Resource management is the process used by resource managers or companies to manage their resources to achieve organizational or project goals. Resources can be people, time, devices, and finances.
With proper resource management, you can efficiently manage the resources and deliver the project with reduced cost and within budget.
The resource management tool can help allocate the right resources to the right task or project to get the job done on budget and on time, and without major problems or escalation in the project.
What is the importance of Resource Management?
In resource management, one of the most important criteria for resource compliance is the correct allocation of resources. When employees become overutilized or underutilized, it causes tremendous burnout, which may cause a high attrition rate.
By integrating processes and technology into automation, resource management can be designed efficiently and effectively. If done right, managers can ideally dispose of people and resources on a budget. According to a study by PMI Pulse, Poor resource management can lose up to 11.4% of company resources.
During this global pandemic, Covid and the work from home culture are driving companies to adopt resource management tools to manage resources and execute projects within scope and timelines.
In short, resource planning is one of the essential criteria that must be met to fulfill commitments during project delivery. It helps with project planning, provides visibility of required resources and skills, helps move resources by utilization and capacity, and allows prioritizing activities to meet project deadlines.
How is resource management done?
Due to advances in technology, previous resource management methods have been phased out or are at least preferred in the current scenario.
Traditional calendars, Excel worksheets, Microsoft Access, Word documents were used to manage, assign and schedule resources in the past.
Traditional or any manual method of resource management would be time-consuming and may not yield expected results, especially in managing multiple projects and teams in different locations and the WFH (work from home) culture.
Today’s resource management tools give better visibility of the projects or tasks they are working on, their availability, and schedules. Its real-time connectivity mechanism allows managers, employees, and stakeholders to stay updated and get a clear idea of ongoing projects and projects in the pipeline that helps to make informed decisions and set milestones.
Some of the benefits of resource management tools are listed below:
- Set expectations and follow to close
- Increase flexibility in managing remote teams
- Easy to schedule and plan actions with short meetings
- Real-time tracking of employee work status
- Availability and connectivity of team and manager as per their need arises
- Micromanagement can be eliminated, leading to overall satisfaction
Why Small and Medium Enterprises (SMEs) need to adopt Resource Management Software (RMS)
Resources are an asset to any organization, regardless of size. If resources are allocated properly, there should be no escalation, disruption, breakdown, and most importantly, loss of revenue. RMS and other CRM tools will help companies achieve their business goals and stay competitive in today’s competitive market.
First and foremost, cost, skill, and lack of visibility into implementation are the factors that hold SMEs to using RMS to manage their business operations. With the introduction of SaaS (Software-as-a-Service) based RMS and easy-to-use and simple platforms, the scenario has changed today.
The new feasibility of the subscription-based pricing of RMS also encourages SMEs to implement RMS for business efficiency.
RMS helps SMEs plan resources and assign tasks properly, increase transparency, enable automation, sustain digital transformation, be competitive, improve workflow, solve resource allocation problems, reduce the complexity of multiple projects, single point of accountability, high control, etc.
In the below section, we will see some of the industry’s best resource management software beneficial for small and medium businesses.
Teamdeck is a widely used all-in-one RMS. The company claims its resource management applications are used by teams from North America, South America, Europe, Australia, the Middle and the Far East, and Africa.
The tool includes all the access options needed to manage resources such as planning, scheduling, timekeeping, vacation management, and more. Its simple calendar view allows you to perform the important tasks of tracking unallocated resources, assigning activities to them, and monitoring their schedule.
From revenue or billing of point, managers can calculate KPIs (Key Performance Indicators) and ROI (Return on Investment), and their adaptive reports help determine team commitment.
The software dashboard assists in forecasting future projects requirements based on projects in the pipeline.
- Extended reporting such as budget or salary reports
- Proper resource management, including hourly follow-ups and team vacations.
- Management of resource leaves, including approval/rejection, Public holidays, resource absence, and reasons.
- Control resource utilization by monitoring usage across different projects
In a nutshell, the entire teamwork can be planned and controlled with this software, and data-driven decisions can be made based on advanced reporting structures. It is based on a software subscription and cheapest in this category, starting at $0.9 per month, but at this price, access to the mobile and Teamdeck app is not provided.
