The construction industry thrives on precision, collaboration, and timely execution. Yet, many companies still rely on disparate systems and manual processes. This can lead to inefficiencies, costly delays, and reactive decision-making. NetSuite offers a powerful and integrated ERP solution specifically designed to address the unique challenges of construction businesses. There are many modules and features that support the efficient operation of construction based organisations, so let's dive right into them!
One of the key aspects of a construction business is being able to effectively manage multiple projects, and NetSuite's project management tool goes beyond mere scheduling. SuiteProjects offers centralised tracking of multiple projects, detailed resource allocation, and progress tracking against milestones. This enables project managers to anticipate issues, adjust resources dynamically, and ensure project delivery within scope, time, and budget constraints.
Key Benefits of SuiteProjects include:
Construction financial management requires tracking a plethora of moving parts. NetSuite offers a comprehensive suite for handling project finances, including real-time budgeting, expense tracking, and financial reporting. This ensures that financial health is always visible, allowing for immediate adjustments to preserve or enhance profitability.
Some of the modules that support financial management include:
Integrated within financial and project management modules, job costing functionality allows for precise tracking of project expenses, labor, and overheads. It provides construction managers with detailed cost breakdowns, enabling them to monitor project profitability, identify cost overruns early, and adjust project plans as needed. Accurate job costing is essential for effective budget management and financial reporting in construction.
NetSuite offers a module that streamlines the procurement process, from requisition to payment, enabling construction firms to manage their spending efficiently. It automates the procurement cycle, helping to negotiate better prices, manage supplier relationships, and ensure timely delivery of materials and services. By optimising procurement practices, construction companies can reduce project costs and enhance supplier collaboration, contributing to timely project completion.
Benefits of NetSuite's procurement module:
NetSuite’s Inventory Management module helps construction companies keep their stock levels just right. Using demand-based planning, which looks at factors like past demand, sales forecasts, and seasonal trends, it makes sure you’ve got what you need when you need it. This helps avoid overstocking, which ties up cash, or understocking, which can cause delays and drive up costs. Keeping inventory levels on point means smoother projects and healthier finances.
The module also helps boost profits by giving you a clear view of inventory across the business. This makes it easier to allocate stock efficiently and avoid pricey last-minute purchases. Smart fulfilment features cut costs even further by reducing handling and shipping expenses through better location-based planning. By managing stock more effectively, construction companies can keep their operational costs down and offer more competitive pricing. NetSuite’s Inventory Management module makes managing stock simpler and more cost-effective for the construction industry.
The SCM module provides a comprehensive view of the entire supply chain, enabling construction companies to plan, execute, and monitor supply chain activities more effectively. It includes features for demand planning, procurement, inventory management, and supplier collaboration. Enhanced supply chain visibility helps construction firms anticipate material needs, manage procurement efficiently, and ensure timely project execution.
"We rely on NetSuite for our supply chain management. It manages the entire journey of our goods, from our suppliers through manufacturing to our customers. With NetSuite, we can keep our production running smoothly by ensuring that all necessary materials are available in the right locations, while effectively scheduling our resources." Christophe Verstreken, GM, Belgian Delights
NetSuite's CRM module supports the entire customer lifecycle, from lead generation to project delivery and post-sale service. It enables construction companies to maintain detailed customer records, manage sales pipelines, and deliver personalised customer service. By leveraging CRM insights, firms can improve customer satisfaction, foster long-term relationships, and drive repeat business.
Benefits of NetSuite's CRM module for construction companies:
The HCM module, SuitePeople, helps construction companies manage their most valuable asset – their workforce. It encompasses recruitment, onboarding, payroll, benefits administration, and performance management. The construction industry, characterized by its diverse workforce, project-based tasks, and compliance requirements, stands to gain significantly from the functionalities provided by SuitePeople. Here are some key benefits:
NetSuite offers powerful reporting and analytics tools that draw data from across the ERP system. Construction companies can customise reports and dashboards to monitor key performance indicators (KPIs), project progress, financial health, and more. These insights support strategic decision-making, enabling firms to identify trends, optimise operations, and improve project outcomes.
This feature helps construction companies navigate the complex regulatory landscape, ensuring compliance with financial reporting requirements, safety standards, and environmental regulations. NetSuite automates compliance processes, reducing the risk of non-compliance penalties and enhancing the company's reputation for reliability and safety.
As well as all the brilliant native modules available, NetSuite seamlessly integrates with third-party apps. Construction projects require close coordination between project management and financial accounting. Integrating NetSuite with construction management software allows for a seamless flow of financial data related to project costs, labor, materials, and equipment directly into the accounting system. This ensures accurate and timely financial reporting, budget tracking, and profitability analysis for each project.
By automating data exchange between NetSuite and construction management applications, companies can reduce manual data entry, minimise errors, and save time. This automation extends to critical areas such as inventory management, purchase orders, and invoicing, streamlining operations across the business and freeing up staff to focus on more strategic tasks. Apps such as Procore and FullClarity are frequently integrated with NetSuite.
Together, these modules form a cohesive system that addresses the unique challenges of the construction industry. By utilising NetSuite's integrated suite, construction companies can achieve greater operational efficiency, improved project management, and enhanced financial control, leading to increased profitability and competitive advantage. If you'd like to see how your construction company could benefit from NetSuite, get in touch and book a demo with us! Or for more information on license and implementation costs, check out our comprehensive NetSuite pricing guide.