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Oracle NetSuite Project Management Review 2022 – Top 10 Project Management Software

Oracle project management is a cloud-based software that significantly improves how you run projects. This complete and integrated software is a game-changer in how companies and businesses organize their project-related work.

The software allows efficient project management with smart tech-based solutions and automated operations. Here is a detailed review of the software’s tools and features and their plan cost.

The Verdict
Oracle NetSuite Project Management Oracle NetSuite Project Management

Oracle Netsuite project management software is capable of managing many types of projects effectively. The software can help with easy project planning, organizing tasks and works, collaboration platform, and project tracking capabilities.

The software allows managers to monitor important financial metrics like bookings, estimates, project budgeting, invoice, work in progress & percentage completion, actual costs, and billing milestones. Oracle Netsuite project management is the one-in-all perfect solution for any project.

Pros:
  • All-In-One Package
  • Oracle Netsuite software is packed with many complex features that allow you to perform an array of tasks and operations that would otherwise require the use of very many other software. The full product suite offered by the software is an advantage to the businesses that can afford its slightly expensive plans.
  • Improve Productivity
  • This project management software can track project status and manage changes in real-time by collaborating seamlessly with team members.
  • Mobile Access
  • The software has a built-in mobile app that allows users to access the functions, features and tools anywhere, anytime. The mobile app allows easy capturing of details and data expenses remotely, ensuring continuity of work and up-to-date records.
  • Reduced Project Risk
  • The software keeps perfect track of all the relevant project management tasks allowing the project manager to reduce the issues that arise with complex projects. This software keeps both employees and clients happy throughout
Cons:
  • User Limitation
  • Oracle Netsuite is not recommended for small companies requiring basic bookkeeping and accounting needs. Instead, the software best suits mid-sized, large and international businesses. The larger organizations and businesses can benefit from the entire platform of the software's ERP.
  • Cost-Effective
  • The Netsuite project management package is somewhat expensive because of its complex features and tools. The integrated ecosystem of the software will help you save more money than you would have spent on many other software. However, the cost should not be hindered when considering its all-in-one benefits.

About Software

Netsuite project management is a software that allows the collaboration of teams and uses real-time data to keep project managers updated on the progress of projects they handle. The benefit of using this software to manage projects is that it allows for easy identification of project issues and ensures timely responses for smooth operations.

Netsuite offers a cloud-based solution that gives stakeholders complete control and visibility. Using the cloud platform, the stakeholders can report and monitor the status of the project remotely on gadgets with an internet connection. The software allows for timely completion of projects, few no billable hours, and satisfied clients.

Features

Oracle Netsuite project management software gives users the freedom to effectively manage their projects in one account. However, you need to create a project record to have a project. The project management records are separate from customer records and tracked as individual records.

Project Records

Project management records can be from service items automatically or manually and are created as a platform for smooth project operations. Project records ensure a seamless project planning process to timely project completion and accurate billing of customers. This feature allows you to interact with your data, perform tasks, and process transactions in one platform for accuracy.

This platform allows for data organization according to your customer’s supply information. The header area of the project record allows the display of the project manager’s details. This offers transparency of who oversees the ongoing project.

The project record platform also allows a sub-tab creation of a project schedule. This task record panel allows you to add, edit and set up task hierarchies. Once the project record is set, project management work can begin.

Asynchronous Project Plan Recalculation

Project recalculation occurs when a project manager approves an employee’s time off or when the project is tracked against time. Instead of doing this manually, you can enable the asynchronous project plan recalculation feature to smoothen things out. Project time off approvals is often used in recalculating project plans.

Larger projects with many assignees and tasks can use this feature to speed up their employee’s time-off approval process. The NetSuite software allows you access to the project plans even when the recalculation feature works asynchronously in the background.

The recalculation feature allows the project managers to have an updated project plan version if the software runs the recalculation to completion. Failure to which the software will display a warning message to the user signifying a failed recalculation.

Project Center

The project center feature allows project managers and employees access to Netsuite. The most important project work functions are routed directly to the home page using a specialized interface.