Wrike software is part of the world-renowned virtualization and cloud company Citrix. It has extensive functionality, ensuring that resources and team managers stay structured throughout the project lifecycle.
The software creates visual projects through Kanban boards and Gantt charts and works together in a dispersed environment and multiple projects.
The dashboard segregates work into three sections: Tasks, Projects, and Folders. Folders are a hierarchical structure for organizing tasks in projects. Each project is tasked with a specific framework. The project manager can allocate the particular tasks to individual resources with data and due dates.
The software has built-in templates that help maximize resource and project productivity in several ways, including creating product roadmaps, visibility of incoming projects, effective communication plans, breaking complex projects into easy-to-implement phases, etc.
- Project automation and risk estimation
- Provides 360-degree visibility of end activities
- Tailor-made tools for every team and every industry
- Powerful tools like voice commands and smart replies
Wrike platform allows 400+ integrations such as Salesforce, various CRM tools, Slack, Microsoft Teams, and many others that will not stop or hinder the successful implementation of commitments. The software is subscription-based, and its price starts at $ 9.8 user/month. It has a 14 day trial period as well.
Forecast platform is an award-winning software. It has won many titles from the world’s leading G2 evaluation platform for best project management, resource management, task management, and many others.
It is a complete project management software that helps ensure the final execution of activities and absorption of the capacity of all resources. Its other modules like project management, team collaboration, time management, business intelligence, and AI work automation can easily be integrated with its resource management platform.
One of its uniqueness is, it is one of the fastest go-live software that helps teams from SMB to implement it faster and start delivering. It has a higher user adoption rate than any other software in this category.
- Faster time tracking of resources based on artificial intelligence suggestions
- Provides a real-time view of the utilization and capacity of all resources
- Adjust workload to avoid problems
- Automatically calculates resource usage to understand better the time spent on use.
Forecast software helps resource or project managers plan and adjust activities to address bottlenecks and set standards to meet deadlines. The price starts at $29/seat/month for a minimum of 10 seats. This software is available for a 14-day trial version.
Activecollab is another easy-to-use software that handles all phases of project management, including work management, team collaboration, time and resource management, customer management, and profitability.
Managers or directors can use this software to plan project activities and manage resources from inception to completion.
It’s an easy environment to build effective communication and collaboration with your team, other managers, and customers. It is free for small projects with a limit of 3 users.
- Automated task planning
- Import projects from other apps and integration Zapier, Slack, Webhooks
- Tasklist and Kanban view
- Cloud storage integration
A simple platform for assessing project status, time spent on resources, and business profitability helping to ensure commitments are within budget. The price starts at $7.5 for three users. You can test this software for free for 14 days before using it in your work environment.
Float was explicitly developed for resource management, scheduling, and capacity planning. It helps create and assign tasks in seconds, add project phases and deadlines, assign resources and manage team capacity.
According to the company, it is used in various industries, including agencies, consulting firms, architectural firms, IT firms, and others.
The platform enables the integration of existing enterprise workflows for project management, scheduling, slack updates, and more. Apart from resource capacity visualization and project reports, this software can also manage complex project requirements.
- This platform provides resource forecasts showing project estimates versus actuals.
- A pre-populated built-in timesheet helps resources get the job done with ease.
- Flexibility in resource planning for managers and to log time for resources from anywhere
- Personal data protection backed by GDPR and SOC2 compliance
Float is one of the most popular resource management platforms in this category. Easy to use and easy to implement, starting at $6 a month. There is also a 30 day trial period.
Saviom is an advanced resource management software with custom configuration options that can be tweaked according to project requirements. The software is said to help reduce resource costs by 10 to 30% and increase resource utilization by 10 to 20%.
One of its uniqueness is that the platform predicts full transparency of resources, including requirements, unpaid resources, over-and underutilization, capacity planning using real-time multi-dimensional analytics.
