Integrated solutions such as ERP for project-based business are needed for transforming today’s businesses. Standard ERP solutions may come with standard features to improve an organisation’s workflow. However, project-centric businesses may not find standard ERP as valuable as a project-based ERP.
In a pool of software solutions, project-centric firms have to find the right one to fulfil their requirements. You may find a variety of software and standard ERP solutions in the market. Some may help you with scheduling while others may support your financial management processes. Project Based Companies need Specialized ERP solutions to gain maximum value from their ERP upgrade.
What is Project-Based ERP?
Why? Project-based ERP service providers offer comprehensive solutions with core modules and flexible modules for the unique needs of a business that involves project management.
Some of the features of a project-based ERP are as follows:
- Project-oriented Accounting
ERP solution with standard accounting meant for a standard business may not be useful for project-based organisations. The project-oriented accounting functionalities enable project managers to co-ordinate seamlessly with the finance functions of the business.
- Supply Chain Management
Note that here the challenge is not to solve the problems of a standard business model. Different projects have different challenges. So, the automation should be able to cater to the different challenges of multiple projects at the same time. Unlike a single manufacturing unit with a standard process, projects have varying requirements when it comes to logistics.
Smart management of materials and machinery is required for construction projects. Based on requirement and availability, the project managers should be able to move materials and machinery from one project site to another. Real-time tracking of resources across project sites can be conveniently done with the help of a project-based ERP solution.
- Analytics for projects
Project owners will be able to complete milestones and track the progress of their projects with a project-oriented analytics system. Instead of using a number of analytics tools for project analysis, all project managers can use a specialised analytics functionality designed for their needs.
Instead of spending enormously on a variety of software to upgrade the IT infrastructure, it is better to invest in a focussed ERP solution with necessary customisations for improved ROI. This way, the organisation benefits from the integrated features of a cloud-based project management software.
Project-based ERP benefits
Here are some of the key benefits of a project-based ERP solution:
- Automation aligned to the entire project lifecycle
The ERP for project-based businesses are ideal for construction firms, product manufacturers and other project-oriented companies. The key difference between a standard ERP and the project management ERP is the way it is designed by ERP developers. The best practices in project management are integrated into the functionalities built within a project-based ERP.
Projects have a lifecycle which involves project planning, project designing, project execution and project completion. The project management ERP allows management of every phase of multiple projects seamlessly with a single centralised system.
- Project planning made easy
Standard ERP may come with basic features but will have its own limitations for project-based companies.Get all the tools required to plan a new project in a single ERP system with project-based ERP. Extract data from earlier projects or use templates made from past proposals to plan ambitious projects.
- Quick Project Reports
Project teams have to create project reports from time to time for discussions and decision-making. Instead of downloading data from various sources and compiling the report, project team members can easily make quick reports using the ERP system. The project reporting becomes extremely easy and convenient for project users who have other critical tasks waiting to be completed on their to-do lists.
In ERP software, the data is integrated from various sources.Within a few clicks, a visually appealing project report with the necessary statistics and graphs can be automatically created and sent to the relevant team members for discussion. The automated reports offer valuable insights while helping the team members to save their time and effort on manual report creation.
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Finally, the purpose of an IT upgrade should not be to just bring in automation but to bring in meaningful automation relevant to your business. Project-based companies have numerous projects that need functionalities of an automated project management system to run effective projects.
Launch successful projects with OMNI ERP, a trusted project management ERP. Mumbai-based construction businesses are already reaping the benefits of OMNI ERP.
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