Before investing in Enterprise Resource Planning (ERP) technology, businesses consider twice. Project-based ERP systems can help you make better financial and operational decisions, primarily if you work in the service sector and manage clients regularly.
The service industry is fast-paced, and an Enterprise Resource Planning System with professional services automation (PSA) can provide your company with a competitive advantage. According to a survey, firms with an integrated ERP with professional services automation had a profit margin of 35.7 percent. In comparison, those without had a profit margin of 30.6 percent.
Service organizations must have a system that links project data with business and financial data.
An Insight into Project based ERP!
The service industry is people-centric, and the firm’s bottom line is contingent on how effectively your resources deliver. As a result, offering ERP professional project management services methodically and dependably is valued throughout the business and will pave the road to prosperity.
A thorough understanding and visibility of your initiatives will aid in decision-making and resource allocation. ERP and PSA may work together to standardize your financial and project-based procedures. Project managers and accountants may save time and effort by activating approval procedures and automatic billing.
A single solution enhances numerous areas of the company, resulting in enhanced analytics, relevant project findings, productivity, and the ability to measure your success against corporate KPIs (Key Performance Indicator).
Situations where Project Based ERP and PSA are required!
When your company expands and your present system cannot manage the increased workload as it leads to inaccuracies. It is an indication that you need a combined (ERP+PSA) strategy so that incomplete project reports may not negatively influence your earnings.
Coping with workarounds takes time, and you are more likely to encounter them if you execute your operations on a legacy system. In that case, you should consider an ERP Software with PSA. Your primary goal should always be to complete the project, not find workarounds that meet the requirements.
When a company is satisfied with an existing system, it is common to postpone the migration to a more efficient system. Maintaining an out-of-date legacy system will cost you additional time, labor, and budget.
Advantages of Project Based ERP and PSA
1) A cloud ERP system’s central database maintains all your essential operations and connects the data to your general ledger account.
2) By automating data, firms can focus on developing strategies and staying ahead of the competition rather than getting bogged down by manual and administrative activities
3) Provide improved audit trails that can assist in locating the business’s pain points and dealing with laws more seamlessly.
4) Integrated reporting and analytics enable employees to make data-driven determinations.
5) Automated billing enhances cash management, resulting in a speedier closing and appropriately recognized revenue.
Manage your projects with Connected IT Consulting’s ERP!
Connected IT Consulting’s ERP is the premier ERP solution in Ireland, allowing businesses to develop and scale quickly. Organizations can promptly optimize project delivery and manage project and finance teams with our ERP Projects. Streamlining processes across these divisions guarantees accurate accounting and billing throughout the project’s life cycle.
Our ERP Project Management solutions incorporate a general ledger, accounts payables, accounts receivables, purchase orders, and inventory management to increase visibility, efficiency, and convenience. It also aids in the completion of projects on schedule and under budget by providing collaborative tools, standardized procedures, and real-time visibility.
Do you intend to deploy ERP Software Services in your company?
Connected IT Consulting is an ERP consulting organization with a wealth of ERP Project Management Services expertise.