5 ways professional services companies profit from using all-inclusive business software

From meeting the digital expectations of clients to collaborating in a hybrid-working world, professional services companies continue to face a multitude of everyday obstacles. Yet with the right business architecture in place, organisations are not only equipped to adapt their services through agile operations but can also provide exceptional service and drive growth in today’s tricky landscape. Today we focus on the benefits that firms offering professional services can experience when using 360-degree cloud business software.

Delivering maximum visibility of processes and performance, cloud ERP software continues to empower businesses great and small with access to tools and critical data – regardless of the challenges attached to the remote working environment. Utilising a powerful architecture such as Oracle NetSuite enables professional services companies to streamline their decision-making through analysing metrics via one version of the truth. This, paired with the elimination of time-sapping tasks through automation, enables company-wide efficiencies that pave the way for enhanced profitability.

1. Drives effective remote workforce management and collaboration

For the majority of service company teams forced to adapt to a remote-working model, cloud ERP enables streamlined remote workforce management from wherever in the world employees happen to be operating. Business-critical processes that once only seemed possible to manage in person have now, in many cases, become even more cost-efficient via a single unified platform – banishing the need for lengthy commutes (both locally and across the world). While the pandemic may have accelerated this major transition in recent years, professional services teams now exploring the hybrid model may choose to consider how they collaborate in future – with on-premises tools previously contributing to a decline in productivity without the right integrated solution in place.

2. Complies with accounting standards and regulatory requirements

When it comes to compliance, cloud ERP can ensure service companies remain watertight. From revisions to Generally Accepted Accounting Principles (GAAP) to revenue recognition rules, the ever-moving goalposts of accounting standards and regulatory requirements can not only prove a headache for businesses, but a costly one if not monitored closely. With solutions like NetSuite, feature and capability updates come as standard twice a year and are clearly communicated (compared with entry-level/on-premises systems) so that companies may manage the latest regulatory actions required. For professional services businesses wishing to futureproof their operations, the ability to adapt to evolving regulations is key to that success – avoiding costly penalties in the process.

3. Empowers organisational departments with a unified and accurate picture of business

Those with a 360-view of the business will not only benefit from day-to-day enhanced visibility, but also for strategic planning and forecasting when faced with unpredictable times ahead. Utilising numerous systems and pieces of software – often only accessible by limited numbers of people – can contribute to a tangle of critical information; aggregating this data in order to inform top-level decision-making can also prove a more complex, time-consuming task. Not only this, but siloed data sets can result in siloed departments, impacting business-wide productivity. For obvious reasons, this makes full visibility of processes – and the business as a whole – at any given time a near-impossible pursuit. Delivering data in real-time, cloud ERP solutions ensure teams remain on the same page, with up-to-the-minute, integrated intelligence, whenever and wherever required.

4. Tracks customer and project profitability

For services-based businesses, project profitability can be a hard thing to quantify – particularly against the backdrop of a volatile economic landscape. Cloud ERP solutions like NetSuite can support this analysis by tracking data – whether customer or financial – to determine the areas of optimal profitability. The professional services automation component of NetSuite also allows businesses to better match staff with projects based on their areas of strength, paired with the project’s specific requirements. With NetSuite Resource Management, business leaders have access to real-time project timelines, with resource planning and advanced skills track and search features that can maximise efficiency, and ultimately contribute to optimised profit margins.

5. Helps businesses scale and adapt

As traditional companies continue to navigate the tide, a solution that grows with the business can eradicate long-term complexities caused by antiquated systems. From old spreadsheets to basic accounting systems, businesses relying on such outdated methodology not only hinder their current abilities, but also obstruct adaptation to the fast-changing world. A robust enterprise solution like NetSuite not only meets the digital-age demands of customers, but also expands visibility for companies wishing to embrace expansion – and scale up in the future. By automating core processes and minimising operating costs and upfront capital expenditures, companies can profit from all-inclusive business software that supports their journey every step of the way – leading to agile organisations that may hope to thrive once again.

Here on the BrightBridge blog, we aim to stay one step ahead of the latest updates and insights. Keen to learn how NetSuite could benefit your business? Contact our team to see how cloud ERP can help you realise your true potential.