How To Manage Your Company Resources Better In The Digital Era Of Work

Resource management is an integral part of any successful business. It involves the efficient use of resources to maximize output from business objectives.

It has become more important in recent years due to the rise of globalization, increased competition, and the need for businesses to remain agile and adaptive.

Resource management ensures that the right resources are available at the right time so that a business can meet its objectives.

It is possible to optimize a project's resources through careful planning and careful management of the personnel, materials and finances involved in the project. This helps to minimize the number of resources needed and ensure that the most important tasks are completed first.

Resource management is a combination of multiple tasks, including:

1. Resource scheduling
2. Capacity planning, business intelligence/reporting
3. Resource forecasting and planning
4. Integration with other related applications

Resource management may come off as a fairly difficult task for a lot of people. This is because it does not only have managers focusing on budget and resources, but also managing people in teams and how to allocate resources correctly.

This is why there have been strategies developed in order to effectively manage resources, which are:

1. Get an overview and see what your team is working with
2. Create a stronger team by defining and sharing company goals
3. Optimize resource allocation

Although these strategies seem simple to execute, they may not be for many organizations.

Some organizations have trouble forming strong teams since they are unable to define and properly set the goals for their teams. This is a common mistake which repeatedly stems from problems such as lack of visibility.

Lack of visibility forms a gap between the teams where the teams are unable to properly communicate and discuss the goals that are set for them, which makes it difficult to know how far the company has gone through with a specific goal in a project.

Having a platform to share, compile and discuss the goals set for a project makes it easier for a team to have an overview of what is being worked on, which is utilizing both strategies in one.

And then comes optimizing resource allocation, which can only be done when there is sufficient data about what resources were used in certain projects.

Optimizing resources requires teams to record and define goals clearly, recording each step taken in order to know which resources were utilized. This will help in eliminating unnecessary spending of valuable resources.

If you notice, you will realize that all of these strategies tie with each other, helping fulfill one another. This shows how simple resource management can be if the team cooperates with each other.

There are tools available in order to properly manage teams and the resources used. Smartsheet offers a platform called Resource Management which helps identify resources such as time, manpower and budget required for projects while helping teams to keep track of their progress.

Using Resource Management will help recognize unnecessary resources used in projects and help make projects more efficient. This can cut down time, expenses and manpower needed for each project, optimizing performance.
Smartsheet also offers templates to start managing your resources such as:

1. Project with Resource Management Template
2. Monthly Budget Tracker Template
3. Inventory Management Template

To summarize, Resource management is a simple task once you have the right tools to monitor the resources used. Luckily, in this day and age, there are platforms built to make this easier for managers.

If you are struggling with tracking your progress, you can contact us at 57Network and we will be happy to work with you for a solution catered to your organization.