Access to the project center allows the project manager to assign a standard consultant role to project resources. The project center has tabs that direct users to information dealing solely with project management in Netsuite. The software feature can also allow you to give your employees access to your account.

Project Dashboard

The project dashboard displays information about a specific ongoing project. The dashboard has quick links and portlets that allow you access to many functions like managing resources, creating project tasks, entering expenses & time, and viewing the Gantt chart.

The project dashboard offers visual indicators to show the project’s status, including resource allocations, a list of project resources and tasks, and the project manager’s role. The dashboard can also be personalized by rearranging how the portlets appear and adding custom & standard portlets.

Project Indicators

This is part of the project dashboard. The project indicator feature provides information about the project’s status, changes, any issue arising, and a list of the possible required actions of management. The project indicator portlet gives three notifications:

  • Expense To Approve

This notification is to signify that there are pending expense lines that need approval. The notification color corresponds to the number of expense lines that are not approved.

  • Red- more than five unapproved expense lines
  • Yellow- one to five expense lines awaiting
  • Green- no unapproved expense lines
  • Time Not Tracked

This notification signals the manager about planned time that is not tracked. Different colors represent the percentage of tracked time replaced by actual hours against planned time.

  • Red- 0 – 49 % of planned time
  • Yellow- 50 – 99 % of planned time
  • Green- no untracked time
  • Time To Approve

This notification is about entities that are not approved against the project. Different colors represent the number of entities that need approval resolving.

  • Red- more than ten unapproved time entities.
  • Yellow- 1-9 time entities not approved
  • No time entities pending approval.

It is worth mentioning that the project indicators feature solely gives notifications about expense lines of the previous week, not the current one. This feature is accessible from the project record sub-tab.

Project Tasks And Task Hierarchies

The project tasks feature is a platform that allows you to record all the tasks and activities needed to complete a project. It is a record of the actions and steps to ensure you achieve the specified goal.

Project task record creation and the setting up of hierarchies give you an organized plan to accomplish a project. It records the work to be done, the person to do it, and the steps of action to take to accomplish that.

The feature allows you to use them as soon as possible or the fixed start constraint to enter start dates for each project task. The NetSuite software will then automatically calculate the individual project task end dates. The software relies on the work calendar, available percentage units of each assigned resource, and the estimated time to do this calculation.

The complement project tasks are organized in a hierarchy subordinate to the parent tasks.

Milestones

The project milestone feature is used to identify a point of target in your project to indicate the progress rate of your schedule. The target point could fall anywhere within the project schedule, including the end or middle of a project.

However, these project milestones cannot have assignees, estimated hours, or a finish beyond (FNLT) constraints. Milestones are also differentiated from project tasks whenever viewing a project schedule or Gantt chart.

Project Templates

Project managers can easily create records of their repeatedly performed projects using the project template feature. This feature saves time and offers project managers a standardized starting point when planning any project. The project template allows the addition of any kind of information details, small or in bulk.

Resource Assignment

The project management software allows you to identify and select employees and vendors as resources. Once the personnel are identified as resources, the software allows you to use the resource assignment tool to allocate project tasks to your resources. Resource assignment is a role distribution tool to ensure project tasks are completed.

Project managers are also picked from among the identified resources in the project record of the software. The primary information section in the project record is designed for the project manager’s identity, showing who is an overseer of the project.

The project record cannot be updated unless a resource is first allocated as a project manager. The resource assignment tool is designed to give different resources their tasks and roles to perform in a project.

Project resource assignment is dependent on if you are assigning resources restricted to the project or resources that are not project-restricted. The resource allocation tool only allows you to assign tasks to resources once you have allocated resources to them.

Project Billing

Project order billing depends on the types of project billing schedules. The type of project is determined by the billing schedule type specified on the project.

  • Fixed Bid, Interval

Here, the progress of the project does not change the billed amount. The customers are billed the amount and currency agreed upon before the project begins. However, expenses and materials are added to the project’s invoices.

  • Fixed Bid, Milestone

Based on a pre-set milestone, the customers are billed for projects in increments. This requires that customers are billed for their services once every agreed-upon milestone is attained.

