5 Important benefits of Resource Management Software
To be successful in projects, you need resources with the right skills — because success depends on how you use your resources.
Resources are the lifeblood of any project and enterprise. Resources include both people and physical resources such as infrastructure, equipment, machinery, etc.
When the project manager initiates a requisition, resource managers are tasked with planning, managing, and prioritizing resources based on skills, competencies, availability, costs, etc.
Resources are always finite, and costs vary from project to project; any misaligned resource management could put projects at risk.
As a manager, it’s impossible to manage resources via spreadsheets though many organizations still rely on them. The reason is a lack of a centralized database. Without a central database, it is difficult to consolidate all your resources into one place and manage resource allocation and their utilization levels.
Hence Resource Management Software!
Resource management software is a ‘must-have’ while managing any project. . A server-based database converts these into a central and consistent data set for all your resources, with access control to ensure only authorized personnel have appropriate permissions over it. Traceability means you’ll always know who changed what and when.
Below are five important benefits of executing Resource Management Software.
1. 360-degree visibility across the enterprise
Resource management software is a must-have for any organization that undertakes projects. The centralized repository makes it easy to keep updated on all allocations, giving you consolidated access to the information about resources availability, resource allocation, resource utilization, etc. With visibility to the ‘resource pool,’ managers can avoid over-allocation issues.
2. Allocate competent resources to the right opportunity
Resource management software makes it easy to find the right resources for your needs. You can enter keywords such as qualifications, experience, skills, availability, cost, and location preference, etc.; one can assign competent employees to suitable opportunities.
Resource management ensures that a company’s resources are spread out instead of being deployed on just high-priority projects. Under favorable conditions, it can help find resources that enable cost optimization and increase profitability.
3. Integrate seamlessly within other business applications
Resource management solutions should be able to integrate with other business applications. For example, if there are resource-centric data captured within CRM or ERP, it would not need to be entered twice in a separate system but instead can seamlessly flow into one information repository, which will eliminate any data integrity issues.
You can effortlessly integrate with everyday applications like emails (for notifications and alerts), calendars, or even spreadsheets by using a resource management tool. It also streamlines the process of requesting resources by initiating quick requisitions for approval through a self-service portal.
4. Improved Performance on Individual Projects
Improved resource management information also substantially reduces the risk of missing committed dates. The cost of poor client relationships due to missed timelines can seriously dent the organization’s brand image.
The right resource management software can improve the utilization levels of your project-based staff while ensuring that sufficient skills are available for every commitment. Getting this balance just has a significant impact on bottom line profits!
5. Increase profitability using forecasting techniques
Resource management software provides a way to maximize the utilization of resources. By enabling flexible heat maps, stakeholders can take proactive measures for improving business efficiency and profitability by mobilizing work from non-billable sources or selling excess capacity that would otherwise go unused.
Capacity planning helps forecast excesses or shortages. It reveals resource demand & capacity gap enabling managers to decide options to address the same. Indirectly, it avoids unnecessary hiring and thereby the associated costs.
