Today, companies are under increasing pressure to deliver technologically innovative products and solutions with decreased budgets. Because of this, resources must be fully utilized and concentrated on the highest priorities at any time.
Resource management is an essential element of project management. It makes certain that the project is implemented according to the scope and overview determined in the planning phase. The resource management team aids in the development and management of the project team as well. As individuals comprise teams, resource management also involves establishing various roles and assignments throughout the project.
Unfortunately, ineffective resource management undoubtedly results in negative consequences like poor productivity, project delays, poor quality, increased costs, missed opportunities, and very low morale.
A key part of the challenge is recognizing that high resource use is not an indicator of good resource management.
The important thing is ensuring that your resources are working on projects aligned to strategic company objectives, which match their skill sets and in which they have adequate bandwidth. Determining what work or need to undertake next and when funds will be available are enormous challenges too.
The Benefits of Enterprise Resource Management
Resource management is a complex process, particularly in an enterprise with shared, geographically dispersed resources. Nearly half of the organizations report that they are stuck in silos. With so many approaches to make a project complete, it should make sense that resource management approaches can also vary. Regardless, you will find three capabilities every resource management software should include:
Capacity and Demand Management: Resource optimization usage by prioritizing high-value work with accessible resource capacity
Resource Usage: Ensure that the right resources are available to help your strategic objectives
Progress and Time Tracking: Ensure that progress could be tracked, which can be especially valuable when using time tracking. Compare planned attempt vs. real effort to improve estimates and better understand where your resources are truly spending their time.
Microsoft Project – Solution for Resource Planning & Resource Management
Organizations often rely on spreadsheets to manage resources and projects due to their ease of use, simplicity, and ability to prepare a document quickly. But, keeping multiple or even shared spreadsheets up to date does not scale well and frequently becomes infeasible.
AdValue built on MS Project will be able to help you make the best use the tools out there. Learn how.
