Effective project management is crucial for businesses to ensure that projects are completed on time and within budget. Are you worried that your company’s projects are not up to your desired quality standards? If you’re looking for a reliable solution, then NetSuite Project Management is the one you should choose. It is a comprehensive solution to help organizations manage their projects more efficiently.
In this article, we’ll study the various aspects of project management in NetSuite, including its features, capabilities, and benefits. Moreover, we’ll also understand how it can help overcome common project management challenges. Stay tuned till the end if you are looking for a tool that is a game-changer in the field of managing projects.
What is NetSuite Project Management?
NetSuite Project Management is a cloud-based project management module integrated within the NetSuite ERP system. It provides a suite of tools that enable project managers to plan, track, and execute projects. Its main goal is that companies finish their work with greater efficiency and visibility. NetSuite Project Management module can help you manage all aspects of a project from inception to completion. Rest assured, your projects will be delivered on time and within your stipulated budget.
What are NetSuite Project Management Tools?
The project management module of NetSuite contains certain tools to aid project managers in planning, executing, and monitoring projects. These tools offer various functionalities like task assignment, scheduling, resource allocation, budgeting, and tracking progress. When software features a set of useful tools, it helps simplify several processes, making it easier to manage complex projects.
What Do Project Managers Need to Accomplish?
Do you know the most important thing that project managers need to fulfill almost every day? It’s to make sure the assigned projects are completed within the specified time frame, money, and scope. As they are responsible for many key tasks, they need NetSuite Project Management tools to achieve the desired results. The reason is that they can plan and close projects that feature aspects like:
- Defining project goals
- Assigning tasks
- Managing resources
- Tracking progress
- Communicating with stakeholders, and more
NetSuite Project Management Benefits
Now that we’ve understood what NetSuite Project Management is, it’s important to know why a growing business should use it. Only when you know the advantages of software, do you find out whether it’s valuable or not. Here are some of NetSuite Project Management benefits:
- Improve Productivity: NetSuite Project Management helps improve productivity by automating routine tasks and providing real-time visibility into project status. This allows project managers to focus on more strategic activities that lead to better execution of the work.
- Anytime, Anywhere Mobile Access: One of its best advantages is NetSuite’s cloud-based nature due to which project managers and team members can access project information from anywhere, at any time. This feasibility ensures everyone is on the same page, regardless of where they are.
- Less Project Risk: By providing real-time data, NetSuite Project Management reduces the risk of project delays and cost overruns. It helps project managers to identify potential issues beforehand so they take corrective action on time.
- Faster Time to Value: NetSuite’s integrated approach accelerates the project initiation and execution processes. It enables organizations to realize the outcomes of their projects faster.
- Drive Successful Projects: The NetSuite Project Management system provides the insights needed to drive successful project outcomes. They are helpful in checking whether their current strategy is fruitful or not.
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NetSuite Project Management Features
You know there are a plethora of NetSuite project management features that your company can leverage for business success? Each of them is designed keeping in mind that the user finds it easy to manage their processes in the software. Let’s go over the key features one by one.
Manage Multiple Projects
NetSuite efficiently manages various projects, including time and materials and fixed-price projects. This flexibility allows businesses to handle a wide range of project contracts and billing methods.
Project Dashboards
This NetSuite Project Management feature provides project managers with a visual, graphical analysis of the status. It highlights key performance indicators (KPIs) such as:
- Which projects are on time
- Are they under budget, or
- Whether they’re destined for success.
For those tasks that are falling behind, the project dashboard allows managers to drill down to identify and address the root causes. It updates automatically when any of the team members add new information, providing an up-to-date view of project health.
Project Center
It is a centralized hub where project resources can be assigned a standard consultant role. This gives consultants and project managers quick access to summarized information about their projects. As a result, it enables them to enter transactions against those projects efficiently.
Project Templates
NetSuite’s pre-designed templates are reusable, which means, you can use them as starting points for new projects. Using these structured templates saves you valuable time and also simplifies project management from start to finish. Moreover, you can customize them as you need.
