Some of the key features of an advanced resource management software include:
Resource forecasting software: It involves gaining foresight into the future resource demand based on factors such as supply, project vacancy, on-the-bench, and resourcing cost and implementing preventive measures to avoid resource-related roadblocks.
Resource capacity planning software: It includes forecasting the gap between future supply and demand to determine the shortfall/excesses of resources and taking corrective actions ahead of time for successful project delivery.
Resource allocation software: Resource allocation in project management involves identifying and assigning competent resources that meet the selection criteria and assigning them to various projects for a specific period.
Resource utilization tracking software: Resource utilization is a KPI that measures how effectively each resource is utilized against their availability or capacity. Businesses can forecast and track utilization rates in real-time to optimize the talent pool by ensuring resources are neither overutilized nor underutilized.
Reports and analytics: Reports and analytics interpret historical and current data to uncover resourcing patterns and trends. It also helps monitor key metrics such as availability, capacity, utilization, project financials, etc. By using robust analytics, businesses can compare and evaluate the accuracy of their estimates and optimize processes to improve profitability.
An efficient resource management process centralizes the information from multiple sources and provides a single version of the truth for data-driven decisions. It will further help reduce project resource costs, maximize productive utilization, and futureproof business against market volatility.