Resource management involves having a goal, which can be anything even to the simplest task, and deciding the ways to accomplish such goal or goals with very few resources. Meanwhile, it is not as simple as it seems in business. Resource management typically requires an in-depth understanding of your objectives, and ultimately, your capacity. It also involves how transparent you can be with these elements. A good process to handle resource management translates to maximizing your efficiency and overseeing how to use the resources optimally.
Resource management is a process that encompasses pre-planning, scheduling, and allocating resources efficiently. A resource is anything you might need to execute a project or task. This ranges from the skill sets of your employees to the software you can use to enhance your operation, among others.
Take, for example, if your organization is into event planning. Some resources you will need to deploy include scheduling the staff for the event, putting up a scrutinized and proper plan on what vendors you will need for promotional materials, wisely investing in software that allows your employees to register, and budgeting for giveaways and catering.
Importance of Resource Management
Resource management is an aspect of project management. It categorically involves doing more with less. The Swiss Quality boasts of renowned managers and consultants who can help encourage effective and efficient resource management into all you do. We, like yourself, dislike waste.
It is a taboo to absorb waste in business. We know that resource management revolves around optimization and efficiency. And it makes sense when you know what you need to achieve success with your projects. That way, you can put up some great and working plans and optimize the use of your resources. Some companies prioritize optimum efficiency so much and that is why they hire a dedicated company like The Swiss Quality for resource management. We are your go-to and renowned resource manager.
A resource manager functions more like a project manager. But something distinguishes one from the other. The responsibility of a project manager is to create and assign tasks to execute the project while a resource manager is accountable for allocating the resources to achieve success with the project.
Pros of Resource Management
Resource management undoubtedly has many benefits to a business, organization, and individuals. Some of these are:
Resource management helps you avoid unforeseen troubles
When you understand your resources and plan their efficient usage upfront, you can discern the gaps or problems before they surface.
Resource management helps avoid burnout
It is with effective resource management that you can avoid “over-allocation” or “dependency” of resources. This gives an insight into the workload of your team.
Resource management provides a safety guarantee
Imagine the project was unsuccessful because you lacked resources. You can avoid such pitfalls with resource management because you will have to do everything you had to do with the things at hand.
Resource management builds transparency
With resource management, other teams can earn enormous visibility into the bandwidth of your team, and plan. This is in case your team is at its optimum capacity and can take on new projects.
Resource management measures efficiency
When you have a high-level understanding of what you need to manage and execute an upcoming project, you will plan more effectively and be able to measure your returns on investment, ROI
Resource Management Techniques
The techniques of implementing resource management across your projects are:
Resource allocation helps you get the most from available resources. Resource allocation is the way of tackling projects with the resources you have at your disposal and in the most efficient manner. Companies base this on the skills of their employees and their capacity.
To understand allocation well enough, project managers make use of resource allocation reports. From resource allocation reports, you can get a high-level view of a rundown of the resource availability to avoid delays in schedule and overspending your budget. The better the capability to report, the more transparent and efficient you will be with handling your projects.
Resource leveling is another type of resource management, and the technique is used to undercover under-used resources or those that are not used efficiently within the organization.
With a resource management plan, you can optimize human and materials, and budget more efficiently. This technique allows you to predict the future requirements of your project even before kickoff. At the planning stage of a project, resource forecasting validates the scope, constraints, potential risks and unforeseen costs of the project.
To predict these things, the project managers at The Swiss Quality have extensive knowledge of the life-cycle and objectives of the project involved. Not only that, we can get an overview of the resources within your organization.
Even though resource management interacts with project management, it also applies to several other areas of managing a business. In particular, a small business will concentrate on the following in managing resources:
- Finances- Asking whether it can meet the current expenses or afford to invest in or acquire new equipment.
- Staffing- Asking and figuring if it has the right set of people for the task at hand. In which case, it might be necessary to hire extra and qualified hands with the right skillset
- Physical Space- This is to ascertain if the company’s office or space is configured in a way that it can allow for efficient management of other resources
- Equipment- This is to determine if the company has the right tools to execute their tasks and assignments
- Technology- This is even more pronounced in this present era. It resonates with the question of what the business needs to succeed technology-wise, and whether to allocate financial resources to fund things that are missing.
Regarding project management, resource management often applies to resource leveling and smoothing. The interest of resource leveling is to cater to shortages or excess inventory. You can achieve this by keeping the stock of resources at a level fair enough to avoid problems for the organization. In most cases, you can adopt specialized software to determine such a level. Again, you can use it regarding the time taken to complete a project. Here, the start and finish dates are done in a way to mesh with the available resource.
Resource smoothing is a scheduling technique that attempts to meet a particular deadline by avoiding peaks and valleys on the resources. The goal is to use the resources constantly over the period.
With the increasing pressure on companies to deliver high-level, innovative and technologically advanced products and services with the budgets, resource management has become largely necessary. Resources have to be used, and much focus placed on the highest priorities at any point in time. Otherwise, ineffective or sub-par resource management will cause negative consequences which range from delays, decreased quality, poor productivity, increased costs, low morale, and missed opportunities, among others.
Best Resource Management Practices
When you embrace effective enterprise resource management system that delivers the following capabilities, you will accomplish the best practices of resource management:
- Progress and time tracking
- Capacity and demand management, where you can optimize resource utilization by prioritizing high-value work with the capacity of the resource
- Resource utilization, where you ensure that you make the right resources available to support whatever strategic goals you have.
With these, you can undertake the top resource management best practices which include:
- Understand the resources that have an insufficient supply, and thus focus on them
- Agree on a singular approach common to all, to prioritize work across shared resources
- Accommodate different ways of working across the organization and resources
- Recognize resource management as an ongoing process
- Be able to manage work and use of resources as a blend of granularity
- Plan work much better
- Manage the assignment of resources
- Report time promptly and accurately
- Apply the assignment that suits your business needs.
- Be accountable for non-project time
- Avoid multitasking or limit it to the barest minimum
- Keep your most valued assets and resources productive
The Swiss Quality Solution
It doesn’t matter whether you are just starting or you are following a continuous resource management journey to move to the next level. The Swiss Quality can help instill a data-driven enterprise-suitable solution and globally recognized solution to your resource management.
With impeccable years of experience and service in the global environment, we can help your company optimize resource management to create a capacity for, and allow both transformation and impressive innovation. We know of the pressure present these days to drive innovation and transformation, especially those constrained by people and finances.
Meanwhile, when you integrate strategy, plan, and delivery into the running of your organization, our concept at The Swiss Quality caters to every resource management problem and help optimize your portfolios, balance capacity versus demand, link plans, and resources to projects and ultimately, manage the entire underlying financials.
Essentially, to manage resources in such a way that it does wonders for your organization, we would help implement resources management correctly by:
- Plan to plan- You cannot attain efficiency without adequate planning.
- Taking a systematic approach
- Using technology where possible and necessary
- Using resource management software to monitor, track and record the progress of the implementation.