SAN JOSE, California — The industry’s leading provider of cloud-based financials / ERP and omnichannel commerce software suites, NetSuite Inc, announced at this this year’s SuiteWorld, the next-generation services resource planning (SRP) solution.
According to San Mateo-based, California, software tech comoany, SRP is the first and only cloud suite that brings together the strengths of ERP and professional services automation (PSA) to enable project- and product-based businesses to run their entire business life cycle—from project management, resource management, time-and-expense management, to project accounting—all in one unified software solution, and the first and only solution that unites all of the functionality to meet the needs of product and services companies in one single system.
“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.
The new release enables multi-model billing for service delivery across the services value chain from fixed fee, to milestone and to time-and-materials.
“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,” Fauscettte added.
Designed for tomorrow’s businesses, NetSuite SRP also offers mobile and social capabilities that give on-the-go services professionals access to real-time business information anywhere, anytime and better collaboration across the organization.
In addition, with functional richness and depth unmatched in the industry, NetSuite SRP also enables services organizations to customize the solution to their unique needs through the SuiteCloud Development Platform.
NetSuite’s pioneering SRP solution enables both product- and project-based businesses to modernize and transform operations the way manufacturing resource planning (MRP) did for manufacturing businesses in the ‘90s.
It helps organizations automate and manage key aspects of their business across the complete bid-to-bill lifecycle, giving them what they need to stay competitive, gain efficiency, deliver quality services and delight their clients, according to their statement.
With NetSuite SRP, modern services organizations will gain comprehensive visibility into back-office financials and front-office services operations in one unified system to increase project profitability, maximize billable resource utilization and make informed, data-driven, strategic and tactical decisions with powerful and insightful business metrics.
The new SRP suite also addresses global businesses’ needs by giving them comprehensive real-time visibility, integrated financials, resource optimization and services management from corporate to subsidiaries, down to the individual project level across geographies, currencies and tax jurisdictions.
For companies selling both services and products, NetSuite SRP supplies complete visibility and control over enterprise-wide processes with such capabilities as revenue recognition for diverse revenue streams, and unified billing across multi-model service and product delivery.
Need for SRP
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.
With 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, some of them are: Project Management – enabling project managers and team members to collaborate and update project status anytime, anywhere, improving project efficiency, while 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. 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.
NetSuite SRP is designed to meet the needs of a variety of vertical industries.
These include: project-based businesses such as advertising, marketing services, IT services, consulting, and product-based businesses such as software companies with embedded services teams that deliver implementation and consulting services, or resellers of hardware supported by service offerings.
For software companies, NetSuite’s next-generation SRP delivers project budgeting to easily and efficiently manage and analyze project finances with advanced project accounting software, from bid preparation through time and expense tracking to client billing and internal charge-back. NetSuite SRP supplies deep functionality to manage key drivers of a services business—revenue, billable utilization, profitability and days sales outstanding (DSO)—while streamlining revenue recognition across subscription businesses, all from one unified system.
Global services organizations have lacked the integrated business management tools necessary to truly manage corporate performance on a global basis. Spreadsheets and homegrown systems offer an opaque view into subsidiaries and divisions, making it difficult to weed out unprofitable projects. Finding the right resource with availability to work on a project can be like finding a needle in a haystack. Gauging demand and backlog across geographies is a guess at best.
These businesses also face a number of complex multi-currency billing, expense and revenue recognition management issues across tax jurisdictions that can sap time, resources and increase financial risk—all while trying to ensure ongoing prompt project delivery, billing and receivables across dispersed divisions and subsidiaries.
The new release addresses the issues of global project and financial management. The product’s comprehensive services management functionality makes it ideal for both project-based and product-based organizations with international operations. With its automated multi-currency management, built-in support for international tax, compliance and sophisticated revenue recognition management, NetSuite SRP eliminates arduous manual processes and shortens the period-end close cycle. NetSuite SRP enables global services businesses to unlock these benefits with anytime, anywhere access and minimum capital expenditure, while ensuring fast deployment, and lean requirements for ongoing management, allowing teams to collaborate across the globe.