A New Age Of Resource Management Best Practices
Managing resources is becoming a bit like herding cats-except the cats are scattered across the globe, working from home, and juggling multiple projects while their kids demand yet another snack.
If that doesn’t sound challenging enough, then toss in increasing productivity expectations, insurmountable goals, and the ever-present threat of burnout. But fear not! With the right tools – and a little help from our AI friends – you’re going to get all the cats to sing together in one harmonious choir.
We’re here to provide you with the latest best practices and guide you into the sweet territory of automated resource management software, ensuring you can get ahead—and stay ahead—of the previous generation of resource planners.
Where is resource management going?
Remote work isn’t going anywhere. Despite protests and gripes by bosses, even famous ones like Elon Musk, remote teams are here to stay. The idea of everyone clocking in at 9 a.m. under one roof is getting about as outdated as the latest Windows update.
Therefore, resource management is taking a step into the future in response to the challenges of managing remote and hybrid teams. In fact, 74% of professionals expect remote work to become the new standard (Global Workplace Analytics, 2023).
As companies adapt, they’re increasing their investment in resource management tools. In fact, 42% of companies boosted their spending on these tools in 2023 (Gartner, 2023). This shift has fundamentally changed the idea of what an effective resource management process looks like.
The reasons for getting resource management right are extremely important. If you don’t manage your resource capacity well you’ll be burning money faster than a start-up during the hiring phase. So let’s get into what works and turn this resource management thing into a workable and effective strategy.
Current best practices in resource management
Centralise communication across teams and departments
With team members scattered across multiple time zones, communication is a huge challenge. In the good ole’ days you would get together in a boardroom and sit around a whiteboard, flipchart, or projector screen as the project manager plotted out all the tasks and allocated people to them. You had a centralized email platform but not shared calendars, or clever tools to do proper resource management. Maybe your team is still there.
The problem is this is no longer adequate in a quickly evolving world, with AI technology speeding the demand for outputs up dramatically. When there is no central team, you need one communication and resource planning platform that brings the entire team together online.
Imagine, if you will, this remote team that’s sitting at kitchen tables and coffee shops all over the world. They probably have multiple projects that they’re involved in, and managing their time and capacity is critical to keeping your clients happy. Think about having one platform, where you can see each other’s calendars, communicate about projects, store documents that you all need access to, view project timelines, and resolve resource conflicts without skipping a beat.
Further, add the capability of AI to help you with these resource allocation tasks. Having the platform anticipate the best times for focused work, meetings, and work-out scheduling conflicts. Like an extra brain and an extra pair of eyes, AI helps you manage complex projects, resolve resource conflicts based on the entire team’s scheduling commitments and warn you about resource constraints.
Just think about what this would do for your entire team’s communication and work output. Let’s face it. Project managers are only human and have a tremendous amount of work to ensure effective resource utilization, so why not get some help?
Intrigued? We’re not surprised because it sounds like Utopia to a resource manager. But these platforms do exist, and they’re making a huge impact on managing human resources. One such platform is Timewise Calendar. The methodology on which it’s built aligns with the world’s best productivity thinkers, and with innovative AI technology built into the platform it gives you what you need to optimize resource utilization.
Measure performance over presence
When it comes to resource planning, it can be tempting to measure your team in terms of the number of hours they spend working. It seems like a good way to ensure that you’re getting the most out of them. If you can be sure they’re always on call, you can quickly re-allocate human resources where you have a resource demand. It makes sense, doesn’t it?
It does until you realize that people being available doesn’t mean they’re actively engaging in the tasks you’ve allocated or are the right resources for the project. Resource forecasting is about knowing when you’re going to need people and whether they’re going to help you achieve your project outcomes. This calls for clear goals, output measurement, and less worrying about why Jeff from accounting isn’t wearing work pants during the weekly Zoom call.
Resource management isn’t about filling up the hours; it’s about investing them wisely. Stephen Covey hit the nail on the head when he said, ‘The key is in not spending time, but in investing it.’ In other words, it’s not just about getting work done—it’s about getting the right work done at the right time.”
The project scope and outcomes should be what dictates how many hands you have on deck, and key performance indicators must be shifted towards the final task outcome. Unless you really need everyone to be available during normal working hours, this allows your team to work when they are most productive, as long as they produce results by the deadline.
What about Tim, the fantastically talented programmer whose main aim in life is to travel and climb every mountain in the world? Is Tim a risk to your project progress? Not necessarily. As long as Tim produces the results, who cares whether he’s working on top of Mt. Everest or the bottom of the ocean? Good resource management is about being able to use local and global resources to your advantage, not keeping a time clock on everyone.
Theory of Constraints pioneer Eliyahu Goldratt famously said, “Tell me how you measure me, and I will tell you how I will behave.”
Introduce AI and automation
AI isn’t just for making your Netflix and YouTube recommendations weirdly accurate. It’s also a game changer for resource managers. How? By introducing new ways of using project resources and making the resource planning process a whole lot easier.
