Best Resource Management Software

Resource Management Software: A Buyer Guide

Undoubtedly, resources form the crux of every organization. Anything which is deployed to complete a task is a resource, be it the manpower, machines, tools, equipment, facilities, etc., considered as the resources for the organization. Proper utilization of resources is the key to successfully running the organization. Since the resources are limited, so they must be used in such a manner that they meet their purpose without causing any monetary losses.

Thus, with effective resource planning, the companies can complete their projects on time despite the pressure of stringent timelines, changing priorities, and evolution of the project. Resource planning even keeps the utilization rate of the resources at a profitable level and this is reflected in the profit margin. However, this requires a lot of time and strategic planning. Traditionally, the management professionals were responsible for effective resource planning. However, with the advent and evolution of technology, there is resource management software at enterprises’ disposal to do the task for them and save their time and efforts.

Resource management software is a robust tool which helps the companies in planning the resources and gauging the input of their team. Resource planning tools are integrated with features like time tracking, resources availability forecasting, resource scheduling, inventory management, time management, utilization reporting, and other such tools that gives a better overview of any project. These features also help in effectively planning the resources and monitoring them to ensure that the resources are used according to the planning. The more powerful the resource management software, the more tasks it can perform. For example, the best resource planning software can perform tasks like collaboration, utilization of tools, reporting, information sharing, etc. 

Some common capabilities of all resource management tools include:

• Resource planning and management

• Utilization reporting

• Resource scheduling

• Resource auditing

• Resource discovery

• Resource availability forecasting

What Is Resource Planning And Why It Is Important?

Resource planning is a fragment of project management which deals with making judicious use of necessary resources which are important for delivering any project. The process involves forecasting, planning, gathering, scheduling and implementing the resources. Resource planning is all about management of the talent and qualities available. It focuses on managing resource along with keeping in mind the perfect match of skill for a given task, thus helping the team in staying motivated.

Importance of Resource Planning

Resources can break or make business and lead to enormous profits or loss. Without the right amount of resources, all our skills will go in vain. Thus, resource planning is crucial for the profitable run of companies. Apart from garnering profits for the business, resource planning has many other benefits. Few points that elucidate the significance of resource planning are listed below:  

• Resource planning is important for global peace and sustaining a quality life

• It helps in the conservation of resources

• It helps in reducing the wastage of resources.

• Effective resource planning helps in keeping a check on the available and remaining resources.

• It helps in the appropriate distribution of resources.

• It initiates in keeping track of the resources for future generations.

Need For Resources Planning

We know that most of the resources that we use are limited and will surely get exhausted in the future. Therefore, it is important to plan their use appropriately. Effective resource planning is very important because it not only helps in delivering the projects on time without shifting of deadlines but it also makes sure to keep a check on the priority list and complete the tasks accordingly. This keeps the utilization rates at a profitable level and also reduces the time spent on the projects.

However, resource planning is a time-consuming task. Management of any business or organization without robust resource management tools can turn out to be a very tedious task. So, there are arrays of resource management software tools for the disposal of businesses so that they can plan and utilize their resources appropriately with fewer efforts.

The market is flooded with resource management tools, so businesses have plenty of options. Again, choosing the right resource planning software is the key. Each business is different and has different needs, so one should choose resource management software according to the requirements of the business. Usually, one should go for resource management tools that are easy to use and requires less training.

The resource tracking software should have a simple interface and should be packed with a number of powerful features. Every business should choose resource management tools that come with a powerful dashboard which gives an overview of the current status of all the projects. The tools should also facilitate the managers to find the right skill for any specific task and even help in making comprehensive reports with data. The best resource management software is the one that enables the project manager to plan, monitor, schedule and manage the resources appropriately in no time.

Features Of Resource Management Software

There a number of powerful features that are equipped in resource management tools. Some of them are listed below:

1. Dashboard

The effective key to resource management and decision making is the correct information. The availability of dashboard is a boon since it provides real-time insight into projects, resource capacity, resource availability, and utilization. A dashboard allows access of information in one single screen and instantly highlights the area which needs attention.

2. Centralized Project List

We know that an organization might undertake any number of projects at a given time. Also, different projects might be at different stages. Therefore, reporting of such projects may be ineffective and at times incorrect. In such a situation, a centralized list of projects will provide a clear vision and increase accuracy in decision making. A centralized project list will be the one which will be shared by all the users in the organization based on its access. Therefore, users have access to information which they need to know.

3. Effective Scheduling:

Efficient utilization of resources is also an important aspect of resource management. It focuses on properly identifying, profiling and scheduling of resources. The best resource management software is the one that allows the businesses to use the right resources at the right. Every organization spends a lot of time and money on hiring good resources, but this is only a subpart of efficient scheduling. Efficient scheduling focuses on getting more work done by exploiting fewer resources.

4. Management of Resources for Different Types of Projects

We are well aware that not all projects are the same. Some are related to consulting and marketing while some are related to engineering. Also, the projects can be distinguished as small and large projects. A resource management software allows in configuring various types of projects as per user’s requirements. The project can be of different type and the reporting of the project can be done on the basis of its project type.

5. Centralized Pool of Resources

Nowadays, organizations are widespread all over the world. There are multiple offices in different locations, cities, and countries. This leads to a lack of vision and visibility and also decreases the ability to identify the required and qualified resource. The resource management tools serve handy for such organizations. The ERP software helps in maintaining a centralized directory of all the resources and information. This information is shared only with a few users in the organization for security purposes. Also having a centralized directory lessens the efforts and makes searching of right resources easier.

