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5 Benefits of Modern ERP for the Professional Services Industry

 

The Internet has changed how business is conducted around the world. Product-driven consumption models no longer dominate the commercial marketplace and service-oriented solutions are increasingly necessary in the modern technological landscape. A modern ERP for professional services enables firms to streamline operations, facilitate growth and improve margins by leveraging emerging tools and trends.

ERP for the professional services industry delivers improved value by modernizing your operational infrastructure. Cloud ERP solutions such as NetSuite and Acumatica, modern Software-as-a-Service (SaaS) systems enable you to optimize both your back-end processes and front-end procedures to create a fully integrated, coordinated system. Deploying modern software solutions enables professional service firms to restructure their disparate practices and allow their operational processes to be merged into a single machine.

Here are five benefits of deploying a modern cloud ERP for professional services:

1. Flexibility, Scalability, and Ability to Adapt

Value delivery in professional service solutions is dependent upon the ability to address unique pain points. Whether a project must be completed within a specific timeframe or adhere to a limited budget, service firms must be able to alleviate these circumstances to be able to effectively deliver their client’s ROI. That is why ERP for professional services must be able to adjust to individual situations and still execute the same functionality.

Cloud ERP solutions deliver inherent agility in options for deployment and application, as well as enable additional access to data in real-time. SaaS software systems provide features such as built-in databases on multiple currencies and languages to enable you to conduct business across international borders without any loss in productivity. Modern cloud ERP for professional services present the ability to scale your solution according to your growth and without allowing your software to dictate the rate of your expansion.

2. Operational Visibility

ERP for professional services provides businesses in this vertical with a valuable “single source of truth” for their operations. Cloud ERP solutions bridge connections between data streams from disparate siloes to allow for an accurate overview of ongoing processes. By integrating the various applications involved into one system, comprehensive SaaS software enables you to capture and analyze information from all segments of your business.

Reporting tools in modern cloud ERP solutions produce comprehensive updates on project finances, scheduling, and other evolving metrics as relevant information is captured. These features capture and deliver the data you need on-demand to allow you to make informed business decisions based on detailed reporting of your processes. Cloud ERP solutions enables you to keep track of cost, revenue, and human resources consistently to ensure consistent, precise operational management using modern professional services management software.

3. Communication

Modern professional services management software allows for instant, seamless communication between business units and customer segments previously walled off by traditional forms of interaction. This includes employees and clients corresponding between locations spanning vast distances across domestic and international borders. Cloud ERP for professional services provides continuous connectivity between siloed units within your internal and external operations that supports immediate two-way transfer of critical data that ensures continued value delivery.

Remote and mobile applications deployed through modern cloud ERP solutions permit new methods of interaction and allow you to reconcile back-office operations with front-end customer relationship management (CRM) processes and other forward-facing tasks. Support and customer service data is delivered in real-time to allow for immediate communication with key stakeholders as needed and enable faster reaction times to client queries. Comprehensive reporting functionality delivers an integrated view of all of your front-end touchpoints to enable complete management of customer lifecycles.

 

 

4. Financial Reporting

Improve data delivery compiled from decentralized sources supplies more accurate financial tracking measures for your entire organization. Modern accounting software for professional service firms delivers enhanced fiscal reporting for every function integrated into your ERP system, so that all relevant information on your business’ transactions can be tracked and maintained from within a single framework. A comprehensive, consistent view of all your financial data that is captured and delivered on-demand allows you to ensure precise revenue and cost management across your value chain.

Financial reporting features in modern ERP solutions deliver more accurate fiscal statements by leveraging cloud accounting functionality. Data is captured in real-time to produce detailed invoices for each project and maintain track of billable hours per employee timesheet. Project accounting software hosted in the cloud provides constant access to regulatory updates to enable you to achieve compliance in real-time.

5. Automation

Removing manual processes streamlines operations by mitigating time and financial costs, as well as occurrences of user error. Automated project accounting and professional services resource management software enable you to optimize budgetary tasks and ensure consistent fiscal statements per assignment. User-defined data fields allow you to keep track of your deliverables and produce detailed reports for each item.

Cloud ERP solutions with service automation software streamline project lifecycles and aid collaboration between team members during assignments. The project management solution allows you to oversee project status in real-time and quickly identify and react to situations as they emerge. Additional automation features that can be deployed include marketing, sales, and finance, all of which empower you to align the functions of each business unit with core organizational objectives. These tools enable you to trace and maintain all stages of a client lifecycle and achieve deliverables within precise deadlines.

Leverage Cloud Software for Your ERP for Professional Services

SaaS software such as NetSuite and Acumatica deliver superior value as an ERP for the professional services industry by allowing for flexible deployment, enhanced visibility and streamlined functionality that enables businesses to navigate their industry trends and pain points more easily. As cloud ERP solutions, NetSuite and Acumatica provide modern features and benefits that bring new opportunities to professional services firms.

Read through these five benefits of cloud ERP solutions to learn more about how SaaS software delivers new value to your business.

Want to know more?

SWK Technologies, Inc.