Resource management software helps project managers and team leaders organize the life cycle of a project. It helps them through the resource allocation process and demand management, along with maintaining details of project estimates, assigning tasks, organizing resources, and skills competencies. A resource management tool, that Vault ERP Software can offer, enables the business to:
- Check skills to take on new projects and tasks. Easy access to contractor profiles and recruitment in case a bottleneck arises
- Implement effective resource planning using web-based spreadsheets and bar charts
- Locate qualified staff and efficiently manage the resource allocation process
- Record and import data on project tracking, metrics, and operations
- Allocate project budgets against income projections
- Access logical management information as a guide to better decision-making
Resource management software is very effective if the current process in the company relies on multiple spreadsheets. Therefore, it’s better if you can convert it into a central database for:
- Easy access to project and resource data
- Multi-user access
- Traceability that tracks changes
Read on: Should you choose a cloud-based ERP?
Essential project management functions
Managers and team leaders are juggling a lot of tasks and projects every day. On top of that, they’re handling people, projects and have to ensure goals are achieved in order to have a successful project. If you aren’t considering project management software, the chances are you’re wasting time on doing little things which can result in missing deadlines and unsatisfied clients.
Some of the benefits a company can reap by using software for resource management include:
Effortless project planning
Modern technology nowadays has created a sense of urgency across diverse business-related activities. Therefore, automation within the company organizes tasks and boosts operational efficiency. So, there’s no doubt that your company needs a configurable system that automatically updates itself accurately and regularly.
It offers organized project planning that tracks your human resources and demand chain which provides you with insight into your future needs. As a result, you can stay away from shortcomings and delayed projects as you can identify skill shortages and requirements for training.
Balanced resource management
Resource management software keeps every project within its budget. Of course, there are expenses for every project, but incorporating a resource plan and being on time with the schedule lets you stay on track with the budget. Everything that you need to accomplish is in the online software.
Project managers ask for resources for their projects, then a request directly to specific team leaders. The report shows the timeliness of the request so that you won’t be surprised that outstanding work is due in a few days. As a result, the report drives resource allocation per project and avoids delay because of resource issues.
Improved team collaboration
The software is designed to improve team collaboration. For example, a bigger project requires a lot of people with individual tasks to complete. Resource management software provides a platform for people to collaborate and discuss details on a project like timeliness, outstanding work, dependencies, etc.
In other words, you can keep everyone updated and make sure that each member of the team is aware of what they need to work on. By doing so, each member stays aligned with the team to eliminate re-work and it provides a simple way to make you stay focused and ensure fast-paced delivery of output.
Real-time project budget management
With the help of a tool, managers can effectively allocate resources to different tasks. Allocating an under-skilled resource to a task means it’ll take more time to finish a task which affects the timeline and can blow up the budget. Hence, it’s important to follow guidelines to ensure successful project delivery. A real-time budget management offers:
- Minimizing under or over skilled resources
- Cost-effective resources
- Advanced self-development resources
- Identification of resource shortfall
Reduce project resource cost
In a company, resources can be assets, human resources, facilities, buildings, and equipment. Therefore, using the right strategy to manage resources can minimize project costs and boost productivity. There are some techniques that you can use to control resource costs:
- Assign resources at the right time and the right project with on-time scheduling
- Minimize last-minute hiring of personnel through advance capacity planning
- Stay away from hiring and firing costs by forecasting project vacancies by improving the utilization of the workforce. Improving forecasting eliminates skills shortage
Easier file access and sharing
Remote work is very high in demand nowadays which is why resource management software is getting the attention of both large and medium-sized companies. Business success lies in continuous and active monitoring of the progress of the team. Therefore, dedicated software is vital in monitoring each stage of the project as it offers insights into whether the project will be completed on time or not. Also, it’s easy to achieve with daily time registration that updates directly into the reporting mechanism.
Project management software also aids you in making the right decisions as you have all the details you need in one place. Your decisions are enhanced and more accurate because you have proof of report. It’s better to select a platform that provides reporting like a portfolio but at the same time allows you to digest each report in pieces of customizable insights.
Remote working
Modern projects can’t depend on a physical location as the workforce is more scattered than ever which can be problematic. But with the help of software for project management, it’s easier to manage remote work and lead the team as if they are physically present.
Aside from that, the software enables a funnel for open communication that concerns tasks and projects internally and externally. Communication is not only for the team working on a single project, but constant communication with clients is essential for the business's success.
Time tracking
There’s a timesheet that automatically updates whenever a task is completed. Hence, logged hours reflect real-time on the dashboard and can be recorded. Therefore, making it easier to know if time allotted to a task aligns with the current planned budget.
Read on: Boost your project management with the right tool.
Why you should choose Vault
The overall success of software for resource management lies in the proper implementation of the team involved. That’s why adequate training from Vault ensures everyone becomes familiar with the new system and can reap all its benefits.
Most prospective clients need to first examine the resource management software in order to be able to make an informed decision. That’s why Vault can be configured based on the unique needs of the company. There’s a proof of concept workshop to explain how the software addresses specific requirements or concerns of your company. We’ll partially configure the software to build confidence in both parties.
Read on: Get your ERP tailored the way you want.
