Here’s Why You Need Capital Project Management Software in Addition to Your ERP Software
Enterprise Resource Planning (ERP) systems play a key role in managing a company’s internal departments. They’re designed to streamline and integrate a wide range of business processes including accounting, financial reporting, purchasing, and much more. They’re a beneficial system for companies to have, regardless of size or industry. If you use them effectively, ERPs have the potential to significantly increase organizational efficiency and company performance.
By themselves, however, most ERP systems are not equipped to provide the reporting and analysis tools you need to make capital project management decisions. ERPs can be expanded and customized to fill these roles, but that’s often cost-prohibitive. Expanding ERPs in this way can also become very complicated. Some companies even find that they have to hire an ERP consultant to make sense of all the options and features.
If you want to improve your company’s management of capital expenditures, there’s a better solution than trying to rely solely on your ERP system. NextProcess’s Capital Project Management Software (CPMS) easily integrates with your ERP system to immediately provide increased insight and control. Our software fills functionality gaps and delivers more efficient capital project management than is possible with ERPs alone. Keep reading to learn how this works and why it’s a good choice for your company.
Enable Useful Communication
ERP systems streamline internal business processes and allow communication between different business departments. When you add a capital project management system to your ERP, it should integrate smoothly into the existing system. This sort of integration is necessary so the more detailed reports and data that come with the CPMS are readily accessible and easy to share with everyone who needs the information.
NextProcess’ Capital Project Management Software offers the perfect balance between accessibility and security. Our system provides tight controls over viewing, editing, and reporting on projects and budgets. You choose whether to restrict visibility to a single location or open it up for more individual users. To help keep things moving, approvers in the system can delegate their authority when they’re out of the office. We don’t charge extra for adding more users, so you’ll be able to increase communication without increasing your costs.
Easily Customize the System
ERPs systems are rarely easy to customize and update. Integrating capital project management software helps fix this problem. When you purchase CPMS from NextProcess, our team of experts will work with you to customize our software to fit your business process. During implementation, we’ll help match our software’s functionality to your individual company’s goals and requirements. To make this process even easier, the software scales to your needs as your company grows and adapts. If you ever need to expand functionality, we make it easy to do that without expensive or time-consuming updates.
Our capital expense management software includes extensive automation to make every step of the project flow smoothly. You can choose to have the system generate reports and rout projects for review/approval automatically. Our system also allows for the configuration of custom fields, variable routing, and approval requirements for project type, total, region, and more. It won’t take over every aspect of managing capital expenditures, but it will be an invaluable tool to support your company’s capital project management system.
Increase Data Transparency
NextProcess’s capital project management system lets you actively control spend and report with granular detail on your capital project management. ERPs play an important role related to data and record keeping, but to take full advantage of capital project data you need a system designed to track capital projects and monitor important metrics. Capital project management software fits the bill perfectly.
Our software module includes capital budgeting tools with configurable levels of detail. The software provides accurate, real-time reports on capital budgets. It also a collaborative tool that allows users to easily search and view any project, open or closed, and track expenses over a wide range of budget periods. Project managers and those responsible for budgeting will be able to quickly and easily access all the data they need to effectively manage capital projects. These tools also make it easier to plan for other projects in the future.
Improve Management Long-Term
When you start using capital project management software, it’s going to have a lasting, positive impact on how your company handles capital expenditures. Our software fills gaps in your ERP’s functionality and will provide long-term benefits for your business. And for as long as you have the software, we’ll keep updating it so your company will never be stuck with outdated technology.
NextProcess’s CPMS program allows for total spend visibility and provides accurate, real-time reporting on capital budgets. The longer you continue to use this software, the more data it will collect and the more insight it will provide into your company’s capital projects. You’ll be able to track your capital expenses across multiple budget periods or years. It’ll also let you report with granular detail on your capital project management. All of these features come together with capital budgeting tools to help your company create budgets for the year, the month, the location, and more.
Using Enterprise Resource Planning and Capital Project Management Software together makes it easier to keep track of budgets and align finances with project activities. ERPs by themselves are not designed for detailed reporting on planned and actual costs. That’s where adding software to manage capital expenses and projects makes a huge difference.
Are you ready to see first-hand how our capital expense management program can help your company? Contact us today to schedule a demonstration. We’ll be happy to answer all your questions about how NextProcess’s Capital Management Software can speed up, streamline, and ease collaboration for all your capital projects.