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Despite a widespread acceptance of projects that end up behind deadlines and over budget, there is a surprising lack of motivation to change how projects are organized or to take preventative measures. A study in the Harvard Business Review, found that the average cost overrun was 27%, which is a business-changing margin of difference. Similar research shows that projects with budgets over $1 million are 50% more likely to fail than those with budgets of $350,000 or lower.

The takeaway is that poor resource management plan is costing organizations huge sums and the bigger the budget, the worse the resource management. What comes as a surprise then is that only 59% of tech services firms have a dedicated resource management function. It’s an inefficient status quo that needs to change, with the potential benefits to an organization’s bottom line potentially being the difference between major success and ignominious failure.

If you’re looking to improve your own resource management, here are the top five best practices to consider:

Have as much visibility as possible

Understanding what is happening with your resources and where they are being used can shift on an hourly basis. Ensuring effective resource management means having consistent clarity about what’s actually going on with your project. This requires both a simplified system of task recognition and assignment, as well as a real-time updating process that always keeps you in the loop.

Ditch the spreadsheets and use dedicated software

Unfortunately, the use of spreadsheets, such as Excel or Numbers, is still all too common in business. While they have their function, they are simply not designed to manage resources, whereas dedicated project management software provides a light-weight and easy-to-use tool that is custom built to enable effective resource management.

Focus on your most in-demand resources

Some resources will always be more valuable than others, which is especially the case the larger the organization or project is. When scheduling your resource usage, it is good to use these core resources as “cornerstones” around which to build your project and task flow. This can reduce planning time and provide a clearer picture of how the project will proceed.

Plan your usage, but remain flexible

Having a plan or work breakdown structure is essential for understanding the future course and interdependencies of a project. This may have to change as different situations arise, but it gives a clear idea of how each milestone and deliverable is going to be met.

Increase your business agility with Clarizen’s project management software

Avoid spreading resources too thin

Multitasking might seem like an excellent way to ensure that your most valuable resources are having input across a broad spectrum of tasks. This is an unfortunate cognitive fallacy however, research consistently shows that, despite what we might think, focusing on a single task at a time is far more effective both in terms of time spent and quality of result, over trying to manage multiple tasks. Keep your resources focused on what they deliver best.

Using dedicated project management software, such as Clarizen, makes resource management quicker, easier and safer. Considering the value that effective resource management can have, adopting a tool to enhance it should be a very simple decision. Talk to us today about organizing a free trial and taking your resource management to the next level.

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Preview: Gartner Market Guide for Adaptive Project Management & Reporting

Pick a PPM solution with the best capabilities to match your unique needs

In the Gartner Market Guide for Adaptive Project Management & Reporting guide, Gartner, Inc. provides recommendations and evaluation criteria for executives and PMO leaders assessing Project and Portfolio Management (PPM) solutions. This guide outlines the adaptive project management and reporting process flow as well as a market review of current providers in the following categories:

  • - Existing pure-play PPM providers
  • - Collaborative work management (CWM) providers
  • - Enterprise agile planning (EAP) providers
  • - Technology Platform providers from other markets

The guide provides insight into how well a product or service fulfills certain functional capabilities – with a forward-looking market direction and analysis provided.

In the report, Gartner, Inc. mentions/states that “by 2024, 50% of all program and portfolio management (PPM) leaders will integrate complementary technologies to enable portfolio decision making and adaptive work management for digital business evolution.”

Clarizen offers a complete solution that connects work across the enterprise, turning ideas into strategies, plans, and action. With Clarizen, organizations can work the way they want to work and have real time visibility across all workstreams in their portfolio. This keeps teams focused on the things that matter, provides the real-time information needed to make more accurate and timely decisions, and delivers results faster to meet and even exceed company goals and customers’ expectations.

Discover what sets Clarizen apart from other vendors in the marketplace.
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Buyer’s guide to project management software