It is a comprehensive resource management platform that helps SMEs predict resource requirements in advance based on supply and demand analysis.
The software helps you quickly identify and allocate the right resources on time, based on opportunities, locations, areas of interest, etc.
- Understand project finances such as costs, revenues, profit margins,
- Optimize unbilled resources to improve resource utilization
- It helps identify gaps between resource matrix-like actual and forecast
- Intelligent business dashboard for analysis and reporting
If you are looking for end-to-end resource management software for engineering, accounting, IT, construction, consulting, Saviom is your best choice. It helps with resource planning, capacity planning, reporting, and analysis, as well as integration with other workflow platforms. Prices are available upon request for a quote.
Process is software for work and resource management. It is an easy-to-use software to create multiple workflows, assign different resources, and track progress.
One of the keys to workflow management is document organization, and this software provides a simple interface for creating, organizing, and sharing documents across teams.
The drag-and-drop interface allows managers to create and assign tasks to teams in minutes and track progress and receive notifications via dashboards. One of its uniqueness is that you can create tasks based on conditions that are met, such as: if / then.
- Workflow creation based on approval matrix, either single or multi-stage
- Ability to integrate more than 1000 applications
- Automatically schedule and assign workflows and update your other apps
- Integrated forms for automatic data collection from other apps
It is a complete team collaboration and workflow management software with multiple features such as task automation, embedded scheduled workflows, and other automation modules that make it easy to create, assign and track workflows and resources. The software can be used for free for 14 days with costs starting at US$25 per month/user.
Apart from being a bar graph platform, it also has various built-in features to help manage tasks, teams, and budgets and make projects a success.
It is a complete project management software that helps plan project deadlines, establish dependencies and baselines, allocate resources, and perform teamwork.
Its workload function ensures that the resource is not overloaded or underused, creating a balanced team and workload.
- Faster Gantt charts with intuitive platform
- Interactive dashboard to visualize deadlines, progress, and resources for each project
- Easy Asana project integration
If you are looking for an award-winning resource and project management software based on the Gantt chart platform, this software is enough. This advanced Gantt chart solution is available at affordable prices, starting at $5/month. You can even try the trial version 7 days before buying.
Mavenlink is an award-winning software for dynamic resource optimization. It was named 1st for resource management, project management, and work management by G2 Grids in 2021.
It is used to deploy teams in real-time based on business scenarios with different needs. The software allows you to see the impact on productivity and profits when adjustments are made at the resource level.
It has a uniqueness of forecasting resources needed for upcoming projects. It also helps to analyze the requirements and profitability of ongoing projects.
This software has everything you need to manage resources in real-time and meet ever-increasing expectations.
- Designed to demonstrate continuous improvement with real-time response
- Defining areas for sustainable development
- Help balance resource competencies based on project demand
- Assessing multiple plans concurrently
Mavenlink has won numerous awards. It is not only an advanced resource management software but also provides a platform for comprehensive project and task management with forecasting of future resource requirements. Prices are available when you request a quote.
Hubplanner offers a complete solution with several key functions, such as resource management, task planning, timekeeping, and project planning in one dashboard, which is easy to implement and use.
Its simple dashboard offers complete transparency of the entire team’s schedule across projects and events. The reporting structure has been developed with enterprise-level design in mind, which provides comprehensive indicators to track usage.
It has a separate planning module for scheduling that can be integrated into resource management. Its uniqueness is that the manager can plan the project budget, feed billing rates and calculate project expenditure.
- Easy drag-and-drop schedule for project teams
- It can monitor the implementation of individual resources or projects
- It can show real-time analytics of all your projects and resources
- Resource leaves and vacation, request and approval workflow
This software can be used for free for 60 days. If you’re looking for an end-to-end resource management activity, the hub planner will get the job done. Its price starts at $7 per resource/month.
Resource management is one of the most challenging tasks in any phase of project management, but with the right tools and software, it can become much easier.
Almost all resource management tools discussed above are award-winning, have nearly the same functionality, and are SaaS-based with slight differences in features. SMBs can test these tools and then reach an agreement before finalizing a purchase.