Optimizing Resources

August 23, 2018

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).

 

The right resource management plan can help eliminate common problems, such as a lack of visibility of who is doing what, a lack of understanding of the talent available within an organization, numerous resourcing conflicts, increased project risk, or an inefficient utilization of staff.

 

Optimizing resource management processes can lead to significant benefits, affecting the bottom line. Below are tips for steps towards successful resource management.

 

Determine resources and demand constraints:

 

Controlling demand constraints starts with the ability to generate accurate forecasts. An improvement in forecast accuracy—even just one percent—can have a ripple effect across the business including significantly reducing inventory buffers, obsolete products, expedited shipments, distribution center space, and non-value added work. In turn, these improvements can translate into higher customer fill rates, customer satisfaction and ultimately more revenue with higher margins.

 

Many review forecasts by starting at the first line of data and scrolling to the last. Another option is to use ABC analysis to focus on the data which is most important first while the mind is still fresh. It is also beneficial to use deviation filters to identify the data in a forecast which has unusually high or low trending when compared to history.

 

Diversify resources:

 

Diversity in all aspects of a company is a smart strategy. Everyone has heard of the saying, "do not put all of your eggs in one basket". When people hear the word diversity in the workplace it is often associated with workforce. Yes, a diverse workforce brings a multitude of ideas and solutions to the table. But, diversity is also essential for a company's portfolio. Adding core competencies, increasing market share and thinking outside of a current supplier base could be a helpful cushion during an economic turn.

 

Consider how a resource is motivated to produce or learn:

 

A diverse group will not reach their true potential if not motivated. Remember, everyone has unique circumstances, backgrounds and experiences. Consequently, each person may be driven by different motivating factors, and be more or less adept at self-motivation. Make an effort to understand and listen.

 

Evaluate how capabilities and quality affect duration:

 

Business Capability Analysis in simple terms, describes what the business is able to do. It can be done to assess performance, determine the risk areas of the business and prioritize investments, especially in terms of time, effort and money. Spending time identifying and enhancing capabilities and quality will allow the opportunity to focus on improving outputs and services, in lieu of playing catch-up to scheduled execution and completion.

 

Maintain consistent monitoring

 

Monitoring ensures effective and efficient use of talent is being used to accomplish organizational goals. It is easy to become complacent because things are "working". Schedule regular monitoring and keep a record of history. Consistent resource record keeping aides future business progress as well as the next person in your role. You were planning on advancing in your career, correct?

 

Call 615-953-1907 to find out how Sustained Quality Group can add value to your resource toolkit. 

 

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