Companies working in the professional services sector are by definition project-based businesses. These services firms can be working on multiple projects in their pipeline at any given time.
To be able to execute those projects without delays while staying on budget is critical to their business success. This makes managing projects effectively extremely difficult if you rely on cumbersome spreadsheets, manual processes and ad hoc solutions.
The truth of the matter is that taking a disjointed and siloed approach during project management in professional services wastes plenty of time and money. In fact, it obscures visibility into project lifecycles and utilization rates.
Eliminating Project Delays. Why Bother?
This means running a constant, tedious treadmill just to track project accounting, time and expenses, personnel, billing, project status and more. The risk of error and misjudgment increases and that can translate into client dissatisfaction and lost revenue.
In the end, this means that management can’t gain a clear, real time view of overall performance and profitability that they will need for the business agility required in a highly competitive and fast-paced environment.
Bid-to-Bill, End-to-End Integration for a Streamlined Process
Professional services firms are all too familiar with the problems brought with operating on spreadsheets and ad hoc systems when used for project management. But this isn’t entirely their fault.
Until recently, they didn’t have much choice because ERP solutions weren’t designed for project-based businesses. Now, however, there are more choices and options with the rise of the project management platform.
The NetSuite’s Services Resource Planning (SRP) platform gives professional services firms a cloud-based solution that is able to streamline and automate project management as well as other aspects of the business, such as resource management, project accounting and billing and client management. Imagine the man-hours and costs wasted on managing these manually.
NetSuite SRP represents a revolutionary approach to running a professional services firm. With all the efficiency gains brought by an integrated system, you can easily reduce project management delays. It isn’t different from when materials resources planning (MRP) came up in the 1990s and gave manufacturers a single solution to run their business.
If your services organization is looking to streamline project management, gain real-time visibility into crucial metrics and increase project margins, you should take a serious look at integrating your back-end.
Did you know there are a lot of tools for managing projects? Check out some of our choices on task management, Gantt charts, meeting management, budgeting and much more in our free ebook: Top 7 Project Management Tools.