Most large businesses are familiar with Enterprise Resource Planning (ERP) software. Most ERP systems began as a way to manage increasingly large and complicated supply chains. But, for service organizations, ERPs needed to be augmented with separate systems for professional services automation (PSA). Thus SRP software was born.
‘SRP’ stands for Service Resource Planning; not to be confused with Sustainability Resource Planning. SRP software systems bring together the power of a typical ERP with the additional features that service companies need. The idea is to streamline core business processes with an integrated, 360-degree view of projects, client relationships, financials, and so on.
Needless to say, such systems can get quite complex. It is worth asking, then, what core features businesses should be looking for when considering SRP software for business projects.
12 Features to Look for in SRP Software
Best in class SRP solutions will usually include these core features:
- A cloud-based platform. Software that is cloud-based for is more reliable, accessible, and secure than typical software solutions.
- The ability to easily optimize staffing and resource utilization
- Tools for easy collaboration on projects
- Integrated timesheet management and invoicing
- Reports that are available on-demand, in real-time
- Visibility into both back-office financials and front-office services operations in one unified system
- Mobile support, so that on-the-go professionals have access to real-time business information anywhere, anytime, with better collaboration across the organization
- Omni-business model billing for service delivery across the services value chain
- If you sell products as well, unified billing across multi-model service and product delivery
- Customizability to handle management across geographies, currencies, and tax jurisdictions
- Revenue recognition for diverse revenue streams
- Access for on-the-go services, so professionals can make informed, data-driven strategic, and tactical decisions with powerful and insightful business metrics
These features, when implemented at the core of an organization, allow businesses to automate and manage key aspects of their business across the complete bid-to-bill lifecycle. This, in turn, improves the customer experience, enables gains in efficiency, and helps the company deliver quality service and stay competitive.
A Note on SRP Software and the Cloud
More and more software solutions are moving to the cloud, but many businesses are resisting the move, opting instead to stay with their existing in-house solutions. There are separate benefits to moving core functions to the cloud, including:
- Security. Most cloud-based software companies invest heavily in security, from secure data centers to backup procedures bordering on the religious.
- Reliability. Cloud-based SRP systems are robust and reliable, with frequent updates and heavy investment in reliable hardware on the part of the provider.
- Accessibility. Access to the internet is all that is needed to use most cloud applications. This is especially good news for service professionals who are constantly on the move.
- Standardization. Most cloud-based systems have a “common architecture” that makes it easier to share data and achieve integration across applications. This cuts down on human error and further streamlines your processes.
SRP Software to Improve Efficiency and Profitability
With our experience and knowledge of the could, we can help take your business to the next level. Contact us to learn about the next steps for overcoming your business challenges and integrating SRP software from NetSuite.