Resource management is a key factor in the growth story of every organization today. It is a discipline that works at optimizing the output of resources. Moreover, it gives you an overall insight into the resources at hand and the projects you’re working with to provide you with a clear picture of the right ratio that you could put into use.
For example, when you plan an event, from scheduling the staff to investing in promotional materials and budgeting, everything is a resource. It requires thorough knowledge and transparency of the management process and objectives.
What is resource planning?
According to Ganttic, 70% of companies report having at least one failed project in the last year. This is a crucial statistic in understanding why resource planning is the key to survival for most companies. Resource planning is a strategy that is implemented by organizations for the calculated use of resources. It is a necessity for sustainable existence and involves the identification of resources across regions, generating a planning structure, and analyzing resource development plans in accordance with national development plans.
Resource planning involves surveying and mapping of both qualitative and quantitative estimation for appropriate measurement of resources. A good resource management planning will not only maximize the efficiency of these resources, but will also ensure their proper utilization.
Why is resource planning important in project management?
An efficient resource planning is important in ways more than one, and project managers cannot deny the benefits it brings along.
Efficient utilization of resources
The efficient utilization of resources is necessary for sustainable development. Resource planning ensures that each resource is proper made use of. Especially when planning human resources, you need insights on the availability of resources and employing the right talent, which could otherwise lead to inefficient performance and results. According to research, challenges in work produced a more positive effect on performance. This is possible only when your resources are utilized efficiently.
Overview of activities
Proper project management allows you to have total control over everyone and every activity that takes place in your team. Resource planning enables this level of control by providing project managers with an overview of every activity about every team member.
Transparency in planning
When you work in teams and juggle different tasks in each project, there is a high possibility of misunderstandings, and more often than not, these circumstances are unavoidable. Through transparency in planning that resource management provides, it is easier for project managers and their teams to collaborate and deliver better. Transparent planning is effective both ways – for project managers, as well as their teams.
What are the essential project management functions?
Planning refers to identifying objectives that lead to the expected execution of the project to achieve desirable outcomes. It includes defining what the team intends to do, how it would go about the process, and what resources will be used to do the project.
Scheduling consists of defining restraints, including time and resources, which will influence project execution. This function is essential to project management as proper scheduling is required for the timely delivery of the project.
Monitoring measures what is happening in a project against expected performance. It contains a thorough analysis of past events and trends that will impact the plans for the project. This function cannot exist without planning and scheduling. Communication is a necessity when it comes to monitoring.
Efficient project management cannot exist without the element of control. Control includes the recognition of odd events that are happening and how these events will impact the outcome of the project. It must contain actions that prevent an undesirable impact and implementation of positive steps to meet project objectives.
It must be understood that none of the essential project management functions can exist without the appropriate execution of the other.
What is resource management software?
A resource management software or tool is also called a resource capacity planning software. It is a project management tool that facilitates planning and scheduling projects as per the objectives of an organization. With the help of resource management software, project managers can plan, allocate, and track each detail related to the project, including the duration that each employee works on a project.
Why should project managers use resource management tools?
Regardless of great planning, projects cannot be successful without the right resources. This has to do with the fact that each project comes with its set of requirements, not to mention the deadlines are difficult too. Strategic resource management tools can make this less of a challenge and the task easier for project managers.
You can keep track of the budget while creating balance and a great work environment ensuring that no one in the team is overburdened. When project managers work smarter and use the right resource management tools with useful features, the job becomes a lot easier. These tools facilitate a better view of who can be reassigned to other tasks once they have finished the current one. Moreover, none of the tasks gets overlapped, and you can always keep track of the resource utilization rate.
Project managers can also use resource management software for communication and sharing initial plans with the clients to provide greater transparency.
How resource management software makes the management process easier?
Resource management software plays a crucial role in making project management easier. They have now become an indispensable part of every project.
Smart resource management software facilitates resource allocation. This means that it enables you to make the most out of your available resources without compromising on quality. It gives you details regarding how you can efficiently tackle projects with the resources that are at your disposal most effectively. This avoids over-allocation or under-allocation.
Individual tasks assigned to each employee make up a bigger project, requiring each team member to be connected at all times for enhanced efficiency. Resource management software comes with embedded tools to help teams collaborate by sharing files and coming up with ideas for efficient project execution.
Most resource management software or tools come with a communication funnel for both internal and external use. This ensures that no misunderstanding is created and work runs smoothly.
The budget happens to be the major constraint for all projects. Project managers are often required to determine budgets following the client to take further action on how the project will move forward. Always keep in mind that this is the driving force for any project.
Transparency in activities both ways, that is, on the project manager’s side as well as the team is crucial in effective project management. It helps avoid confusion and misunderstandings that may disrupt the workflow of the entire team. This is one of the major advantages that come with using resource management tools.
Sharing documents is necessary for efficient coordination and flow of ideas amongst team members. Resource management software can be used as a platform for sharing files, documents, and other necessary information.
Resource management tools come with features that enable you to involve a client and share initial project plans to ensure transparency. Effective client involvement will also determine the quality of the project, as your client will be able to provide clear feedback.
When you use the right resource management software, your clients and customers have no complaints. Enhancing customer satisfaction means you retain most of your customer base and succeed more.
5 Best Resource Management tools
PlanStreet encompasses all the features that one would look for in project/resource management software. It easily manages workload, capacity, and allocation. In a nutshell, PlanStreet lets project managers know at a glance who is doing what, when, and where. It quickly identifies each team member’s current workload, capacity, and availability on a weekly, monthly, and even yearly basis. Constraints and restrictions for each role are clear, assisting in accurate forecasting. PlanStreet skillfully assists in rebalancing teams by providing allocation alternatives.
PlanStreet is one of the most preferred resource management tools for its power-packed features and quality performance delivery.
Float combines a simple user interface with powerful tools, features, and applications. These features include live updates, click and drag assignment, time-off tracking, project budgets, and more on both Android and iOS platforms. Through Float, multiple people can access the schedule and make changes if required, which can be seen by all members of the team.
HubPlanner encompasses different views by resource, team, or project. This powerful human resource management software includes features such as drag and drop resources, scale view, utilization, sick days, iCal integration and filtering. Moreover, project managers can also establish profitability and find task modules that facilitate in briefing your resources.
ResourceGuru is popular due to its visual calendar style interface, availability indicator, data importing, phone support and other great features. It has helped in resource conflict resolution smoothly by maintaining transparency in the project. Clashes between task assignments can easily be avoided with the help of ResourceGuru.
Saviom is designed to boost project efficiency and project performance. It is a flagship resource management software that has the smart resource scheduler, which helps you in tracking and scheduling resources for optimum utilization. Other features that make up Saviom a good tool are resource syncing, project schedules, analytics, and more.
Resource management software makes it easier to analyze organizational capacity and provides a forecast of the utilization of resources. Project managers can get a lot more benefits out of the right one and not worry about the smooth execution of the project. Investing in the right resource management tool is your best bet for optimum and effective resource allocation.