Why your service organization should consider NetSuite SRP for growth and profitability
Enterprises in the service industry often struggle to remain competitive due to lack of insights and transparency into their business processes. Array of disparate systems and tools for project management, time tracking, invoicing, resource planning, and business intelligence hold such organizations back as they’re unable to gain actionable insights that may help them make well-informed decisions.
Since they’re using multiple disparate systems, IT teams have to spend a lot of time in managing such systems while enterprises end up paying huge sums in terms of licensing and maintenance. In order to succeed and stay competitive, organizations that are delivering billable work need a solution that combines work automation, project management, resource management, time tracking, finance & billing, team collaboration, and reporting, offering unified project delivery data.
Since the dollars involved in professional service delivery grow with headcount, the financial benefits of a well-implemented PSA (Professional Service Automation) solution are enormous. PSA solutions empower you with the tools necessary to track key performance indicators for your business. Furthermore, they accumulate insights in a way that can help you allocate resources intelligently to increase profitability and reduce costs.
According to recent research, investing around $200,000 in implementation and PSA software license costs, in five years, professional service firms can expect an estimate of nearly $23 million in increased revenue and reduced costs.
Among some of the available options, NetSuite Services Resource Planning (SRP) solution is considered as the most preferable choice since it offers everything that ITES or Technology companies need to flourish. With NetSuite SRP, organizations gain complete visibility into and control over the entire business. From identification of new opportunities to project delivery, invoicing and revenue recognition, NetSuite SRP has everything that a services business needs.
Key features of NetSuite SRP
Project Management:
With NetSuite SRP, project managers and users can work together on projects. NetSuite allows managers to have real-time information on project status, enabling real-time resolution of critical issues. Some of the key features include proper project planning and tracking, timeline charts and reporting, estimating project profitability, accurate forecasts, client access into project operations and increased billable hours.
Resource Management:
NetSuite's resource management ensures that qualified resources are working on the right projects depending on their skill sets and availability. Project managers can streamline resources and bookings while knowledge tracking, searching and powerful reporting capabilities ensure optimum resource utilization and improved productivity.
Project Accounting and Billing:
NetSuite allows you to integrate accounting and billing with financial business process management across your service based organization. This enables automated billing to customers, leveraging powerful and sophisticated billing rules, while handling internal charge-backs.
Timesheet Management:
Easy to use interface with mobile access allows employees to fill timesheets anywhere, anytime. NetSuite PSA also allows you to customize approval workflow, while managers can approve or reject their timesheets on the fly.
Expense Management:
NetSuite allows you to customize rules as per your unique business needs. Users can track their expenses and link them with project management and accounting. Managers can gather the accurate expense data of different projects and assign it in a single report.
Analytics:
Track the projects’ progress and performance in real-time. Have concise and clear insight into every aspect of the project, leveraging configurable, personalized dashboards and key metrics reporting - project budgets/ profitability, historical and forecast reporting.
Global Business Management:
For global services businesses, NetSuite OneWorld SRP provides end-to-end cloud business management across currencies, subsidiaries and divisions, providing unprecedented real time visibility, resource management and operational control.
Industries NetSuite SRP caters to include:
IT, ITeS, BPO:
This is a project-centric industry. NetSuite SRP simplifies project tracking to bring about on-time completion of projects. Helps in real-time visibility on project profitability.
Consulting:
Process-oriented companies where timesheet filling invoices and billing need to be in sync with each other.
Staffing:
Resource-centric organizations. NetSuite SRP’s Workforce Management module helps in onboarding, timesheet approvals, and payrolls
Why choose AGSuite to deliver your NetSuite project?
As an authorized NetSuite Implementation partner, AGSuite has successfully delivered several NetSuite implementations across the service industry. Our expert team of business analysts, developers, NetSuite consultants, and subject matter experts can guide you through your entire project, from initial scoping through to implementation and on-going support.
If you would like NetSuite Consulting, you should feel free to contact us. One of our NetSuite subject matter experts will connect with you.