  • Time And Materials

This type of billing depends on the amount of time taken to bring a project to completion and the resources and materials supplied throughout the entire project. Therefore, this cost cannot be determined at the start of the project. It, however, changes with time as the project progresses.

In designing a project, depending on its type, you can create a billing schedule that fits you or adapt to an already existing schedule.

The billing schedule creates a billing forecast and determines the dates to bill for the service items. The tool also allows you to view financial data to determine your expected profit margins as indicated in the project plan.

Order Management

This software has an order management tool to help project managers maintain an adequate item quantity throughout the project. It prevents the scenarios where a project manager over-orders items or forgets to order items in time.

Order management tool prevents money slandering and stalling of projects. The software automatically analyzes logistical data and historical orders to determine the optimum reordering quantity of each product and service and replenishes product/ item stock on time when items are running low.

The software also determines the lead time. This is the time the suppliers take to deliver items and services. Using this data, the software then projects how long the suppliers will take to deliver items and adjust the minimum quantity accordingly.

Other tools and features that the Netsuite project management software from Oracle offers include:

̶ Forecasting project billings

̶ Creating projects from service items

̶ Revenue Recognition

̶ Financial Planning and Reporting

̶ Government Risk and Compliance (GRC)

̶ Integrations

̶ Inventory tracking and auditing

Plans And Pricing

Netsuite is the perfect software to help different companies of varying sizes and services grow and manage their projects effectively. Netsuite allows users to subscribe to their services at an annual license fee. The license comprises three main components: Core platform, optional modules, and number of users.

The software also charges a one-time implementation fee for the initial set-up. This cloud software also allows flexibility for companies to grow with it. The companies can activate new modules and add users with time.

For accurate estimates of prices, you have to contact an Oracle sales representative. These sales agents are tasked with creating a custom quote for the client’s business type and size.

Research indicated that the company charges a $999 monthly license fee and a monthly subscription of $99 per user for their lowest plan. However, expect great variation in these prices depending on your needs. To access the project management capabilities, you will need the Netsuite SuiteProjects module or purchase it as a separate add-on module.

Frequently Asked Questions

What Is Netsuite

Netsuite is a business management software by Oracle. This cloud-based ERP (Enterprise Planning Software) has many modules that suit e-Commerce and business problems well.

What Is Netsuite Used For?

This cloud-based software manages various business needs like reporting, accounting, inventory, marketing, invoices, project management, CRM, and human resource. The software is best suited for growing, midsized and larger businesses.

What Is Your Pricing Model?

We offer a few types of pricing models. Managing services, flat hourly rate, and milestone pricing. However, the milestone pricing reduces $1o for every 50 hours billed.

What Is Netsuite Project Management?

This is software that helps you manage your projects effectively. The software allows you clear visibility into the KPI (Key Performance Indicators) and the display of Gantt charts on the software’s dashboard. This project management software by Oracle allows you to stay informed throughout via its mobile app.

How much does NetSuite cost?

This project management software charges differently based on your features and the required number of user licenses. The software is highly customizable, allowing businesses to use the only required plans and features. This makes it difficult to put an exact figure of the standard cost to expect.

To get the exact rates and cost of the features, you must speak to a reputable partner or sales agent of the company’s software. The salesperson will take into account your requirements and build you a tailored package to suit your needs and cost.

Is The Company Right For You?

The Oracle Netsuite project management software is right for mid-size to larger companies. The complex features of the software will surely meet your needs to satisfaction. Here are a few benefits to expect from the software.

  • Project status visibility- The software’s dashboard allows you to easily access customer data, Gantt charts and up-to-date KPIs.
  • Project set up- The software allows efficient project start to final payment by doing away with manual operations. The user is presented with automated project templates, job creation capabilities, and native integrations.
  • Easy Tracking- The software allows for easy tracking of tasks and project milestones. Activities, calls, and tasks can be linked to specific projects in one place to make tracking easy and in real-time.
  • Project budgeting- Project managers can review the profitability of the projects depending on the actuals. Netsuite automated job creation and P&L and progress-reporting can be used to draw budgets and forecast billing.
  • Resource assignments- This software automatically applies time and expenses to projects accurately to facilitate the timely completion of projects.
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