Project CRM
Customer relationship management in the NetSuite Project Management module integrates CRM capabilities with project management tools. This feature focuses on managing client relationships and project-related communications. Some of the key functionalities include:
- Client Interaction Tracking: Keep a record of all interactions with your clients via emails, meetings, and calls.
- Project-Specific CRM Data: You can link CRM data directly to projects with the help of this feature. Thus, it provides context to client communications.
- Sales and Service Alignment: Ensure that sales and project delivery teams are aligned by sharing client expectations and project progress.
- Customer Insights: If you wish to gain insights into customer behavior and preferences, then Project CRM of NetSuite can help customize project deliverables to improve customer satisfaction.
Project Budgeting
Another essential NetSuite Project Management feature that helps you manage the financial aspects of a project. It involves setting up a detailed budget that includes all anticipated costs and revenues associated with a project. It allows you to:
- Forecast costs and revenues
- Track actual vs. budgeted costs
- Make adjustments to the budget based on changing project conditions
- Generate financial reports
Project Billing
NetSuite supports various billing methods based on project work completion, milestones, or scheduled dates. The following types of schedules determine the billing process:
- Time and materials
- Fixed bid interval/milestone, or
- Charge-based
These forecasts can be generated based on planning to predict when customers will be billed.
Project-Based Milestones
NetSuite Project management tools can track critical milestones, which are significant throughout a project’s lifecycle. They mark important events such as the completion of a phase, delivery of materials, or payment for work performed.
Gantt Charts
The improved Gantt chart in the project management system of NetSuite offers enhanced visibility into schedules. It is a valuable tool for:
- Planning and scheduling projects
- Monitoring progress
- Visualizing start and finish dates
- Summarizing key elements of a project
Payroll Expense Allocation for Jobs
NetSuite Project Management has a feature that can accurately allocate labor costs to specific projects. This functionality ensures that payroll expenses are correctly attributed to the work performed by employees.
Timesheets
Another feature of the NetSuite Project Management module allows you to enter and submit weekly timesheets. The timesheet record is available on the SuiteCloud platform, enabling customization of the timesheet approval process to fit your business needs.
Automate Job Creation
Overall, NetSuite simplifies the job creation process. You can identify service items that require a job, and then sales orders for these items are queued. Moreover, it helps you create jobs in bulk with just one click.
Organize Tasks and Activities
NetSuite links tasks, calls, and events to specific projects. All client-related information is managed in one central location for real-time resource tracking. This integration enhances client service.
Project Tracking Reports
Getting an overview of ongoing projects is made easy with NetSuite Project Management tools. With the help of this software, you can:
- Track employee utilization rates on a per-employee and team basis.
- Get an update of the remaining work on open jobs.
- Review the profitability of your projects based on actual revenue and expense transactions.
Challenges NetSuite Project Management Solves
In any business, effective project management is crucial for ensuring projects are completed before the deadline. However, traditional project management methods often come with several challenges that can hinder project success. NetSuite Project Management addresses these challenges by providing a unique set of tools. Let’s see how these tools are essential for achieving better project outcomes.
1. Limited Project Status Visibility
Problem: One of the most common issues in project management is limited visibility into the status of ongoing projects.
Solution: The NetSuite Project Management module offers real-time dashboards that provide up-to-date information on project status. You can anytime see key performance indicators (KPIs) such as progress, budget usage, and deadlines on the dashboard.
2. Manual Project Setup
Problem: Setting up new projects manually can be a time-consuming process and more prone to errors.
Solution: With NetSuite Project Management tools, you can automate the process of setting up the project through predefined templates.
3. Inefficient Tracking
Problem: Poor tracking of on-going tasks and activities can lead to miscommunication, missed deadlines, and wasted resources. Without an effective tracking system, project managers cannot accurately monitor progress.
Solution: Enters NetSuite Project Management, a platform that consolidates all project-related tasks and activities in one place. This ensures that every concerned person is on the same page, leading to timely completion of tasks.
4. Unreliable Project Budgeting
Problem: Inaccurate budgeting can lead to cost overruns and financial losses.
Solution: One of the major NetSuite project management benefits is its ability to provide accurate forecasting and real-time tracking of expenses.