6. Flexible Billing

Resource management software tools allow businesses to choose the number of resources they want to include in a schedule. It offers flexible subscription options to the users which do not have any kind of long duration commitments. The billing and subscription options offered by resource management tools are comfortable and allow the users to choose, increase or decrease the number of resources. Thus, it focuses on the "pay as you go" scheme.

7. User Access

We know that project operations like reporting of data, scheduling, and other project-related information should be kept confidential and only a few people have the rights to access or modify these. Therefore, resource planning software comes with a feature that allows the development of sophisticated user access right. This makes sure that only the authorized users will be able to view or modify the data. These rights are assigned at the project level, resource level or any other grouping.

8. Working Calendars

Management of multiple working timing is a must for the successful run of the companies. The best resource planning software allows users to simply create a working calendar for all working patterns in their organization. The users do not have to worry if they have resources in any part of the globe or if they have a full time or any casual resource. The best resource management software will calculate the resource capacity on the basis of the working calendar. This will ensure an accurate calculation and give correct reports.

9. Gantt Charts 

Gantt charts in a resource scheduling software display a list of all activities against their time frame. Managers can have a quick look at the schedule of each activity, task overlaps, start and end of activities, list of activities, and the start and end of the whole project. With a resource management software organizations can leverage the existing resources and say goodbye to obsolete ways of resource management. The software provides all-round solutions for project needs and ensures high-quality and timely deliveries.

Key Benefits Of Resource Planning Software

A resource manager should try his best to achieve cent percent utilization of the available resources and also look for ways to deliver maximum output while using limited resources. The best resource management software is the one which helps in creating paths so that resource management becomes easily understandable for the manager.

It helps the manager in applying a variety of resource management operations like resource leveling resource development, conservation which results in a reduction of the cost and time taken for the implementation of the project.

The organizations that make use of resource planning software, have more time to focus on other important task and they are well satisfied with the software’s results. In general, some of the benefits that resources management tools offer are as follows:

• It helps in determining the current as well as the future demands and supply of human resources.

• The resource management software aids in analyzing the demand for portfolios.

• It helps in understanding the gap between the demand and supply of resources.

• The resource planning software also helps in looking for an appropriate plan to bridge the gap between supply and demand of resources

• The resource tracking software helps in tracking the availability of resources

Learn more in depth, and take a look at the benefits offered by resource management software.

1. Higher Visibility 

A resource management software determines if there is sufficient bandwidth or not and also keeps a check on whether the resources are under/overworked. The software gives a clear picture of how resources are positioned across the enterprise. This helps analyze the progress against timelines and ensures that all projects are on track. 

2. Right Use of Skills 

A resource management software helps managers pick out passive/benched skills. Managers can then choose to reskill or upskill existing resources. Reskilling involves identifying obsolete skills and using the existing resources and retraining them to use their talent. 

Whereas, upskilling involves identifying talented employees and developing them into leaders. The data generated plays a key role in deciding future job roles and skill relevance. 

3. Optimal bookings

Gantt charts provided by resource management software lets the users drop suboptimal bookings without compromising on available resources. These bookings allow the users to allocate work as per the schedule of employees. 

Moreover, Gantt charts flag projects that are experiencing overbookings, skill clashes, and resource crunches. The software blocks training times in the project calendar to prevent allotting excessive work to the staff.

4. Reduced Labor Costs 

Freelancers and part-timers help organizations achieve targets without overburdening existing employees and hiring new ones. Resource planning software looks after the contract workers and assigns work accordingly. 

Assigning tasks with resource management software helps in the proper utilization of existing resources and hence reduces costs.

5. Quality delivery

The right talent and time management can help organizations fulfill tight deadlines. A resource management software lets a manager spot troubled projects and accordingly release or reshuffle resources. This helps in the timely delivery of scheduled projects while ensuring top-notch quality. 

Solutions provided by a Resource Management Software

Let us have a look at the top solutions provided by Resource Management Software.

1. Resource Automation 

Organizations require a system that can automatically and accurately update itself. Resource management software tracks the human supply and demand chain and provides valuable insights.

These insights help in identifying skill shortages and look after training requirements. Moreover, executing resource-based strategies lets organizations deliver projects on time. 

2. Reduced Administration Costs

The software eliminates the need for spreadsheet-based management systems. It also reduces manual errors and saves time. More importantly, it maximizes earning potential and increases customer relationships. 

This is possible as resource management software greatly reduces administrative costs associated with out-dated systems. Moreover, with more time on hand, companies can work on onboarding more clients and providing better services. 

3. Conflict Resolution

Unresolved resource conflicts can lead to a loss in productivity and revenue. Resource management software prevents double booking of resources by providing real-time visibility.

It also helps predict future requirements well ahead of the schedule. This lets organizations allocate resources in an efficient manner and work on providing customer satisfaction. 

4. Resource Allocation

Resource management software lets organizations analyze how the resource pool is being utilized. The analysis can be done on a daily, weekly, quarterly, or yearly basis.

By analyzing this data, managers can plan resource utilization and the ideal time to be spent on activities. 

Thus, it leads to a reduction in operation costs and an increase in profits. 

5. Resource Tracking 

Keeping a track of payroll, labor cost, and timesheets is a time-consuming process. The software systematically records information and enables managers to analyze the data. 

Some software also have integrated accounting features that automate payroll procedures. Thus, implementing resource management software ensures that all human costs are taken into account, and the systems work at their topmost efficiency. 

6. Resource Forecasting 

A resource management software generates reports on resource pool’s availability, existing capacity, and utilization. Analyzing these reports can help organizations gauge if the present resources have enough bandwidth or new resources should be hired. 

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