Pallas Phi
Performance Marketing Specialist
Marine companies often have to deal with a large number of high-value projects and complex processes. Because of this, they may miss budgets and deadlines. Advanced technologies such as all-in-one Marine ERP software may be an effective solution. However, among various marine ERP features, which ones should your company consider? Read on to find out!
Project Management
Marine ERP software gathers data from various sources and centralises them in a single platform. Moreover, the solution tracks all changes and automatically updates them on the database. This helps companies locate data and produce an audit trail to analyse these modifications. As a result, marine firms can improve interdepartmental communication for easy decision-making.
This system also allows each engineer to create a weekly timesheet. Office employees and engineers will specify the project they are working on a particular week. They can keep track of project information such as the assigned engineer, the nature of the task, engineer’s information, etc. Once the planning is completed, a report will be instantly delivered to the assigned person via email to inform them of the given assignment.
Marine Engineering ERP system facilitates businesses to estimate profitability to avoid under-quoting or overbidding a project. The solution will calculate profitability and automatically generate the general profit level based on the required resources for a project. This will aid in making adjustments to each project’s bid amount. The system can also track various costs incurred in a project and allocate them accurately.
Equipment Maintenance Management
For marine firms, equipment and machines are likely one of the most important assets for ensuring smooth operation. With the Equipment Maintenance Management feature, businesses can schedule, and monitor maintenance tasks. It allows them to plan, execute, and document marine vessel maintenance at the appropriate intervals to reduce machine downtime and enhance productivity. Besides, the system also offers a clear view of maintenance history records for the team. Marine vessels’ durability regularly degrades with time, so regular maintenance might help them last longer.
Billing Management
ERP software helps marine firms track the billing milestones for each project. The data will assist the project team in timely initiating progressive billing and reducing the time between delivery and receivables. The project team’s billing percentage will be forwarded to the finance department for billing.
Business Analytics
Business Analytics is one of the most vital marine ERP features. It allows companies to determine which aspects they are underperforming. The tool allows users to delve deeper into the specifics to understand and examine fundamental reasons for the underperformance. Moreover, data analysis and reports generated by ERP systems can give managers a helicopter view of strategies and their impacts on business performance. Accordingly, important decisions can be made and proper strategies can be implemented.
On top of that, ERP systems keep track of all budgeted items and notify the user if they go over budget. In fact, changes in design may necessitate a change in materials needed during the project. ERP solutions permit budget item change, either in terms of the items themselves or their value.
Budget, Cost and Finance Management
Marine Engineering ERP software shines a light on project finances. It tracks expenditures in real-time, pulling data from various sources like material costs, labor hours, and miscellaneous expenses. This comprehensive view allows you to pinpoint exactly where your money goes. With all costs meticulously allocated to specific projects, you can identify cost overruns early and make informed decisions to optimise resource allocation. No more flying blind – ERP software equips you with the financial transparency needed to keep projects on track and within budget.
WIP Management and Project Delivery
Marine Engineering ERP software goes beyond simply tracking costs. It integrates seamlessly with Work-in-Progress (WIP) management, giving you a holistic view of project finances. You can monitor cumulative billed amounts, track project retention levels, and manage down payments – all within the same platform.
If your team are empowered with real-time financial insights, they can make data-driven decisions to optimise project budgets, identify areas for cost savings, and ensure successful project completion. But that’s not all. The software automates repetitive tasks like material requisitions, progress reports, and data entry. This frees up valuable resources for what truly matters: focusing on core project activities.
Personnel Management
Marine Engineering ERP software simplifies personnel management with innovative tools. Biometric Time Management Systems (TMS) paired with GPS technology provide effortless employee tracking, eliminating the need for manual attendance monitoring. Project timesheets integrated within the software ensure accurate work hour recording and project allocation. This translates to streamlined payroll processing and improved workforce visibility, allowing you to focus on strategic talent management initiatives.
Successful Case of Using ERP Marine Management Software: Ashcroft Instruments Singapore Pte Ltd
The company Ashcroft Instruments Singapore Pte Ltd has experienced a good and positive change since using ERP Marine Management Software. The software’s integrated approach allowed for better monitoring of cost and budget. Moreover, the automation of administrative tasks lets staff focus on strategic initiatives, enhancing overall productivity.
Click to read the full testimonial here.
Grants
Currently, the Singapore Government offers Productivity Solution Grant (PSG) and Enterprise Development Grant (EDG) with the maximum support of up to 50% of the qualifying costs, so do not miss out on this opportunity to embark on the digitalisation journey.
Conclusion
Above are 4 of the most outstanding Marine Engineering ERP features which can help you run your business with ease & enhanced productivity. Besides, ERP systems also provide other modules such as Human Resource Management or Customer Relationship Management to facilitate your operational process. Being one of the leading ERP vendors in Singapore, our fully integrated & customisable ERP system will absolutely fulfill your own requirements. Do not hesitate to contact our experts for more information.
