"Work from home" means Profitability: Project Transparency with OpenAir from Oracle NetSuite

Numerous Hong Kong companies from small to enterprises have advised your staff working from home during this critical period to stop the virus spreading. Did you know that working remotely also means maintaining and even improving the profitability for those in the professional services industries?

Quantifiable Services Performance

As we’ve seen, the advantages of achieving real-time business visibility are quantifiable. According to a recent report by research and consulting firm Service Performance Insight, companies with real-time visibility reported revenue growth of 17 percent, compared to 11 percent for those without real-time visibility. Project gross margins ranked 35 percent versus 26 percent, while the rate of projects delivered on time reached an impressive 79 percent, compared to 60 percent for companies operating without real-time visibility.

From project management and resource planning, to project accounting and client billing, Oracle NetSuite has given professional services companies the ability to automate management systems while reducing operational errors and improving delivery time, allowing companies to stay competitive while increasing productivity.

Employees are in sync from all locations

As small to medium-sized businesses become more project-oriented—and their employees even more mobile—they will place a premium on Professional Services Automation (PSA) solutions that can allow employees to obtain data and access a central database in real-time from any location, whether it be on a sales call or doing a quick inventory check. Providing the travelling workforce with accurate and dependable offline/mobile access can help service organisations accomplish this goal.  

Management by KPI

OpenAir also enables your organisation to use a KPI management approach to manage the profitability.  

Ellen Wolf, Finance and Risk Operations Manager from Thomson Reuters who led over 350 projects a year leverages OpenAir to analyze KPI reports and track and trend utilization.

“It is the central hub for measuring what matters. If optimized, your PSA solution will do most of the heavy lifting, allowing you the ability to course-correct trends as they emerge. With OpenAir, we’re set up for success!” 

Ellen Wolf, Finance and Risk Operations Manager from Thomson Reuters

NetSuite’s OpenAir which have been developed for mobile business users keep cycle of all transactional and financial information flowing—both online and offline by improving utilisation and data collection. OpenAir Mobile for iPhone allows remote workers to enter customer, project and task data, while an intuitive calendar interface facilitates the filing of timesheets and expense reports.

OpenAir from NetSuite gives companies the ability to stay in sync with their employees and clients, in the process of improving operational transparency across your projects. Increased transparency helps boost productivity and efficiency, which in turn has a direct impact on company revenue.

Want to get your team to work towards project transparency for profitability management within 100 days?

Talk to our team for details.

Source: Oracle NetSuite’s Educational Resources for Business Solutions.