The corporate landscape has undergone a tremendous paradigm shift. Conventional workspaces have moved to the remote and hybrid modes, and managing resources is no cakewalk. Whether you are collaborating remotely with your team to complete work or trying to manage strategic outcomes project-by-project on-site, learning how to assess, allocate and correctly use your resources is integral. And when we are talking about resource management, we aren’t just talking about a single industry, it’s about all industries that undertake, manage and deliver projects within a specified timeline. Manual efforts to manage resources can be hectic. But that’s where a resource management tool comes into the big picture. What’s resource planning software, and how can it help? Well, here’s a guide!
Types of Project Resources
Before we delve into the intricacies of resource management, let’s have a close look at project resources. Project resources can be simply defined as anything needed to execute project tasks. Some examples of project resources might include:
- People
- Time
- Human resources
- Raw materials
- Information and data
- Financial resources, etc.
Resource Management Methodology
Resource management doesn’t absurdly begin during any phase of a project management cycle; it starts during the initial planning phase and continues until project closure. Moreover, the resource management lifecycle is made up of four stages that every project manager should understand to properly manage project resources. The steps involved in resource management that can be automated using a tool include:
- Resource analysis: This is the initial process that involves gauging available resources to determine if you can undertake a project, how much the project will cost, and how long it will take to complete the campaign.
- Resource Planning: A sustainable resource plan explains what your resource requirements are and how you are going to meet them. In layman’s language, the planning phase guides the team throughout the project management roadmap, so it should include information such as general guidelines, project statements, and which resources are needed where.
- Resource Scheduling: Most projects fall behind deadlines because while some team members are overworked, others tend to sit idle. To ensure you have all hands on deck when you have a project in the pipeline, project managers need to align their resource schedule with the overall project schedule and have a rock-solid supply chain in place.
- Resource Allocation: Unlike planning or scheduling, allocation is an ongoing process that involves selecting the right resources at the right time and allocating them to certain project tasks. For instance, there are critical tasks that need to be kept at the top of the priority chart when creating a schedule, and you want your best employees for them. That’s where resource allocation helps to allocate the right people for the right task.
- Resource Tracking: The last step involves drawing actionable metrics from your project data with resource tracking. Resource tracking is essential because it helps you keep track of your team’s performance with workload charts, timesheets, etc., and you can use the data from this tracking report to apply to other projects or create invoices.
The Significance of Resource Management in Different Industries
Did you know around 30% of new employees quit in the first three months, and nearly 74% of new employees don’t think they have reached their full potential? Wondering how resource management is the need of the hour in different industries? Well, we have a clear idea for you!
- In Project Management: Resource management plays a crucial role in managing projects. You need to have a resource management system in place to stay on track, estimate costs and deliver high-quality work without any setbacks.
- In Portfolio Management: Yes, you heard that right! Resource management is also vital for portfolio management. Why? Because it enables program managers, project management offices (PMOs) and portfolio managers to allocate resources strategically to manage multiple projects simultaneously using the same resources across projects and create a rock-solid work profile.
- In Business Management: In every industry, business management principles greatly impact the enterprise’s ability to function and grow beyond project management. Managing resources effectively has a myriad of advantages in business management as it helps people on all levels to cut down costs, streamline operations and maximize profits.
From resource forecasting to leveling, project managers can use different resource management techniques to evaluate available resources, capacity, team strengths and schedule resources for the tasks that need to be completed before the promised timeline.
Conclusion
In a nutshell, resource management toolsare essential for every industry because they are the basis of a project’s viability. Resource planning softwarestands as an indispensable asset for businesses across industries because it offers the advantages of operational efficiency, productivity and profitability. From better decision-making to cost optimization, the software can facilitate collaboration and enable agile adaptation to pave the way for growth, innovation and competitive advantage for enterprises. You can use eResource Scheduler which is one of the best software of this industry.
