To find out the best ERP system for a midsized project based company first it is important to know that what is the difference between traditional ERP system and ERP for project based company. Most of the ERP systems popular today have evolved themselves from MRP i.e. manufacturing resource planning to ERP, they have tried to adopt the service based or project based system but lot of customization is required which makes the system onerous and very moderately effective.
There are few software which have used ‘bolt on’ technique and they contain a business process for project based companies which can be integrated with traditional ERP software to work as a solution for project based companies. But the business process in these PSA is from starting a new project and running up to invoice making, but financial part was missing. This solution too is a make shift arrangement rather than a complete ERP system for midsize and project based company.
The implementation of ERP systems available, provide with a vertical solution in services for project based company but they do not have end to end solutions for a project based company. The project based company need different ERP solution which can give it a complete solution for its projects which may include quote management, inventory management with demand based inventory, demand based replenishment of inventory, calculation of landing cost of inventory, consumer and volume pricing and matrix items. These features help a midsized and project based company to calculate and plan its inventory on project basis and avoid over accumulation and under supply of the material.
The vertical of project management is available in almost every capable ERP system but for a project based company it should contain enhanced and in depth insight in terms of project based accounting to provide complete solution. In ERP solutions for midsize project based company, project management shall provide features like resource planning and resource availability integrated with project accounting and quote management to give a complete picture to the management. Resources shall include human and material resources, necessary for the execution of the project.
The ERP system for a midsize and project based company shall have advanced features like time and billing, budgeting and order management and fulfillment along with other general features necessary for accounting. Though most of the ERP system may claim to have these types of features in their system but the customization required availing them and the cost of implementation may be such that it may not fit in the budget of most of the midsize and project based companies.
There are few ERP systems for midsize and project based companies available like ERP solution from Deltek and Agresso. These systems have been designed specially for project based companies and do not require any sort of customization before use. Netsuite is another ERP system for midsize and project based company which also comes as SaaS. This makes it a solution in the reach of every company planning to use technology for its growth and development. Netsuite has been used by many companies which come with very strong accounting features with inventory, quote and project management features.