Successful project management is almost impossible if you are not able to accumulate and administer sufficient resources. This is why resource management plays such a major role in modern businesses & inspiring entrepreneurs to create new ways of handling professional duties.
Business Dictionary says, resource management is simply the process of using a company’s resources in the most efficient way possible.
It’s a broad concept, but this is exactly what makes resource management essential for business performance. The benefits of resource management are numerous, but here are the key ones.
· Cost reduction: Precision and accuracy guarantee timely delivery and reduce operational costs.
· Accountability: If planned and executed properly, resource management maximizes the accountability within teams.
· Customer satisfaction: The sheer fact that you can deliver projects on time will make your clients or customer satisfied and loyal.
· Revenue increase: Bearing in mind the benefits mentioned above, it’s not surprising to realize that quality resource management also leads to a significant revenue increase.
Advantages of having a great resource management strategy are evident, but how can you come up with a good plan for your business? If you want to find it out, keep reading our post because we will show you the top seven resource management practices.
1. Create a Strategic Breakdown Structure
The first thing you should do is develop a strategic breakdown structure. It’s a core principle which allows you to prepare for projects and keep track of planned activities. The best way to do it is by determining a couple of basic parameters:
· Business goals: What do you want to achieve with this project? Make sure to understand your goals and make them highly specific, realistic, and measurable.
· Set KPIs: It’s easy to set key performance indicators (KPIs) if you know business objectives. Make sure to quantify KPIs and you’ll be able to measure results along the way.
2. Gather Operational Inputs
Business-related data represent another valuable resource that you need to handle properly. Therefore, you should gather operational inputs before the official project launch and consider the following aspects of the process:
· Budget: The quality and the number of business activities often depend on the budget.
· Deadlines: Let your team members know the deadlines and follow the timeframe as expected.
· Milestones: You can also divide projects into smaller milestones to ensure simpler execution.
· Competitors: Learn all you can about the biggest competitors and find a way to outperform them.
3. Have a distinct RACI Matrix
As a project manager, ensure you have well-defined RACI matrix for your projects. RACI helps increase accountability and ownership among the project team. Secondly, the team knows whom to consult and inform when needed as the project progresses.
Issue handling and resolution becomes easier when the team knows they have backup to call upon. There is added transparency and task interdependencies are better handled. All of which augurs well for faster execution.
4. Prioritize Tasks
Resource management is all about learning how to prioritize professional tasks and responsibilities. In this case, most managers choose to follow a well-known prioritization scheme:
· Urgent and important: Every member of your team should first concentrate on handling tasks that are both urgent and highly relevant business-wise.
· Urgent but not important: Once you are done with the first set of tasks, you can start solving minor issues that require an instant reaction.
· Important but not urgent: The third group of tasks includes important duties that you can do carefully and patiently.
· Not important and not urgent: You can focus on these tasks only if you previously solve all of the abovementioned issues.