premise and as a cloud-based solution and is geared toward small and medium-sized businesses.
- Sales Order Management: Microsoft Dynamics NAV’s sales order management module allows you to alter quantity available amounts based on posted invoices. You can also use the program to create prepayment invoices and to manage partial shipments.
- Analysis Reports: The analysis reports tool is based on helping decision-makers within your company gain meaningful insights that will positively influence daily decisions. With this customizable tool, you can use factors such as customers, items and vendors to view information such as inventory turnover and customer behavior. You can also use this tool to more accurately pinpoint problems across your business that are creating bottlenecks or inefficiencies.
- General Ledger: Accounting and financial reporting tools are a commonly requested feature in ERP software. Microsoft Dynamics NAV offers a general ledger in its base package that includes internal and external reporting tools, ability to export data in various formats, employee ledger entries, linking to external documents and reporting in your company’s preferred currency format.
- Requisition Management: Microsoft Dynamics NAV’s Requisition Worksheet allows you to optimize your inventory based on factors such as predicted demand and material availability. You can also set minimum and maximum quantity levels to determine a reordering point in your manufacturing center.
- Multi-Site Functionality: With this software, you can track inventory levels across multiple distribution centers, warehouses, production plants, showrooms and more. You can also track inventory as it moves from different locations while accounting for its value during transit.
- Contact Management: The contact management feature allows you to input and maintain a list of your business contacts and prospects. The tool lets you know when duplicate contact information is entered, enables you to issue quotes or sales documents, allows for the categorization of people associated with a specific contact and segments people based on profiling questions.
- Optical Character Recognition (OCR): Microsoft Dynamics NAV includes support for Kofax Invoice Capture Service (ICS) out of the box. This tool can take information from unstructured PDFs, extract it, and turn it into structured data.
- Currency Exchange Rates: This system allows you to update currency exchange rates as they shift. This can be done either manually or automatically. Microsoft Dynamics NAV supports Yahoo and European Central Bank (ECB) currency feeds out of the box, but you can add other currencies to the tool using the currency exchange rates setup.