How Does Resource Utilization Help To Improve Business Performance? by Jay T T T T Join 9K+ Subscribers December 17, 2018January 19, 2023 Growing the business or the services in an upheld method is the top priority for every business owner. And to achieve their goals, companies do hire the best talents and resources. Still, the lack of proper allocation and utilization of the existing resources might hurt your expected growth. Here I have come up with some key information, counting on how resource utilization helps to improve business performance. ContentsContact Us Contents What is Resource Utilization?Why do Business Owners need it?What are the formulas and Benefits?The checklist can includeIs there any “All in One” Tool? How OrangeScrum can helpOver To You What is Resource Utilization? Resource utilization defines the procedure of making the “MOST” out of the resources, which are accessible to you in sort to achieve your purpose. This is an efficient and effective procedure for an organization. Having the information about the availability of resources and concluding them at the right time for the project, plays a vital role in managing the costs and smooth execution of the project activities. So, in the last few years, the scenario of resource management has been developed in order to manage the resource optimally for the business which is an integral part of project management. Why do Business Owners need it? No business owner would like to waste their resources. Managing resources is all about doing more with less as is part of project management. And it is always centered on optimization and efficiency. In order for making the project successful, you can plan out the best method to use your resources. As Example: For some industries, most constructive effectiveness is so important for them that they hire appropriate managers who would be committed to just resource management and are known as a resource manager. But the question arises, what does a resource manager do even if you already have a project manager on the team? Certainly, the project managers are responsible for assigning and creating tasks to get the project complete. And the resource managers are only accountable for distributing the resources required to make the project successful. Plan your project with ease! Centralize your Projects, Tasks, and Resources in one place. Sign Up – It’s Free! So, by considering your resources available, and having a plan for how to use them, you can fix the problems before they arise. What are the formulas and Benefits? Image Source: technologyadvice.com Well, there is no commonly related formula for resource management neither there are any golden rules for it. Still, we can follow some checkpoints to make it happen. The first step is estimating the required number of resources for a project. Then estimate the date of completion by dividing into hours or weeks and include the employee hours needed on the project. The checklist can include Understand which resources are critical and less in number Agree on a common approach to prioritizing work across shared resources Embrace different ways of working across the organization and resources Realize resource management is an ongoing process Divide work into resources using a blend of granularities Propoer plannig of the work Manage Resource assignments Report time Apply assignment types that align with your business needs Account for non-project time Avoid or limit multi-tasking Keep your most valuable assets and resources productive and happy Once you complete the allocating of tasks, your team members will execute their activities conscientiously and complete them. As a result, you’ll be able to: Centralize demand intake and optimize project group and resource ability to deliver your organization’s planned programs. Will get the right people for working on the right projects at the right time. Segregate your resources to changes in the market and organizational demands Keep your assignment process on track, on time, and on budget All of the above are pointing to the process of resource utilization, how to accommodate, and expected key points. Now let’s see “how it could help business growth”. By Resource management protocol, you would be able to put your complete control over the resources. It leads to significant benefits for any kind of business or organization. Here I have given the forecast of future benefits, which you get through Proper resource utilization. Conflict resolution – By having complete control over the resources, skills, experience, and knowledge, you can quickly assign a qualified team for the project. So, you do not need to conflict the resources in between the workflow. Reduce Project Deadline – Same way, improving the project delivery time could help to minimize the cost and maximize the margin. Research shows that organizations that adopt Resource Utilization methods have significantly reduced project costs. Resource Strength – Resource management procedure could give you real live visibility to the resource capabilities and the capacity for future projects. And it would enable a better customer prospect for future revenue opportunities. Reduce administration costs – Having full control over your resources would reduce the administrative costs, which are linked to project and maintenance. Increased revenue – The proper resource utilization could help to assess and manage the whole pool on an hourly, daily, weekly on monthly basis. So, it may develop a process to ensure your most precious resources are being used for maximum effect, and that all the workload is balanced to avoid waste. Is there any “All in One” Tool? Yes, there are many actually. Still, you need a smart tool or technique to keep all tracks in a single module. For all your queries I would like to suggest Orangescrum – the #1 Task Management Software. How OrangeScrum can help Orangescrum brings you detailed project reports to find team status and real-time projects for decision-making. It has the features like Task Management, Collaboration, Communication, Budget, Cost and Expense Management, Time, Reporting, and Resource Management. Even you can filter it by dates, projects, resources, and status to know the aspect of your project. One platform for better teamwork. Try Orangescrum Get Started It also offers benefits like; Total hours spent on a project vs estimated time Which resource worked for how many hours Total hours spent by employees or resources on a particular date or day You can also generate different reports according to the fields available in the feature. The fields are; Date Resource Project Task title Status Type Hour(s) spent Billable With the help of filters, you can filter out the results or can see the specific results. The filters are; Date Status Project Resources Over To You Orangescrum improves operations and accelerates business growth with its resource utilization feature. If your business is not carrying this feature, then definitely you will face a lot of problems and that will harm your business productivity. It gives you proper project reports that ensure you give a constant information flow. If you are utilizing your resources wisely, then definitely you can increase productivity and be able to complete the assigned project in time, and ultimately it will increase the faith and confidence of the customer in the project and project manager. Instead of generating time-consuming reports and manually managing projects, get Orangescrum to view automated and real-time reports of your team’s progress with a click. Increase 3X Productivity with Orangescrum The centralized project, task, and resourcemanagement for growing teams Get Started Free Please enter your email.