Resource management is a discipline that was conceived primarily to complement the efforts of different project management techniques by facilitating the optimal and sustainable utilisation of all project resources. In the light of project management, resource management refers to the scientific process that regulates and allocates resources on to projects with a keen consideration of skills, location, timeline availability, costs among other factors.
Most importantly, it helps equate actual skills and qualifications with project tasks and at the same time, ensures that all resources are optimally used – neither overworked nor under-utilised.
The benefits of such a well-rounded process in the context of projects range from an overall increase in profits to the ability to bring out the best in individuals and teams alike. Here’s more on that –
- Optimal utilisation of all resources
As a word that is constantly overused, optimal comes with the baggage of sounding like a measure for everything tangible while resource utility is fairly intangible. Optimal utilisation, however, refers to finding the right balance between maximising the productivity of a team and at the same time making sure that they do not feel overworked. This balance not only factors in each individual’s committed number of hours but also ensures that the hours are reflective of actual project progress as opposed to other non-project activities. In addition, optimal utilisation lets your team draw a favourable, sustainable and consistent routine that helps them stay committed to good times or bad. Overwork, contrary to popular belief is not favourable, especially in the long run. And we are all much too aware of the problems that under-utilisation causes.
- Skill-based allocation and utilisation
Drawing from the previous point, your allocations have to be based on the right fit for individual tasks as opposed to basing them on the virtue of availability alone. This way, an employee’s skills, both primary and secondary, come to light. Such comprehensive utilisation lets them map an individual growth trajectory and stay challenged. Talent-centric utilisation makes room for learning, growth, periodic skill enhancement as well as internal restructuring. As for projects, accurate skill matches guarantee higher chances of timely completion as well as the prospect of better attention to detail.
- Plan your capacity in the context of the demand you foresee
This is perhaps the most significant takeaway of scientific resource management. Capacity planning lets you design a workforce that exactly matches the demand you are facing and are likely to face in the near future. In addition to letting you plan ahead in terms of the specialised skill sets you require, it also gives you the insights required to plan availability too. And most importantly, you’ll find yourself at liberty to diversify the types of employment contracts you provide. For example, in addition to your brigade of full-timers who stand the test of time, you can also leverage the flexibility part-timers, freelancers, and contractors add. With the insight to make hiring decisions well in advance, your save yourself additional costs as well as project quality compromise.
- Be in a better position to plan
Business efficiency stems from your ability to be futuristic in terms of the decisions you take as well as the meticulous planning you can put into your projects. This depends on the insights you can draw from capacity vs demand reports as well as the organisation wide visibility of all resources and timelines that you can muster. Planning ahead helps you put this in perspective and future-proof your decisions. Most projects face problems not because they didn’t have the right talent in the designated team but because the talent couldn’t handle the project. Simply speaking, resource management automatically creates room for pre-planning.
- Enjoy enhanced ROI as a result.
Increasing the profitability of projects is every PMO’s list of priorities. And an overall increase in efficiency is why project management is getting more popular than ever. Resource management as a cumulative effect of its many advantages helps you increase the profits you receive, be it from reduced resourcing costs or enhanced project quality and repeat business. As you unleash the potential to do more with fewer resources, you’ll have the advantage of quicker expansion and at the same time retain the exclusivity of a smaller team.
By this point, you must be very well acquainted with project management and methodologies that best suit the dynamics of your team. Give it wings of flight and see how resource management can increase it by manyfold and you’ll be pleasantly surprised!
As the subject-matter expert for Saviom’s resource management tool, Aakash Gupta champions for best management practices through various publications and webinars.You can contact him on LinkedIn here.