Managing projects is not an easy challenge. It requires a project manager with a good vision and an accurate understanding of the skills, resources, and processes necessary for completion. Keeping track of all these elements may prove overwhelming, especially with complex projects that involve multiple work orders.
Implementing an Enterprise Resource Planning or ERP solution in your firm can significantly help manage big and complex projects. The software amplifies your analytical skills, allowing you to set clear milestones and financial goals for your team. It also facilitates data flow between departments and creates more opportunities for automating crucial processes.
Here is why you need a project-based ERP to manage complex projects in your organization.
Project-Based ERP Explained
Project-based ERP is a new and innovative approach modern companies use to change how they manage their complex functions. The platform expands the standard capabilities of most ERP tools by building on traditional ERP concepts. Project managers and other business leaders get to plan and complete their projects with much less effort after a successful project-based ERP integration.
Unlike traditional ERP systems, project-based ERP provides an end-to-end solution for companies handling complex projects. It provides the comprehensive analysis needed to achieve a competitive advantage and allows you to manage different processes within one system. Managers also track labor costs and inventory turnover metrics since all company data is within one system.
ERP Features to Manage Complex Projects
An ERP solution includes several features to handle the different functions of an organization. These tools and features are perfectly tailored for your business, offering streamlined operations. Here are some project-based ERP features that make it ideal for complex projects:
Project-Based Accounting
The accounting feature in project-based ERPs provides managers with a comprehensive view of each project’s financial state. It includes several modular tools dedicated to consistently helping your accounting staff record project-associated costs and revenues. This management routine is crucial in developing more functional and efficient financial reporting.
This feature allows you to identify projects not hitting the set milestones. You can improve the project’s performance by allocating more resources using your project-based accounting records as inspiration. Project-based ERP also allows financial professionals to set custom alerts and dashboards when gauging the financial health of several projects.
Human Resource Management
There is a lot of recruiting, training, payroll, and time tracking involved with managing complex projects. Project-based ERPs make it easier for managers by helping them understand the various trends related to employees, regulations, and hours. It translates the data into visual reports for easier comprehension and fast execution.
Access to this information in real-time lets you create workflows dedicated to specific projects. It also prevents your business from taking on new projects when your team is already overwhelmed, eventually reducing low productivity periods.
Project Stakeholders Collaboration
Coordinating the different functions involved in any project requires continuous communication with stakeholders. Traditionally, project managers used to pass information to other stakeholders with reports and faxes for security and reliability reasons. Modern companies now prefer using ERPs to transfer data seamlessly through the cloud and in real-time. Managers and stakeholders can access all this information anytime and anywhere, provided they have access.
How Does ERP Deliver Project Management Success?
ERPs dedicated to project management come with the features necessary to manage projects effectively. It ensures you complete a project by utilizing the available resources. Here are the reasons you need to integrate an ERP to help with complex projects:
Improve Project Planning and Scheduling
Project planning and scheduling are crucial functions that lay the foundation of every project’s success. Including ERP software dedicated to project management helps streamline all the processes involved in planning. It also provides easy access to records on ongoing projects and conveniently creates plans to allocate resources, prioritize tasks, and set deadlines.
Promote Departmental Collaboration
The different departments involved in a project work together more seamlessly when an ERP system is in place. This element also extends to project management, where a project can require collaboration from several departments. Establishing clear and effective communication is crucial to prevent unnecessary delays.
Project-based ERPs make collaboration extremely simple. The system facilitates seamless data exchange between employees and stores all communication on a common platform, ensuring all teams are updated on the project status.
Simplified Task Delegation
Project-based ERPs also help project managers delegate roles to employees. It would help to note a project’s efficiency significantly depends on the team allocated. Finding the right employee for a specific task is difficult, especially if you have a big group.
ERPs make it easy for managers to delegate tasks. Like all-inclusive task management software, the ERP stores all employee information. It uses this data to find the ideal employee for a specific job depending on their skills and availability.
Improved Risk Mitigation
Your project is better positioned for success without exposure to bottlenecks like risks. You need a system that helps identify potential risks early, allowing you to employ the necessary solutions. Implementing a project-based ERP saves your business from costly future losses while providing insight into the relevant business information.
Cost Tracking and Budget Management
The financial obligations of complex projects require software support to help manage inventory, resources, and processes. You can consider an ERP to make financial tracking easier. The system records all costs incurred on each project, helping you control the expenses.
Managing Complex Projects with GoldFinch ERP
GoldFinch ERP is a powerful solution dedicated to handling several functions in a firm. It is a worthy option to consider for managing complex projects in your company, as it has the necessary features for efficiency.
The platform can generate purchasing orders, manage multiple work orders, and allocate inventory and resources efficiently. Try Goldfinch ERP today and watch how easy it is to manage complex projects, from ordering materials to distributing products.
Conclusion
Implementing an ERP makes a massive difference in how you manage complex projects. The system helps project managers delegate responsibilities, control costs, mitigate risks and enhance overall productivity.
It’s time to simplify your project management. Let’s get started—contact us today!
