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When you manage a project based business, it’s challenging to balance customer service and profits. Whether your business is to manage events, build products or provide expert advice, your projects require the coordination of many resources to deliver on your promises to customers. With so many moving parts it’s often hard to know whether you are actually making money on each job.

A fully integrated ERP system allows you to track all the resources that contribute to the delivery of projects. Instead of using separate spreadsheets for every job, ERP gives you the tools to monitor milestones, time and costs centrally and allocate across multiple projects. With ERP, you can:

  • Centralize and share project information.ERP centralizes data so that you can communicate the status of the project with all the employees on the project. No more wondering if you have the latest version of the project spreadsheet.
  • Assignmore complete costing.  Direct costs like materialsare easy to allocate to projects, but with ERP you can automatically assign the peripheral costs to get a true profit picture.
  • Collect time, costs and expenses.ERP will allow your employees to enter and assign their time and expenses to each project. With up-to-date costs associated with each project, you can make the adjustments to maintain profit margins.
  • Continuously monitor project status.Reports and dashboards help you monitor the status and profitability of each project. When you can see a project start to lag, you can take proactive steps to get it back on track.

By automating project management with ERP, you can focus on your customers instead of worrying about giving too much away. An ERP solution can help you define and track all the moving parts of your projects so that you can monitor every step of the way. Let’s get a handle on your project profitability.

Published with permission from TechAdvisory.org. Source.

Published on 23rd August 2013 by Jeanne DeWitt.

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