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Need more understanding over Dynamics CRM licensing after its merged into Dynamics 365

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Following is the requirements of our client:

- Create custom entities, forms, views

- Create Power BI reports

- No need of existing Sales, Services and Operations modules

- Only requires core entities (i.e., Contacts, Accounts/ Customers)

- Even a single user license would do

- Some PowerBI reports (optional)

My client already has license of Office 365, but doesn't have separate licenses for CRM and PowerBI.

Could you please suggest how should I look for licensing cost to implement this? 

It was quite straight-forward when it was simply Dynamics CRM Online, but with Dynamics 365 this is getting a bit confusing.

Any help on this much appreciated.

Thanks

Nirman


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