5. Hit-or-Miss Resource Assignments
Problem: If resource allocation is done properly, it can lead to overburdened team members. Consecutively, it can impact overall project quality.
Solution: Without a clear view of resource availability and skills, NetSuite project management helps organizations assign the right people to the right tasks.
How Much Does NetSuite Project Management Cost?
Now, we’ve come to the most interesting part you’ve been waiting for – NetSuite project management cost. In short, its pricing varies depending on several factors, including the size of your organization, the specific modules and features you need, and the complexity of your task. Here are some key points to consider when estimating the cost:
- Subscription Model: NetSuite works on a subscription-based model, which means you pay an annual or monthly fee for access to the software. The cost is typically based on the number of users and the specific modules you choose to implement.
- Modules and Features: As NetSuite offers a range of project management features, check what you need for your business’s success. In the standard subscription, basic project management features might be included. However, advanced functionalities such as resource management or CRM integration may come at an additional cost.
- User Licenses: Another essential factor in determining NetSuite project management cost is the required number of user licenses. Trust us, it will significantly impact the total price. Each user typically requires a separate license and cost can vary depending on their role and access level.
- Implementation Fees: It’s undeniable that your business will need to implement NetSuite Project Management to even enjoy its business. Implementation fees involve significant upfront costs. These include fees for consulting, customization, data migration, and training. The complexity of your business processes and the level of customization required will influence these costs.
- Support and Maintenance: Ongoing support costs are also part of the overall expense. NetSuite offers various support plans, ranging from basic to premium support, with corresponding price differences.
- Third-Party Integrations: If your business requires integrations with other applications, additional costs may be associated with implementing these integrations.
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How to Leverage Project Management to Scale Your Business?
Are you looking to scale your business to another level? Then, NetSuite project management can be a powerful tool for your business growth. Here are some strategies to help you leverage project management for business scaling:
- Streamline Processes: The best way to leverage the project management features of NetSuite is to develop standardized workflows for common project types for improved efficiency. For example, if you are a marketing agency, you can create a standardized workflow for campaign launches, ensuring all necessary steps are followed
- Automate Repetitive Tasks: Certain routine tasks are undoubtedly time-consuming and hectic. With the help of NetSuite project management modules, you can automate routine tasks. This frees up your team to focus on higher-value activities.
- Optimize Resource Allocation: Use project management NetSuite to allocate resources based on availability and skills so that you can make the best use of these resources.
- Forecast Resource Needs: Plan future resource requirements based on project pipelines and historical data.
- Improve Financial Control: Once you develop detailed project budgeting with NetSuite and monitor actual spending, you can think of scaling your business. Moreover, you need to implement precise cost-tracking mechanisms to understand the financial performance of each project.
- Enhance Collaboration and Communication: Use the centralized platform of NetSuite project management modules to store all project-related information, making it accessible to all stakeholders.
- Real-Time Updates: Keep each team member well-informed about project progress and changes so everyone knows what to expect.
- Mitigate Risks: With the help of all stakeholders, develop comprehensive risk management plans to identify potential issues while establishing mitigation strategies.
- Scalable Infrastructure: Use project management tools that can grow with your business so you can accommodate more projects as needed. For instance, a growing e-commerce business can use NetSuite to manage increasing numbers of marketing campaigns, inventory projects, and customer service initiatives. Moreover, they can also integrate NetSuite with Shopify to streamline their processes further.
- Modular Approach: Add or remove components from your workflows as your needs evolve. This is an essential step as you don’t want to waste your time and resources on redundant activities.
Final Verdict
Investing in NetSuite project management can be a significant expense, but the benefits it provides are incomparable. Improved project visibility, streamlined processes, and enhanced efficiency often justify the NetSuite project management cost. By carefully evaluating your business needs and working with NetSuite partners, you can get the best value for your investment.
To get an accurate quote tailored to your specific needs, it’s best to contact NetSuite NetSuite implementation partners like us. Our experts can assess your requirements, suggest appropriate modules, and provide a detailed cost estimate. Get in touch with us and we’ll connect with you ASAP.
