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This Is How Software Firms Are Now More Empowered With NetSuite Release 2019.2
The success recipe for software companies, especially in today’s digital world, is a bit complex. Not only they need to balance the ratio of resources, and projects available, but also maintain revenues, and push the limits for breaking their own estimates.
No wonder, even with 60% annual growth, chances of a software firm becoming Unicorn is just 50/50, as per a hard hitting Mckinsey report (published in 2014)
NetSuite has understood and analyzed the core issues which software firms face, and accordingly, they have included some stellar features in their latest 2019.2 version, which ensures that Software companies are able to maintain the momentum of growth and profits.
Here are the 4 main reasons why NetSuite’s 2019.2 version will help Software firms to become more empowered, and more focused:
Remove Chaos From Project Budget Planning
NetSuite’s Advanced Project Budgets tool now gets additional features under the updated NetSuite’s 2019.2, which means that the management will be able to plan the project budgets more confidently than ever.
One of the new enhancements include a highly useful Work Breakdown Structure (WBS). This displays both cost and revenue via customizable time periods. The project manager, in a single glance, will be able to find out the current status of profitability of any project.
Resource Allocation Becomes Seamless
Resource allocation for a new project is one of the most complicated tasks, since it includes so many variables to take care of. Which resource is engaged in which project, their availability status, expertise level and more factors needs to be considered, before allocating them to a new project.
With NetSuite 2019.2 version, this becomes seamless, and more organized with enhanced ‘Utilization Reporting’ and ‘Resource Allocation’ features.
Performance indicators are now visible for every resource, target utilization will now show metrics in percentage for quicker decision, and custom reports will clearly showcase ‘available hours’ and ‘total hours’ for each resource.
Granular Revenue Recognition Supported
With the introduction of ASC 606 revenue recognition standards, software companies are facing an uphill task to record, monitor and report revenues.
NetSuite 2019.2 version takes care of this issue, by introducing Rules-Based Revenue Recognition for Software companies. Now, the management can set their own rules and standards for recognizing revenues from any project, or customer, there by setting triggers and custom rules.
This brings more flexibility in the whole process, thereby empowering software companies to resolve this issue of revenue recognition.
Alter Your Strategies On The Go, With Real Time Action
With NetSuite 2019.2, software firms are getting more control and flexibility regarding resource allocation and project management.
Since the dynamics of projects and client requirements are shifting constantly, new few ‘Real Time’ features helps software firms to maximize revenues, and confidently share revenue numbers without any ambiguity.
Such on-the-go features, and real time monitoring and altering of resource allocation is a practical solution for software firms to become more agile, more responsive to the ever changing needs of the industry.
