Search

Driving Profits through SAP Project Management

23 June 2015 5 MIN READ

Every company is established with one goal in mind – attainting profits. Different management strategies and techniques are employed for ensuring high profits on charts at the end of a financial

year. Some tried and tested methods are applied, some take the unexplored route and try out something new and some use technology to guide them through the way.

One of the most common approaches is to integrate SAP Business One implementation services for SME with project management and accounting systems. When projects are handled well with one eye constantly on the finances, profitability will be a tangible outcome. Handling finances has to be one of the most overwhelming and pivotal aspects that companies have to face. It includes different stages – Estimating costs, controlling the actual expenditure, tending to unexpected/surprise expenses and finishing the project within the assigned funds. When all these take place under a controlled environment and excellent management, one can expect profits. But how can one take the help of SAP project management system for the same? Read on to find out.

According to SAP B1 partners, building a strong foundation helps greatly. So before you start evaluating any Enterprise Resource Planning (ERP) and project management system, keep a few things handy:

–          Tool to measure time and expenses being spent on the project

–          A method to track tasks and milestones

–          Accurate allocation of costs and revenues

Once you are ready with them, you can utilize SAP project management system to maximize profitability in the following ways:

a)      It lets you estimate costs accurately

SAP project management system allows you to analyze costs of all the previous projects. Studying them will give you a fair idea on what to expect for the current and potential projects financially. With an accumulated data and exhaustive evaluation, companies can reach an estimate for the current project. By setting a corresponding cost and financial chart, the required profit margin can be achieved.

b)      It allows you to use data to improve profits

Profits don’t just rely on the investment of money and ROI. There will be other determining factors responsible. The scope and size of the projects defines some crucial elements, influence how they respond to various conditions and how they contribute to profitability. These data banks provide great insight into opportunities for project as well as business on a whole.

c)       It promotes efficient management of resources

When resources are misused, it directly affects bank accounts of the company.  Every project involves numerous raw material, people, vendors and tools/equipment which need to be balanced properly amidst everyone. SAP Business One implementation services for SME along with project management module allow the users to manage and distribute the resources well, allocate time properly and maximize the potential of employees working on any project. When these come together, tracking of project can be done satisfactorily and profitability can be gauged through the course of the project.

d)      Analyze reports

An integrated ERP and project management system generate comprehensive, easy-to-understand, graphical or data based reports that will help one understand the financial details of all projects in real time. These reports help users take informed decisions, recognize problematic issues and design strategies that give high returns. As reports are generated in real-time, problems can be eliminated in real-time, before they get a chance to pose serious threats on the completion of projects.

SAP B1 partners agree that SAP project management allows you to monitor profitability over a period of time. Computing profits isn’t a one-time calculation, rather the figures add up over time. It is essential to recognize revenues at different stages so that none of the involved costs are overlooked. One slight mistake could literally cost lots of money, bringing the margins of profits down. Let your ERP and SAP project management system take care of some aspects and make work easier for you. You can focus on making higher profits and growing your company.

Gain control of your business

with SAP Business One

Trusted by 60,000+ customers worldwide

About the author

Nidhi Batra

Nidhi Batra is a marketing and brand communication professional with 10 years of experience working in the dynamic B2B marketing environment. She strategizes, writes, reviews a variety of content for demand generation and sales support activities. Having a Master’s in English from Delhi University, she knows how to navigate her readers on insightful journeys with her SAP published blogs and thought leadership content.

Follow me on LinkedIn to stay updated on the latest industry trends & technology update

Similar posts

Enterprise Resource Planning (ERP)

Streamline your business processes and improve productivity using our cutting edge ERP solutions & service offerings custom built for small and medium enterprises.

E-Governance Solutions

Our e-Governance solutions enable the government to reduce operational complexities and help citizens, businesses & government bodies to leverage technology to access public services with ease.

E-Governance Services
Our Portfolio
  • Browse through our portfolio of e-Governance services and move to digitally smart governance with Uneecops.
  • VIEW PORTFOLIO
CTRL-A
  • Educational ERP with enterprise-grade functionality designed specifically for educational institutes, colleges and universities.
  • LEARN MORE
Technology
  • Drive rapid digital transformation across your Government departments and agencies with established and next-gen technologies.
  • LEARN MORE
Our Products

Our products portfolio comprises of business automation software’ that helps you focus on high-value tasks and improves organizational efficiency by automating repetitive human tasks, process workflows, data capture & decision making.

HROne
  • India's most popular HR automation software for managing the entire employee lifecycle from hire to retire. Trusted by 300+ companies across 18 industry verticals.
  • LEARN MORE
Connectrix
  • Connectrix is a unified business communication platform, custom built for fast growing organization to increase data visibility & organizational efficiency on the go anytime, anywhere!
  • LEARN MORE
CTRL-A
  • A complete end-to-end Campus Management Software which automates various aspects and functions of educational institutes, colleges and universities.
Plus+
  • High-quality SAP certified industry-specific Add-Ons designed to integrate seamlessly with SAP Business One and cater your unique business needs.
Analytics

Get actionable business insights with our cutting edge BI products & consulting services. Make informed decisions and improve business efficiency with real-time analytics.

BI Services
  • End-to-end business intelligence services ranging from BI consulting, Data Visualization to Dashboarding & more that help you make informed business decisions.
  • LEARN MORE
Dashboard Services
Our Work
  • Browse through our portfolio of BI clients and know how we are offering strategic value to them with our assortment of BI services.
  • LEARN MORE