How to Avoid Common Business Challenges with NetSuite Project Management
Project managers in the service industry have one major goal and that is to deliver work in an efficient manager to increase the company profitability. However, completing projects on time and within all the budgetary constraints is not an easy task. With NetSuite project management, teams no longer have to rely on manual processes for tracking every task. They can analyze the project setup, resources, and expenses on a single platform. There are still some common problems that need to be avoided to ensure they are meeting their goals.
Keeping these things in mind can help increase client satisfaction and make the best use of the platform.
Poor Visibility
One of the most common reasons that projects exceed their budgets is because the managers lack a clear understanding of the project status. There are often separate teams working on various platforms where they upload files and update the project status. This leads to a fragmented picture with incomplete project reports. When teams are using different tools, spreadsheets, or systems, there is no standard practice for monitoring the KPIs or tracking goals.
The lack of cohesion can create uncertainty and prevent the project financials from aligning. The service teams need access to a centralized database where they can access all the information related to resources, billable hours, and more. Financial teams will also have an unrealistic view of the project which can lead to them generating inaccurate bills or incorrect invoices. These errors can cost the team a lot of extra hours and resources that they might not have to spare.
However, NetSuite project management software brings all the users to a single platform. It has multiple features which are interconnected therefore progress tracking is easier. The software also generates comprehensive reports that can be presented to all stakeholders to provide a complete picture. All updates made by the project team are reflected for the systems in all departments so they are all working with the latest and most accurate information.
Poor Communication Channels
One of the most common complaints from project managers is poor communication amongst the team members. Most companies use email or chat tools to track updates which makes it difficult for a user to track information.
In organizations where project statuses or idea approvals are expressed verbally, there is the potential for mismanagement. The ambiguous nature of information between departments can impact profits and lead to inaccurate reports. Weak communication can delay projects and cause them to go over budget as well.
NetSuite project management has a built-in communication option which makes it easier for teams to discuss ideas, send approvals and share files. All departments can be on the same page because they have access to the comment threads on project tasks.
Misuse of Resources
Services organizations are always striving to maximize their billable hours because that determines their cash flow and profit margin. If the business is unable to choose the right team members for a project, then they are not properly utilizing their resources. A fast-paced working environment requires more administrative work which takes away the time teams could have otherwise spent on the project.
Employees have to manually input data into spreadsheets or send emails confirming the completion of a task. The financial team also has to track all the information themselves and they might be spending a lot of time on nonbillable work.
NetSuite project management demo automates many of the non-essential or repetitive tasks, so employees do not have to waste time on them. It can send updates, reminders, and notifications as soon as a specific action is performed. The centralized database also makes it possible to access information with a single click.
Inaccurate Billing
Spreadsheets are a disconnected financial management system and they contribute to inaccurate accounting or errors in billing. These features affect the service team’s performance and the total revenue of a project. The project team might enter the wrong cost code for billable hours which can affect all the connected cells.
Inaccurate data can present an inaccurate picture to the stakeholders. Working on multiple systems or each department creating its own spreadsheet can also limit the team’s ability to automate certain project areas. The lack of billing rules during the project setup means there will be no way for the team to auto-generate invoices.
NetSuite project management is a tool that includes billing options as well. Teams can set up the system by inputting all the necessary information and the software will take care of the rest. It reduces the risk of human error and can also identify any mistakes made in the calculations unified communications nz.
How NetSuite Project Management Software Makes Services Teams More Profitable
A professional services automation solution like NetSuite project management combines all the features of a financial, HR, and customer relationship management tool. It helps companies gain even better control over their project lifecycle and oversees all processes from brainstorming to implementation. It can automate several tasks and reduce the load on team members.
The software combines several features for reporting that help in delivering a standardized version of all tasks and activities to the managers and clients. Users can monitor projects down to the smallest action and view the KPIs as well as the profitability of a project. It increases the collaboration between departments by breaking down the silos and providing them more opportunities to communicate openly.
The NetSuite project management helps optimize resource utilization by integrating the HR solution. The managers can put their best men on the job according to their skillset and availability. It also automates all bills and manages any pending charges so that revenues are always maximized.
A Unified Solution
NetSuite project management demo is designed specifically for service-based companies and it helps them simplify their operations. The teams can collaborate, utilize resources, track time, and report. The project accounting, billing, and invoicing options make everything easier to manage. It combines all elements into a single solution so the organization can operate more effectively so the project team can deliver projects on time and under budget.
