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What is resource management software?

Different projects at work require a wide range of different resources. Possibly the most pertinent of those is human resources: full-time, part-time and contracted employees are essential to many businesses. Unfortunately, individuals, with all their time and skills, are finite resources. At any given moment even an individual employee can only do one thing and focus on one project. Other limited resources, like equipment and workspace, have to be rationed.

Resource management software offers businesses the ability to plan, track and optimize resource use. It helps simplify some of the processes involved in resource management, which can be difficult for small businesses.

What is resource management?

Resource management is the umbrella term for all processes and initiatives regarding how organizations conduct themselves.

Resource management is a process that considers all different kinds of resources when completing a project. It includes tangible resources (such as materials, equipment, and budgets), time, and human resources.

Resource management is about taking inventory of available resources and managing resource-related conflicts or dependencies. Also, it involves monitoring resource usage and need over time and making adjustments where needed, using data-backed insight to make changes.

What are the benefits of resource management software?

Resource management software offers additional support and tools to help optimize resource management processes. This includes helping companies allocate resources better, analyze demand for those resources, and more efficiently manage both the company’s and its clients’/or customers’ relationships with those resources. As such, resource management software provides companies with a number of benefits:

Decreased downtime

To ensure a successful project, it’s important to identify and allocate resources at the right time. Resource management software is key for projects that have multiple dependencies and dependencies come up mid-project. It helps eliminate costly and wasteful downtime, allowing teams and departments to produce more.

Improved matching of resources and requirements

Resource management software can track multiple resource attributes, such as skills, hours, availability and costs. Then it will select the most-appropriate, best-suited resources to meet project requirements.

A lower number of guests

When multiple project managers are trying to coordinate resources simultaneously, conflicts can arise. Resource management software prevents the conflict from arising by seeing who is requesting a resource, updating the list for that project and the priority with which that request must be fulfilled. If a resource is not available for all projects, then it’s added to a waiting list and compared against established project priorities.

More hiring decisions that are more accurate

Resource management software allows organizations to obtain an accurate analysis of their current needs and resources. With this information, employers can more clearly define what they are looking for in a candidate and bring on the best person for the job.

More accurate break-even point

Budget requirements for projects are tracked by project management software. Project leaders can be more clear about what a project can cost, and when money might need to be requested.

What are effective resource management techniques?

Resource management software can help increase efficiency and eliminate downtime. The first step is integrating processes with technology, which enables organizations to plan, schedule, deploy, and monitor resources of all kinds in a way that maximizes availability, utilization, and more.

When it comes to using resource management software, there are a few best practices that can help make the most of your investment.

Create a comprehensive content plan

Managing resources means understanding what resources are needed and available, and having a working project schedule. You can also work with the employees in question or their team leaders to plan around their schedules. Resource plans should quantify the amount of resources you will use, how much effort they will put in, and for how long. Finally, build a detailed schedule so you’ll know what needs to be done and when tasks need to be completed.

What’s the first step to creating a successful business? Prioritize the work

Some tasks within a project can be more important than others, so it’s best to classify or prioritize them prior to using shared resources. To do this, work with stakeholders to establish a system for evaluating work well in advance. With that in place, decision-making becomes objective and timelier, creating greater efficiency and productivity.

Approach resource management as a task that must be taken on-going

Any project that relies on limited and finite resources is less likely to see completion without experiencing some sort of conflict. But while changes may contribute to setbacks, they can be remediated with cooperation and collaboration across all departments. Where needed, stay up-to-date on established priorities so vital projects don’t get derailed.

Automate as many things as possible for your business

Technologies such as automation, especially with the power of AI, can help speed up the process by managing resources that may seem to be limited to your business. This frees up time and resources in order to carry out more tasks and apply your expertise in non-automatable areas.

Tamper with time tracking and reporting

Tracking time accurately is extremely important in project completion. This is because tracking the time allows you to establish trends, plan for future projects and ensure accuracy. One way to ensure that time is tracked correctly without taking focus away from the top project priorities is through establishing simple, easy-to-use managing processes. You can also track non-project or administrative (paid) time into plans and reports.

Working in parallel is okay, but no more than three tasks

We’ve seen time after time that tasks performed in parallel leads to a decline in work quality and an increase in errors. Allow valuable resources to be devoted to only one project or task at a time so they can do their jobs with excellence.

ServiceNow is one of the most robust, flexible, adaptable yet affordable resource management software

The ServiceNow Project Portfolio Management (PPM) solution offers powerful software solutions to help you plan, deploy, and monitor important project resources. It’s built on the Now Platform and your access will give you real-time insights into what’s happening across your company. With tools that help you scale through demand, all at the click of a button, your company can grow faster with less headache.

Ensure your resources are being used effectively, efficiently, and in line with your company’s growth strategies by using Portfolio Project Management tools that can help you.