Managing resources in business is essential to maintaining high productivity levels and ensuring efficient utilization of materials.
Simply put, you need resource management to succeed in any business. But how do you implement a process to keep resources in line? That's where resource management software comes in.
In this article, we'll explain what resource management software is used for, and cover some use cases to show how it can be used in your business.
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What Is Resource Management Software?
Resource management software is a platform of resource management tools that bring project planning, resource allocation, time tracking, and task management together to allow teams and project managers to work together in one tool.
At its core, resource management software is used for tracking, forecasting, and managing the use of resources within a company. This can include anything from materials and equipment to people and finances. It offers spreadsheets and templates within a customizable dashboard that will help to enhance team collaboration for better project planning.
Project resource management aims to ensure that resources are being used in the most efficient way possible. By keeping track of how resources are being used, businesses can make adjustments to optimize what they do have.
There are a variety of different resource management software programs available on the market to use for resource planning. The best resource management software for your team will depend on your specific needs and the pricing options available. Here are some free options that fit into every budget.
Common Features of Resource Management Software
Most resource management software programs include some or all of the following features:
- Tracking of resource usage: Resource allocation and tracking is the most basic function of resource management software. It simply keeps track of how resources are being used within the company and on projects.
- Resource Scheduling: This feature allows businesses (often with easy drag and drop) to schedule the use of resources in advance. Users should be able to create both Gantt charts and Kanban boards for this purpose. This can be helpful for ensuring that resources are available when they are needed, which will keep the overall project schedule on track. You can also track dependencies, and scheduling features can also be used for time management like timesheets, invoicing billable hours, and paid time off.
- Budgeting: This feature helps businesses to track and manage their spending on resources. By understanding where money is being spent, businesses can make adjustments to ensure that they are staying within their budget.
- Reporting: This feature allows businesses to generate reports on resource usage in real-time. These custom, configurable reports can be used to identify trends, plan milestones, and make decisions about how resources should be used in the future.
Make sure to check whether any resource planning software you are considering includes a mobile app, as this can be handy for dispersed or remote teams.
What Are the Benefits of Resource Management Software?
There are many benefits of using resource management software in your business. Some of the most common benefits include:
- Improved productivity: By tracking and managing resources, businesses can ensure that they are being used in the most efficient way possible and streamline workflows. This can lead to improved productivity levels for team members.
- Better utilization of resources: By understanding how resources are being used, businesses can make adjustments to ensure that they are being used to their fullest potential while balancing the team’s workload, to ensure project planning is more effective and grounded in the current landscape of workloads and resource utilization.
- Reduced costs: By tracking spending and making adjustments accordingly, businesses can reduce their overall costs. This information can also be used to set up automation and workflows, so the business can find more profitability within resource management.
- Improved decision-making: By generating reports on resource utilization metrics, businesses can make better-informed decisions about how resources should be used in the future.
Read more about why resource management is important here.
Top 5 Use Cases for Resource Management Software
From work management to human resources, businesses can use resource management software to bring better business intelligence to everyday workflows.
Using software solutions in your business helps automate the tasks you may be wasting time on so you can focus more on your team members and the superior business you provide. Here are some top use cases for how you can use the key features of resource management software.
1. Inventory Management
One of the most common uses for resource management software is inventory management. By tracking inventory levels, businesses can ensure that they always have the materials they need on hand. This can help to avoid costly delays and disruptions. Capacity planning and knowing if you have available resources will help you plan projects, including both real-time projects and future endeavors.
2. Project Management
Resource management software can also be used for project management. By keeping track of project deadlines, task management, work hours, capacity management, and resource availability, businesses can ensure that projects are completed on time and within budget. Team members can use resource planning tools to ensure that everyone is on the same page with the project and the timeline.
3. Human Resources
Another common use for resource management software is human resources. By tracking employee vacation and sick days, businesses can ensure that they have the staffing needed to meet their demands. HR leaders can offer better leave management to team members with time tracking. This opens up their time to build team skill sets and find the right resources for new projects.
4. Equipment Tracking
Resource management software can also be used to track equipment. This can help businesses to keep track of maintenance schedules and future bookings and avoid costly repairs.
5. Asset Tracking
Finally, resource management software can also be used for asset tracking and resource forecasting. By keeping track of company assets, businesses can ensure that they are being used efficiently and not being wasted and observe trends for future uses.
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Getting Started With Resource Management Software
These are just a few of the most common uses for resource management software. A resource management solution may be the answer if you're looking for a way to improve efficiency and productivity in your business. It can work in tandem with your project management software to build the best workflows and resources for your team.
If you're ready to get started, check out our list of the best resource management software platforms for your business.
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