Top 8 Best Practices for Resource Management

Nowadays, in the organizational paradigm, companies are under a lot of stress to deliver the most innovative and technologically enhanced services and products at a minimal cost. As a result of this increasingly pressurized environment, resources are expected to be fully utilized to accomplish high priority projects at any particular time.

Of course, whenever we use the term: resources in the organizational paradigm, it could mean a lot of different entities that make up for the company as a whole experience. However, in this article, we will keep our focus on the most important resource you have at your disposal, and that is your team members.

Often times, we see that when these resources are not managed properly, it can be very damaging for the company. These negative consequences that arise from inadequate resource management are delays in milestone delivery, poor productivity, inadequate quality of products, missed opportunities and low morale.

So, how can we actually improve the process of resource management? Your team is giving everything they’ve got but how can you actually increase their productivity even more?

Well, when it comes to proper resource management, it doesn’t just mean that we pool in all of our resources just for the most prioritized projects. It means that all of your resources are strategically assigned to their respective projects according to their unique skill sets.

Also, the companies need to keep in mind that resources are not that disposable as some robot created in a lab. They can be pushed to the limit but if the resources are exhausted all of the time, no work is going to be completed.

The solution to this scenario is that the companies are required to embark on projects that their resources can properly achieve and not those projects that will exhaust them because they’ll have to learn the processes required to complete those projects that can cost the company heavily just as they would suffer when hiring new resources for specific projects.

What are the Capabilities and Benefits of an effective Resource Management Software?

We understand how complex and intimidating resource management can be. According to reports, nearly half of the organizations around the world are stuck in silos.

With so many different processes to manage your organizational resources, you’ll expect the software that performs the actual work to be varied as well.

The following are the three main capabilities that every resource management software needs to have in today’s world.

  • Resource Utilization

Check out the best resource management software: The 10 Best Resource Management Software of 2020

Using these capabilities, the software gives you the following benefits that help in managing your resources.

  • Gain a more realistic overview of the demand and capacity that is needed to be delivered by the company

8 Best Practices for Resource Management

1. Agreeing on a Universal Approach to Prioritize All of the Work among Shared Resources

  • The project handlers are required to create an efficient evaluation process that helps in decision making rather than suffer from the “squeaky wheel” problem

2. Understanding the Importance of the Resources and Put more Focus on Them

  • To do this, you can always employ the 80/20 rule that lets you weed out the 20% of resources that generate about 80% of the effects in the project and are the most important assets you have at your disposal

3. Envelop All of the Different Ways across the Organization and the Resources

  • When you have different types of work that are being worked on various types of teams within the same organization, all of them can work according to a unique methodology

4. Keep in mind that Resource Management is a Long Ongoing Process

  • In large organizations, there are bound to be some unexpected events that occur due to some spontaneous changes in the project scope

5. Properly Plan the Work that is to be Done

  • While planning the project scope and activities, you need to attach all of the traditional tasks with the start and end dates along with their complete duration to formally define all of the work and less formal lists for the tasks that are not your top priority

6. Efficiently Manage the Resource Assignments

  • If your company is just starting out with its resource management activities, use high-level buckets at the project as a starting point

7. Report Time

  • Most of the time, different groups around the organizations are often reluctant to share their timesheets and it’s their job to keep this process as simple as possible

8. Keep your Resources happy in order to make them more Productive

  • The most important practice to manage your resources is to keep them happy and satisfied with the work that they do because most of the time, turnovers can cause an extraordinary loss in capacity and productivity

What are the Rewards of Efficient Resource Management?

Following the upper mentioned practices and using the perfect resource management software can bring an amazing change in your whole resource management policies. All of these changes will result in increased productivity and higher satisfaction levels among the team members and the teams themselves.

Apart from that, here are 4 different rewards you can achieve as a result of good resource management:

  • You will be able to keep all of your projects on time, on budget and overall on track

Originally published at https://www.ntaskmanager.com on March 4, 2020.

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