How NetSuite Project Management Solution Can Help Your Business

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Project management is a complex task with many moving parts. The ingredients for a successful project involve the right mix of resources, people, planning, and data. Pulling all these components together requires reliable reporting, resource tracking and allocation, and complete visibility of finances and project status. NetSuite Project Management is the best tool for the job.

Seller Universe provides expert assistance in implementing NetSuite project management. The upsides of deploying project management are significant. We help teams improve their project management capabilities by consulting, planning, and implementing solutions to suit your people, business processes, and existing software.

What is NetSuite Project Management?

NetSuite Project Management is a flexible Professional Services Automation (PSA) system that supports businesses in managing all aspects of a project. The cloud-based software helps you achieve more accurate, efficient, and profitable projects by offering more control and visibility over resources, budgets, people, and project data.

With powerful automation capabilities, alongside detailed project templates and progress reporting capabilities, Project Management offers you unrivaled control over the entire project. Additionally, the all-in-one solution means you don't need to employ and switch between multiple systems. Instead, data is centralized, meaning real-time visibility for project managers and other stakeholders.

The software can also seamlessly integrate with other NetSuite solutions or third-party software, allowing teams to build upon and improve their workflows.

How NetSuite Project Management Can Help You Deliver Profitable Projects

While sound judgment, sufficient resources, and skilled support teams are the cornerstones of excellent project management, you also need first-rate project management software to pull all the right components together.

Let's explore the features, benefits, and typical use cases of the NetSuite Project Management solution.

NetSuite Project Management Features

NetSuite Project Management is packed with impressive features that facilitate successful projects.

Quick Project setup

NetSuite Project Management features excellent project templates to help you quickly create and launch projects. Automated job creation saves your staff time they can spend on other tasks or on projects.

Additionally, you can bulk-create projects and set up your template criteria to automate which project managers are assigned to each project.

Project dashboard

Project 360 Dashboard is a helpful tool for tracking project progress and status. Each project manager can gain complete visibility across the entire project to monitor project resources, profitability, costs, budgets, and more.

Project dashboards contain Gantt charts, KPIs, and lots of granular data for specific projects. Robust, reliable data means project managers are up-to-date and informed, meaning they can track progress, make data-driven decisions, or intervene when necessary.

Project Center

Project Center offers managers an up-to-date view of the entire project. With solid performance data summarized in a highly visible format, stakeholders can enter transactions or other financial data relating to project tasks and jobs.

Project CRM

Project CRM brings all the benefits of a customer relationship management tool to specific projects. By centralizing customer data, teams can improve resource tracking and collaboration, giving their staff up-to-the-minute data and records, leading to more satisfied clients.

Additionally, CRM helps organize calls, meetings, and events related to specific project tasks.

Project budgeting

Powerful revenue and cost budget functions help businesses forecast transactions. Teams can easily manage each project's costs and make necessary adjustments and amendments to ensure on-budget delivery.

NetSuite Project Management Benefits

While NetSuite's Project Management tools are aimed at project management professionals, they can be used by various teams with diverse goals thanks to rich customization options.

Here are a few of the reasons why NetSuite project management can help you achieve your project plans quicker, better, and with more control.

Mitigate project risk

NetSuite project management allows teams to compile highly detailed project records. Collecting comprehensive data means you can track procedures and resolutions and ensure roadblocks are removed.

Access from everywhere

The NetSuite project management module is cloud-based. That means authorized stakeholders can access, review, and update project status anywhere. Additionally, the NetSuite mobile app connects your project management tools with internet devices, allowing for more accurate and reliable expense and timesheet data.

Boost productivity

NetSuite's collaboration tools allow stakeholders to communicate and collaborate with ease. Project details, changes, and status can be adjusted in real-time, driving enhanced productivity.

Increase project profitability

When management can review project profitability based on reliable numbers, they can make better decisions that boost the bottom line. Centralized tools mean your leaders can monitor financial performance and ensure they have the best real-time data from start to finish.

