Need for SRP and Market Opportunities
Both project- and product-based companies have for years faced the challenge of siloed information and maximizing the efficient use of staff. Traditionally, executives were forced to track services data in disparate spreadsheets, sharing that data with the finance department via email, which resulted in a lack of real-time visibility into operations and the risk of manual data entry errors and duplicate entries. Additionally, these companies have struggled to put the right person on the right project at the right time to maximize performance, profitability and client satisfaction. PSA software addresses many of these challenges, but without the financial component, organizations can't track profitability through their back-office financials.
"In order to drive profit and growth, project- and product-based businesses have a clear need for visibility into the services, product and financial data that has traditionally been siloed across their organizations," said Mike Fauscette, Group Vice President, Software Business Solutions at IDC. "Having that data in one unified, cloud-based system is a compelling offering in the global SRP market, which my research indicates reached $2.9 billion in 2013 and is growing at a rate of 9.5 percent year-over-year."
Breakthrough CapabilitiesWith NetSuite SRP, project- and product-based businesses have one system to monitor the financial health of their organizations while also gaining real-time visibility into operational metrics. The new release delivers the following key features and benefits:
- Project Management – enabling project managers and team members to collaborate and update project status anytime, anywhere, improving project efficiency, satisfying clients and reducing non-billable work. Deep functionality includes project templates, task dependencies, Gantt charts with baseline and critical path highlights. And the new project center is designed to increase consultant productivity. The iPhone app helps on-the-go professionals to bill time and file expense reports anywhere and anytime.
- Resource Management – ensuring that the right resources are working on the right projects, based on real-time project timelines, with no one sitting on the bench. Capabilities to assign the best available talent to a project based on skill sets and industry expertise to optimize resource utilization.
- Project Accounting – advanced Job Costing allows for labor from timesheets to be tracked to financials, creating real-time insight into project profitability while detailed project budgeting allows for categorization of costs directly from the project, providing real-time metrics on Budget vs. Actuals.
- Mobile and Social Functionality – the availability of NetSuite SRP for mobile devices such as smartphones and tablets gives on-the-go services professionals the ability to manage time and expenses, as well as more flexibility to quickly and easily access and manage critical business information from their device of choice from a client office, airport, home or any location in the world. The embedded social activities within the SRP suite helps improve collaboration.
- Delivery Billing Flexibility – empowering organizations to deliver complex multi-model billing across the services value chain, including fixed fee, milestones and time-and-materials models.
- Time and Expense Management – simplifying timesheet and expense reporting and tracking, and mapping entry and approval processes to unique business needs, helps improve consultant efficiency and compress billing cycles.
- Job Costing – providing instant visibility to finance, with billable hours going directly to the general ledger.
- Revenue Recognition – automating revenue recognition to schedule, calculate and present accurate financial statements.
- Financial Management and Reporting – providing real-time visibility into all aspects of a project-based business, allowing everyone to work off a single source of financial data with robust reporting and analytics to optimize the entire services business lifecycle.