What is SRP all about? Sounds sophisticated? Sounds new? Well, SRP (Services Resource Planning) is in simple words, an ERP software specifically designed for Professional Services organizations. While a traditional ERP is product centric, SRP is project centric and caters to any firm that is resource/people driven. Some of the typical industry segments that require SRP are IT/ITeS, Consulting, Research & Development and Engineering where the business revolves around service delivery contracts and projects.
The purpose of having a solution that is tailor-made for professional services firms is to provide an integrated end-to-end solution that will drive the company’s growth by tying together four main success factors:
- Strong and long-lasting client relationships
- Motivated and skilled workforce
- On-time, on-budget project delivery
- Minimizing revenue leakage
Ramco’s SRP achieves this by addressing the complete engagement life cycle:
Contact to Contract (C2C): Lead Generation, Sales & Marketing, Customer Engagement, Contract Management
Execution to Billing (E2B): Project Creation, Resource Assignment, Timesheet Management, Invoice Management
Quote to Cash (Q2C): Revenue Recognition, Profitability Analysis, Cash Flow, Cost Control
Requisition to Release (R2R): Demand Supply Analysis, Resource Forecast, Hiring Plan, Resource Utilization
Ramco’s SRP solution provides multiple benefits such as enhanced resource productivity achieved through reduction in time and effort spent on administrative tasks, reduced revenue leakage due to timely entry of timesheet and efficient resource allocation made possible by real-time manpower visibility. SRP also provides financial management in multiple currencies for today’s growing number of multi-national companies. Furthermore, it provides a complete picture of business potential from the opportunities/pipeline stage in terms of order value, revenue and manpower forecasts. The information helps in planning the business and managing service organizations that breed on healthy client relationships and quality of service delivered.
On a concluding note, Ramco’s SRP is tailor-made for professional services organizations to address their pain areas and rapidly evolve business processes. It is an end-to-end solution that covers the entire life cycle of a service organization from client management, contract management, project management, resource management to finally financial management. Since a generic ERP is a mix of Finance Management and Human Capital Management with a bit of Project Management added in, the overall functionality of Ramco’s SRP solution acts as a differentiating factor in comparison to other products available in the market. On the whole, this product is a boon to the professional services industry, given that its capabilities are fully understood and utilized.