Key Modules In The Project Management Software

NetSuite Project Management is a collection of modules that can help you manage resources, staff, and budgets. Here is a quick breakdown of each

Project management: The Project Management module integrates with NetSuite Financials, helping you:

  • Track expenses
  • Generate invoices
  • Manage revenue recognitions
  • Compute unbilled balances
  • and more.

You can run and track several different types of projects at the same time through the Project Dashboard.

Resource Management: This module helps you track your resources, ensuring you know what is available at all times. Additionally, you can set and track KPIs and perform project tasks like:

  • Resource requests
  • Automate resource allocation
  • Perform resource searches by specific criteria

Project accounting: NetSuite PSA allows you to integrate financial data with project activities, ensuring accurate financial reporting and billing. Some key features include:

  • Profitability summaries and reports
  • Automated invoicing
  • Revenue recognition

Timesheet Management: Project Management's Timesheet Management module helps track and approve work hours. Managers and employees can access the module remotely and submit weekly timesheets or whatever cadence is appropriate. Some helpful features include:

  • Project & employee time approval
  • Bulk time tracking
  • Multiple project time tracking
  • Customize time entry

Expense Management: The Expense Management tool is highly customizable. NetSuite users can tailor the module to meet their workflows, approval processes, or the requirements of a specific project. You can integrate it with Project Management and Project Accounting modules to centralize information, track KPIs, and enhance reporting.

Some of the excellent features this module provides are:

  • Expense tracking
  • Business rule customization
  • Overdue alerts
  • Consolidated expense reports
  • Mobile expense reports
  • Advanced workflows and approvals

Analytics: Project Management contains powerful reporting and analytics tools. These features simplify tracking project status and performance. Moreover, they enable managers to share information on budgets, profit margins, and KPIs, allowing stakeholders to gain complete visibility.

Some of the most valuable features include the following:

  • Granular, interactive reports
  • Customized dashboards
  • Collaborative reporting
  • Alerts and notifications

What Teams Need NetSuite Project Management?

Leaders and project managers are among the biggest beneficiaries of the NetSuite Project Management module. However, other stakeholders, like staff and clients, can also benefit from tools that ensure successful project management.

If your organization runs projects of any kind, you'll know the complexities involved in delivering your best work on time and on budget.

Here are some of the most common challenges that project managers and organizations face that you can solve by deploying NetSuite Project Management.

Limited project status visibility

Without up-to-date project status data, management can't run jobs or manage and allocate resources efficiently. Project dashboards provide access to essential KPIs and customer data alongside Gantt charts, reports, and more.

Manual project setup

Manual project setup is inefficient. Project templates, automated job creation, and native integrations can help you get your projects up and running quickly.

Inefficient tracking

Real-time resource tracking is a crucial component of a well-run project. NetSuite project management helps you organize calls, events, tasks, and activities for your project. Everything is done through one centralized solution, allowing you to track resources easily.

Unreliable project budgeting

Too many projects fail due to unreliable project budgets. NetSuite can automate job creation, centralize profit and loss (P&L) records, and keep your business up to date on each project. With better project information, NetSuite's sophisticated modeling prevents inaccurate budgets from affecting your profit margins.

Inconsistent resource allocation

NetSuite Project Management offers the tools you need to track the time and expenses of each project. Accurate resource allocation eliminates extra work and ensures you can bill for the actual hours your employees work.

Final Thoughts

Seller Universe is well versed in product management. We've managed our fair share over the years by helping businesses like yours design, implement, and deploy NetSuite instances. We understand that a successful project begins with assigning the right people, which is why we allocate sector experts to help you get the most from your NetSuite investment.

Get in touch today if you'd like to explore how Seller Universe can help you unleash the power of Project Management software. Better planning, budgets, reporting, billing, and happier clients are just a call away.

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