NetSuite for Construction: Benefits and Why You Need It


Last Modified: August 24th, 2021

3 min read

With over 125,000 customers and $14.5 billion in annual revenue processed, the cloud-based ERP solution from Oracle has proven to be one of the best business solutions for manufacturers. But what about construction? Is NetSuite a viable option for this industry as well?

The short answer is YES.

NetSuite provides the highly efficient, accurate, and scalable business management solutions that construction companies need. NetSuite offers users a long list of benefits that are everything to contractors. And one thing is for certain, construction companies cannot compete in the current business landscape without efficient and accurate accounting systems. NetSuite can provide the tools needed to run your business efficiently and effectively. 

Key technical construction industry-specific NetSuite features include:

    • Full Construction Project Management

When it comes to construction, your business revolves around the management of all stages of projects; from planning and design phases, through construction and completion, into operations and maintenance. Every aspect of a project can be managed using NetSuite. This is possible thanks to specific features such as bidding support for RFPs and RFIs; contract management with supplier approval and change control; and project accounting, expenses, time tracking, and reporting.

    • Advanced Sales & Operations Planning

With NetSuite S&OP solutions, construction companies can plan better in order to reduce costs while increasing revenue. From operations to inventory and forecasting, NetSuite provides the tools required to manage business processes throughout the year. 

    • Supply Chain Management and Tender Support

In addition to project management, NetSuite helps building firms manage their supply chain in order to ensure efficient materials procurement and purchase.  NetSuite features such as product/service catalog with part numbers and prices, line item detail reporting, and RFQ support with built-in RFQ templates; quoting and pricing including option, discount, and add-on management.

Other essentially important product features include:

    • Custom Roles & Permissions

It enables you to create custom roles and permissions so that only the most essential information is available to each user. This ensures accurate and up-to-date project data is accessible only to the people who need it when they need it, so there’s less risk of mistakes and confusion.

    • Single Data Point for All Information

With NetSuite, you’ll have a single data point for all the information you need to stay on top of your projects. You’ll be able to track projects from initial proposal through final invoice and ensure that costs are managed effectively (including estimating, ordering materials, logging time and expenses, reviewing financials, managing subcontractors, and more).

    • Real-Time Tracking of Project Performance

Real-time tracking of project performance (including in-depth KPIs to track utilization rates, man-hours, labor costs per unit, etc.) helping you identify areas for improvement and ensure you’re completing projects within budget and on time. NetSuite helps construction companies meet the industry’s most stringent reporting requirements so you can get paid faster on job sites while having a comprehensive view of your entire company through one portal – all at low cost.

    • Cloud Functionality

NetSuite’s cloud functionality means you don’t have to worry about system downtime or whether there’s a physical server to maintain—keeping your business running smoothly without interruption. If there is an issue, your IT staff will be able to address it immediately without the hassle of installing upgrades. With this, you’ll have the ability to access financials online at any time allows construction experts such as project managers, estimators, and accountants to easily view key performance indicators (KPIs). For example, using mobile devices, they can share the data instantly with on-site auditors and subcontractors, saving time and money. 

    • Scalable

NetSuite’s scalability means you can grow with your business and ensure that your technology is up to the task.  All data is easily accessible via mobile devices, allowing your team to respond quickly at a moment’s notice, in real-time. With the Mobile Sales app, you can easily collect signatures on proposals while on-site, eliminating the hassle of back-and-forth emails or fax. Whether you add one new construction site or a hundred, NetSuite’s cloud-based architecture is flexible enough to accommodate the changes.

Conclusion

We know that there are a lot of choices out there when it comes to IT solutions for construction companies, but NetSuite offers an unmatched combination of cost savings and efficiency for your business.  

The product can be customized to meet the needs of any size business, from one-man shops to global corporations. To learn more about the benefits of NetSuite for construction companies, sign up today!

Serge Ybanez

Serge is a Managing Partner, and also heads Sales and Business Development.

Published on: July 14, 2021