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Resource management is the process by which businesses manage their various resources effectively. Those resources can be intangible – people and time – and tangible – equipment, materials, and finances.

It involves planning so that the right resources are assigned to the right tasks. Managing resources involves schedules and budgets for people, projects, equipment, and supplies.

While it is often used in reference to project management, it applies to many other areas of business management. A small business, in particular, will pay attention to resource management in a number of areas, including:

  • FINANCES – Can it meet current expenses or afford to invest in new equipment or staff training?
  • STAFFING – Does it have the right people for the work at hand? Will it need to hire if it gets that new client and if so, what skills will those people need to have?
  • PHYSICAL SPACE – Is the company’s office or manufacturing space configured so that other resources can be managed for maximum efficiency?
  • EQUIPMENT – Does it have the tools needed to do what’s required?
  • TECHNOLOGY – What does the business need to succeed and should financial resources be reallocated to fund what’s missing?

Why is effective resource management important?

Resource management as part of project management is all about doing more with less. Nobody likes waste, especially in business. Resource management is centred around optimization and efficiency. When you know what you need to make a project successful, you can effectively understand how to plan resources in an efficient way.

To some companies, optimum efficiency is so important that they hire someone solely devoted to resource management; also known as a resource manager. What does a resource manager do? While project managers are responsible for creating and assigning tasks to get the project done, resource managers are accountable for allocating the resources needed to make the project a success.

What are the advantages to resource management?

Resource management requires a thorough understanding of and transparency into your objectives and capacity. By establishing a good process for resource management planning, you’re maximizing efficiency and overseeing the utilization of those resources.

Avoids unforeseen hiccups

By understanding your resources upfront and planning how to use them, you can troubleshoot gaps or problems before they happen.

Prevents burnout

Effective resource management allows you to avoid “overallocation” or “dependency” of resources by gaining insight into your team’s workload.

Builds transparency

Other teams can gain visibility into your team’s bandwidth, and plan accordingly if your team is at maximum capacity or available to take on new projects.

Measures efficiency

With a high-level understanding of what’s needed to manage and execute an upcoming project, you can effectively plan and measure ROI.

Provides a safety net

Let’s say the project was not successful due to lack of resources (it happens). Resource planning and management establishes that you did everything you could with what you had.

We feel that this specialist part of HR is often unrecognized for its contribution to the profitability and success of a business growth & marketing. We believe in success of our business in the world.