4 Effective Ways to Manage Resources More Efficiently

4 Effective Ways to Manage Resources More Efficiently

By Discovery Lean Six Sigma

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Resource_ManagementAll workplaces are an integration of numerous departments working together as one to ensure the business runs smoothly. Almost every sector is reliant on other departments and cannot function at its full potential without the rest putting in their best as well. One reason why companies end up compromising their profits is due to the inefficient use of the resources at hand.

Through efficient utilisation of resources, businesses can reach new heights of success. On the other hand, inefficient utilisation will lead to bigger losses. You will not be able to get any value out of your investments unless you know how to make the most out of them.

The four tips mentioned below on how to manage resources will do wonders for your corporation if implemented in the correct manner.

1. Plan to Plan

Planning is important when it comes to being efficient. Time is money and it is best to plan for effective resource management from the very beginning of projects. When starting a project, planning should be first on your to-do list. It is via planning that you will be able to fully gauge the types and amount of resources you will be requiring. Many projects fail because businesses end up investing in too many or too few resources.

After figuring out what you will need, you can then plan their use by dividing the project up into stages.

  • Identify resources that are needed for completion of the project. Add to the list any resources you will be requiring, whether it is in the first stage of completion or the last.
  • Analyse and put up an estimate of the time each resource needs and its role in completion of a particular task.
  • Go through the outline of the entire project and ensure that no resource is left out.
  • Finalise the list of resources and their details before the project can officially begin. It is essential to have the list ready for everyone to see so that the details are clear in everyone’s minds and the risks of confusion are reduced.

2. Take a Systematic Approach

One of the most effective ways of using resources and minimising their use at work when possible is by adopting a systematic approach. This can be achieved by:

  • Setting a baseline - Using your previous performance as a base for improvement will help pave the path for productivity.
  • Benchmarking your performance - Comparing your own performance against that of similar companies (preferably your competitors).
  • Forming an action strategy - Once the prospective improvements have been highlighted, it is time to form an action scheme about how to accomplish them.
  • Fixing targets and responsibilities - While setting targets ensure that they are achievable in the allocated time by the employees.
  • Observing and reporting - Set up reporting procedures and measure your performance at regular intervals to ensure that you are on track.
  • Reviewing actions and performance - This step will ensure that you keep learning and improving.

 3. Use Technology Where Possible

The use of technology goes a long way in speeding and easing up processes significantly. Any feature of the project that can be completed using technology should be automated. This will in turn minimise the risk of mistakes occurring and free up manpower that can then be reallocated to other projects.

Using technology ensures efficient allocation of resources. There is less wastage and more effective usage of resources. Technology will show you exactly what’s needed so you use specific resources, leaving others free to be utilised for the completion of other projects.

The implementation of automated procedures will revolutionise the running of projects and provide a more streamlined approach to resource planning and management. Any automated processes must be initially tried and tested to ensure that there are no glitches, as slip-ups will add a heavy cost down the road.

The balance between technology and resource management is a key part of business development. The use of technology will make the running of the company much more efficient and allow several projects to run at the same time due to the resources that free up when technology is used instead of the assets.

4. Use Resource Management Software

Resource management software is a useful tool to significantly enhance the operations of your business. Invest in resource management software that offers a long list of features tailored to boost resource management and improve the overall performance and productivity. One popular example is the Timewax resource software which allows managers to share the resource planning with their employees via the company’s calendar system or mobile application. The following are some of the features you should look for in the software you are investing in.

  • Scheduling the projects

Efficient time management includes adding every little task to your schedule. Create a schedule if you don’t want to be nagged by the problems you face. If the project has a long deadline, then adding a rough outline of the task until you can add to it in detail will help plan resources and steps out accordingly and more competently.

  • Generating a work schedule

Resourceful allocation includes assigning employees to projects and tasks within those projects. Operational schedules should be implemented for the upcoming stages of the project. Projects that run longer than two weeks must be broken down into parts and resources must be assigned and allocated accordingly.

  • Producing a weekly schedule

Organising work on a weekly basis allows companies to set a clear cut off point. A new schedule is created at the end of every week using employees that can then perform their tasks and be ready beforehand. Scheduling on a daily basis is also feasible, especially for those companies that have to deal with technical breakdowns that appear without any prior notice.

Resource management software makes use of a convenient planning board to give clients instant overview of all the ventures and resources. The planning board has features like multiple views, time scale, resource requests and alerts, and emails that set it aside from other resource management tools.

Resource management can be a real hassle if not done properly. The drawbacks of an insufficient resource management system include failure to utilise the potential of your existing resources, making the entire organisation suffer.

Inadequate resource management will lead to resources being under-utilised or over exhausted. It can also result in wastage of assets that could have been utilised to generate revenues if a proper management system was implemented.

These tips, if implemented properly will go a long way in assisting companies in revolutionising their resource management and utilisation. Focus on the importance of planning and invest in smarter resource management software.




Original: http://flevy.com/blog/4-effective-ways-to-manage-resources-more-efficiently/
By: Shane Avron
Posted: July 11, 2017, 2:22 pm

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