When it comes to selecting enterprise software, you can make some general assumptions about what most companies want to achieve:
- Improve efficiency
- Reduce operational costs
- Achieve ongoing digital transformation
The selection process is a chance to apply a rigorous and disciplined evaluation of functional business requirements to ensure the ongoing success of the business. Factors such as cost, standard industry functionality and the ability to achieve long-term digital transformation provide key comparison points between different solutions.
However, for Project-Based Service Providers (PBSPs) who deliver complex projects as a service, finding a software solution that meets their requirements is not as simple as it seems. Often operating in disconnected, unpredictable and challenging environments, many PBSPs have come to rely on a patchwork of disparate solutions and disconnected spreadsheets to run their operations.
But should they?
The key reasons many PBSPs struggle to find a software solution that meets their requirements are that a PBSP will typically cut across multiple industries and operate both onshore and offshore. What’s more, a PBSP’s offering will include elements of project management, service, construction, manufacturing and asset maintenance. In this complex, hybrid environment, finding a solution that ticks all the boxes is tough.
In a new IFS whitepaper: Selecting software for your Project-Based service companies, six ERP considerations are outlined for every PBSP to think about:
- Cash is King
- Proactively manage risks
- Indemnity and insurance management
- Cost breakdown structure vs work breakdown structure
- The right tools for the job
As a PBSP, ensuring these key ERP requirements are met will allow you to fully understand how well a solution is suited to your business and provide the agility and scalability that many currently lack.
Rather than traditional ERP software, PBSPs need a combined project lifecycle and asset management solution—a combination rarely found in one single solution. From finance, human resources, document management, procurement, supply chain and subcontract management to quality, health safety and environmental (QHSE) and equipment management, the requirements are vast. A strong project management solution is essential to manage contracts successfully and should include features such as project cost control, planning and progress tracking, risk management and project accounting.
Or download the new IFS Whitepaper: Selecting software for Project-Based service companies at https://www.ifs.com/sitecore/media-library/assets/2021/07/22/project-based-service-provider/
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