Predictive analytics
Platforms like Mavenlink, Wrike, and Timewise Calendar can predict when you’re about to run into resource bottlenecks, helping you to improve resource management. It’s like having a crystal ball, but less mystical and much more data driven i.e., based on past patterns of behavior and therefore, future resource efficiency.
AI-powered tools can monitor ongoing projects in real-time and suggest adjustments on the fly. For example, if a project is trending off-course, the AI might suggest reassigning resources or adjusting timelines before things spiral out of control.
72% of business leaders say AI will be a key business advantage in the future. A survey by PwC indicates that nearly three-quarters of business leaders see AI as a critical factor in maintaining a competitive edge. This stat reinforces the importance of integrating AI into resource management strategies.
Automation
Automate repetitive tasks to free up your team’s brainpower for more important things—like actually doing the work that matters. Think automated scheduling, capacity planning, reporting, and even some aspects of project portfolio management. The more mundane work that can be done through automation, the more productive your team can be.
Modern tools use NLP to process and understand human language. This means that AI can pull insights from unstructured data, like meeting notes or emails, and turn them into actionable recommendations. It’s like having an assistant that reads between the lines.
AI-driven decision making
Informed decision is taking the uncertainty out of project management and bringing a whole new way of looking at effective resource planning. It’s new, it’s exciting, and we’re predicting it’s going to take over resource scheduling. Tools like forecasts use AI to suggest the best resources for a project based on skills, availability, and past performance. That’s pretty sophisticated stuff.
It’s not about AI taking over all the “thinking” work, either. You have just as much to gain from resource management software. The analytical way that it makes suggestions helps you to see things that you couldn’t objectively see before. Like that employee who’s not much of a talker but never misses a beat.
Traditionally, they would considered less valuable to the team because they’re not Mr. or Mrs. Popularity, but now the playing field is substantially leveled by evaluating performance, not personality. In fact, remote working teams have brought some surprising heroes out of their bat caves.
There’s another hero that’s been hiding in its cave, under intense construction, you could say. No, it’s not Tesla’s latest electric vehicle or Gemini’s latest release. It’s Timewise Calendar. This resource management solution is an AI-driven project manager that optimizes your team’s schedule and resource allocation. Every task is completed on time and to the highest standard, using your best people.
Implement resource pooling and sharing
In larger organizations, resources can often be pooled and shared across different departments or projects. This not only optimizes resource usage but also fosters collaboration. The idea is to form cross-functional teams that draw resources from different departments.
This encourages knowledge sharing and helps prevent bottlenecks in resource availability. When pooling resources, make sure to set clear boundaries. Sharing is great, but everyone needs to know when to give back the toys.
As Ken Blanchard so aptly put it, ‘None of us is as smart as all of us.’ By leveraging cross-functional teams, you can tap into collective intelligence and ensure that projects benefit from a wide range of expertise.”
Make regular adjustments
The saying goes that no plan survives contact with reality. Even the best-laid plans need to be adjusted as projects progress. Regular check-ins allow you to reassess resource allocation and make necessary changes on the fly. Embrace Agile practices like daily stand-ups or weekly sprints to review progress and adjust resources as needed. This keeps projects on track and allows for flexibility in resource management.
Regular check-ins aren’t just about micromanaging administrative tasks or financial resources—they’re about staying ahead of potential issues. And yes, sometimes it’s about reminding people to actually do the work they promised to do.
Conclusion: The Future of Resource Management
So, what does the future hold for resource management? As we step into 2024, it’s clear that the landscape is changing—fast. Remote work is here to stay, AI and automation are becoming essential tools, and sustainability is no longer optional. But one thing remains constant: the need for effective resource management practices that keep your team productive, engaged, and moving forward.
Proper resource allocation can make or break a project. According to the Project Management Institute, project success rates increase by 40% with effective resource allocation (PMI, 2023).
This isn’t just a statistic; it’s a call to action. It’s about recognizing that while the tools and technology are evolving, the core principles of good management remain: understanding your resources, planning effectively, and constantly adapting to change.
But let’s not forget the human element in all this. While AI and automation are game changers, they are here to augment, not replace, human ingenuity and creativity. The best resource managers will be those who can leverage these tools to their full potential while still leading with empathy and insight.
As we navigate this new age of resource management, embrace the change, use the tools at your disposal, and stay flexible.
Timewise Calendar is giving everyone a chance to delve into the exciting world of AI driven resource management for a limited time. We’ve made it available for free so that you can try out the technology and watch how your team’s productivity improves as a result of clear communication, correctly allocated projects, and the ability to participate in projects that matter to them.
That’s all from us as we enter this new age of resource management together, and look with enthusiasm towards the future. Until next time.
Launch Today
Ready to elevate your game?
Start your 14-day free trial today.
Take control of your schedule and increase your efficiency. Timewise Calendar helps you manage your tasks effortlessly, so you can focus on what matters most.
