Recently, times have been tough for companies, and lots of business owners across the world are looking for ways to save money. Many organizations are looking for ideas on how they can do cost optimization to tackle the strains of the global pandemic and its economic aftermath. Many companies decided to minimize HR costs, implement hiring freezes, or find a way to use their HR technology in an effective way to stay profitable and avert layoffs. If resource management has been an area of concern for you, then there’s a solution that works like magic. Using resource management software can help you run your business more efficiently and save your company money. Read on to find how…
What is resource management software?
If you don’t already have a resource management software in place, let’s understand what exactly it is? In simple words, it’s a digital system or tool that helps you to determine which resources are required for a project, manage them, and handle your projects in a way that is not only cost-effective but also increases your productivity and efficiency. These resources could be people, systems, or machinery. Using the right resource management software enables you to stay on top of everything and with a few clicks. Especially in these unprecedented times, companies need to maintain a tighter rein on their finances. So, let’s see how good a resource management software can save you money.
Predictable and steady project deliveries
A good resource management software offers features like efficient resource allocation or scheduling, measuring and optimizing, optimal resource management, strong process automation, and efficient process governance. This helps you to streamline your processes and turn your most successful project plans into templates that can be reused for future work. You can also easily reduce manual processes, repeated and redundant tasks, and data silos, which eventually saves time and money.
Improved resource utilization
The importance of resource utilization can’t be denied. It helps in both the company and its employees. In underutilization, the resources who are waiting to get projects are generating costs for the company and feel demotivated as they do not have work to do. On the other hand, if your people are overutilized, even that may lead to resource burnout and extra costs for the company as you might end up paying for overtime. Therefore, with optimal utilization, unnecessary costs are avoided, and your people enjoy a balanced workload. A resource management software helps you plan your resources on various projects and assign work to employees who can take on more work. You can also easily see how all your team members are doing in your resource calendar and spot people who might be under-or overutilized.
Sticking to your budget
Digital resource management software enables you to stay on top of your expenses. You can easily see what you need for which project and cross-reference across several spreadsheets. What’s more? Avoid things such as double booking or having resource shortages, which can be quite costly for a business.
Capacity Planning and Management
Efficient resource management software possesses an inbuilt capacity inventory, which enables you to pull out the needed resourcing data. You can respond to resource insufficiencies with needed skills that adapt to new market opportunities, and hence, a company can draw new and repeat businesses alike. Capacity planning and management also readies your company for any market uncertainties. In case there have been any hiring mismatches, you can do new resourcing in the best possible way so that continuity in capability is maintained through the project lifecycle.
Saving time
Saving time and effort results in saving money. Resource management software helps reduction of non-value-added tasks and works much quicker than your resources can. Thus, investing in good resource management software can save money for your company in the long run. Moreover, you will have the bandwidth to work on high-priority tasks that matter and enhance productivity and profitability. You will also save time as errors will reduce because of the software’s accuracy.
Increased revenue
Resource management software also helps in evaluating if your team is being properly utilized on a day-to-day, weekly, monthly, or annual basis. This helps you to ensure that your most valuable people are utilized to the utmost, and the overall workload is distributed in a balanced manner. This also reduces constant time periods of resources on the bench.
Better project profitability
Resource management impacts project profitability as it helps you to select the best resources for a given task. Imagine if you’re managing over 100+ people, a good resource management software like eResource Scheduler will provide you a snapshot of your talent pool. You can easily see which of your team members are free to be aligned on a new project. You can also use various filters and find resources according to their skills, experience, availability, or location. It’s a fact that when the most suitable people work on a project, it has more probability to be successful.
Reduce administration costs
A traditional spreadsheet-based resource management system can lead to multiple errors and is usually tough to manage. However, having centralized resource management software can provide you an up-to-date view of your total resource pool. Therefore, your administration costs associated with maintaining out-of-date spreadsheets and systems will be reduced.
Accurate resource forecasting
Recruiting is an expensive process. If you hire an employee who isn’t useful to you or you get a few projects, but you don’t have enough resources or capacity to deliver them, then you would land up in trouble. Both these scenarios could be avoided with accurate resource forecasting. It means that you can successfully predict your resource requirement. Resource management software offers better visibility to the project managers on their team’s capacity, their current workload, and accordingly enables them to plan the pipeline. It also helps you prepare for any resource shortage and accordingly begin recruiting for it. This way, you’ll be able to optimize your expenditure and plan your finances better.
The Best Tool for Effective Resource Management
Enbraun’s flagship product, called eResource Scheduler, is a leading and best-in-class resource management software available in the market. It helps various types of organizations gain the utmost advantage from their resources. If you want to unlock your resources’ highest potential and make a perfect resource plan, take a free trial of eResource Scheduler today.
