Resource Management Improves Your Work - image

5 Simple Ways How Resource Management Improves Your Work

Team Onstro on December 1, 2023 in Resource Management

Highlights

  • 56% of businesses use resource management software to improve team productivity.
  • Resource management increases productivity by improving planning, communication, and efficiency.
  • Onstro resource management software helps with asset tracking and effective resource collaboration.

Resource management is the process of allocating resources like money, people, and technology to achieve the goals of the company. As per a study by Prosymmetry, 56% of respondents reported using one or more tools for resource management.

Your business might have a surplus of technology, men, and resources. But is that enough? What if you could not utilize these resources to attain your goals? Well-defined resource management software provides a solution for this problem. Therefore, it is one of the best ways to improve work performance.

Lack of awareness of the need for proper resource management is the reason why most managers fail. So, let’s figure out the types of resource management and how they benefit your business.

5 Ways How Resource Management Improves Work

Increasing productivity has been a hot topic in business circles ever since evolution. Here’s how resource management plays a role in improving the efficiency of your work:

  1. Improve resource efficiency

    The first step to getting the maximum out of your resources is to start tracking their efficiency. Resource utilization is a simple metric to calculate efficiency. Here is the formula to find out resource utilization:

    Resource utilization= Working Time of Resource / Available Time

    It helps you to check how much time a resource takes to complete a specific task. Moreover, you could have an overview of how much a resource contributes to the overall productivity of the business.

    Utilization rates depend upon the nature of the business. However, a utilization rate between 75% and 90% is considered as an average. An optimum utilization rate shows that the resources are working at par with their efficiency.

    Also Read: Why is Resource Management Software Important in Business?

  2. Creates Transparency

    An opaque organizational structure with miscommunications is the main reason for a drain in employee productivity. A proper work management system brings in a system of skill tracking. It ensures that the team members are working on projects that best match their skills.

    Subsequently, it results in better employee engagement, and team members will be more comfortable expressing their ideas. Therefore, you could ensure the role of each resource in the overall productivity of the business.

  3. Facilitates job control

    Both overwork and underbooking have serious negative consequences on employee productivity. A study cited by the Harvard Business Review highlights that employees working over 50 hours per week are 60% more likely to make mistakes compared to those working 40 hours per week. Conversely, underbooking, where employees lack sufficient tasks, can lead to disengagement and reduced productivity, as noted by the Gallup Organization.

    A robust resource management software helps you to have a better overview of upcoming projects and available resources. This helps you to forecast any rising challenges and prepare the team in advance. Therefore, resource management plays a crucial role in facilitating job control, mitigating both overwork and underbooking challenges.

  4. Improves planning

    A resource management system is like a dashboard that gives you a clear view of all your resources – be it people, machinery, or materials. You can monitor how well a particular resource is performing.

    Once you know the efficiency of each resource, you can plan better. For example, if you find that a particular heavy machinery is a significant contributor to your company’s output, you can plan its maintenance well in advance. This way, you can prevent potential disruptions in your workflow due to sudden breakdowns.

  5. Improves Communication

    With proper resource management, every team member knows exactly what they need to do. This reduces misunderstandings and communication problems because everyone knows their tasks.

    Moreover, it creates project transparency giving a chance for every team member to see the project progress and their contributions. It helps to improve employee engagement and finally contributes to the overall productivity figures.

Types of Resource Management Systems

As the type of business and project differ, the type of resource management system also varies. Here are the 3 main types of resource management:

  1. Resource booking and schedule: It is a time management system that helps in allocating the resources without double-booking.
  2. Project Resource Planning: It provides an overview of the current and upcoming projects. This helps you to plan much better before a contingency arrives.
  3. Portfolio Resource Management: It is a resource management software that helps in the strategic management of your entire project portfolio.

Also Read: Why should your business use the best IBP software?

Conclusion

Understanding the importance of a proper resource management system is just the tip of the iceberg. But, the main task lies in starting it by bringing together the data of different resources and planning them. But, what if you could do it all on one platform?

Onstro is a budget-friendly resources management platform where you can manage all your business resources in a single tool.

Contact us now for an all-in-one resource management platform.

Team Onstro