Is your team struggling with project management? Is your business still facing issues in completing the projects on time and assigning the tasks to the employee and following up to them respectively? Facing troubles in deciding project cost and working in alignment with the cost?
If the answer is yes to all the questions above, then it means your business lacks the project management tool and this is the high time that you get the Project management tool of an ERP software.
In this article, we will take you through the importance of having a project management tool in your business.
What is Project Management?
When it comes to business terminology, Project management is the application of procedures, techniques, abilities, and expertise to achieve project objectives within schedule and budgetary constraints in the corporate world. The allocated time scale given to the delivery of products or services is the most important indicator of project management in particular.
What role do ERP project management systems play in a business?
Businesses would be well-advised to use ERP solutions to help them achieve project management objectives. Here's a look at how ERP project management systems can help with.
Establishing a project planERP project management modules can help with project planning from the start. The project management module can be utilized in the planning stage to update tasks with project-specific details that are collected into a single database for convenience of use. Everything from job segregation to definition can be included in this task management. The ERP system will therefore enable advanced planning to ensure deadlines are fulfilled, task sequencing, and task recording.
Keep track of project management expendituresAside from missing deadlines, one of the most serious dangers in project management is exceeding the project budget. Projects can be assigned a specific production job number in ERP systems, allowing all project costs to be pooled in one place. To maintain track of all connected project costs, this can keep track of things like labour hours, subcontractor and material costs, and purchase orders.
Project managers can use ERP project management modules to create budgets, track finances, categorise billable and non-billable tasks, and combine all expenses using real-time data. Because ERP is so adaptable, the tools can be tailored to fit each project.
Monitoring of resultsPerformance tracking is a key component of project management, and ERP project management modules can help with this. Risks may be quickly detected and resolved, and opportunities for improvement can be addressed using this functionality. Tracking entails keeping track of project elements such as deadlines and resources, mapping and comparing outcomes, and analysing and resolving project difficulties. It's critical not to lose sight of the reality that all transactions and collected data are about people. ERP project management module delivers real-time data so that corrective measures can be made as soon as possible.
Increase the project's profitabilityUsing ERP system’s project management module, project managers can carefully assess the profitability of each expense-related action through detailed budgetary analysis. The budgeted expenses may be compared and reviewed, and future expenses can be forecasted using real-time data. This information can be used to build detailed reports and keep a record for future reference and accountability.
BenchStep ERP Project Management module
BenchStep Project Management module will help project managers to work with the developers seamlessly, making the working hassle-free and easy to understand. Create and manage projects, as well as establish project processes that are appropriate for each firm. Customize your workflow with one-of-a-kind custom designs, and add photos, videos, documents and files. Use centralised communication channels to communicate with your staff. Simply plan, share, and track tasks, as well as create notifications and receive real-time activity updates. Keep an overview on the tasks assigned by the project management, status of project, and performance of employees from a single module.
Although accounting software is used by the majority of businesses today, many solutions are rendered ineffective due to the program's inability to be efficiently linked into other company processes. Today's ERP application contains accounting functions that remove the need for manual data entry and duplication work.
What we have in store under Project Management- Manage Projects
- Create Project
- Project Releases
- Bugs/Incidents
- Project Reports
- Daily Task Report
- Task Hours
- Manage Task Report
- Working Hours Monitoring
- Monthly Milestones
- And many more
