Why Insight From Project ERP Helps You To Realise Savings Across Your Finance Departments
Professional Services Organisations (PSOs) have long faced the challenge of attaining the most out of their workforce. Without clear insight into where efficiency can be optimised, or indeed where cost savings can be made, these organisations may as well be pouring money down the drain.
Project-based Enterprise Resource Planning (ERP) systems are designed to integrate a multitude of business information including finance/accounting, customer management, procurement and HR. Using ERP software can help deliver insight into most areas of an organisation in a way which can then be translated into realistic cost savings.
One Deltek client saved £225,000 ($350,000) in their finance department alone after Deltek’s project ERP software helped them to realise that their staffing levels were 34% too high. The company achieved this by putting in place more efficient business processes helping to create a lean department that could do more with the same team, supporting growth and profitability.
Project ERP software can help finance departments gain insight into a number of business processes. Some of these processes include a better insight into revenue systems, project management and finance related systems.
It is this comprehensive approach which means that project-based ERP can have a massive impact on a business’s efficiency and lead to substantial cost savings and/or increased productivity. This has led to an increasing number of best in class PSO’s with international growth on their agenda to centralising back office functions in hubs or individual markets, giving them the ability to expand profitability quickly with lower risk.
Creating this kind of strong back office management is tough from a business change perspective but it’s worth tackling. Streamlining your finance organisation, be it through automating processes, using dashboards and alerts that give clear status or by entrenching best practice procedures, will effectively mean you can go further with the same resources.
High quality Project-based ERP software can deliver return on investment quickly in the short term and support growth in the long term, which will benefit any professional services organisation.