Resource Management Software Buyers Guide
Last updated: June 01, 2023
Efficient resource management is vital for businesses looking to maximize productivity, profitability, and project success. However, with so many moving parts to consider, from staffing and equipment to timelines and budgets, it's no wonder many organizations struggle to get it right.
Resource management software offers a solution to this complex challenge by providing businesses with an automated and centralized platform for monitoring and managing their resources. These tools enable managers to quickly identify underutilized resources, forecast future demand, and optimize resource allocation for maximum efficiency.
But with numerous vendors available on the market, choosing the right resource management software can be daunting. In this buyer's guide, we'll take a closer look at resource management software, exploring the key features, benefits, and considerations that go into selecting the right solution for your organization.
What is Resource Management Software?
Resource management software is a digital tool that helps organizations efficiently plan, allocate, and optimize resources such as people, equipment, and materials. It provides a centralized platform for managing resource utilization, availability, and scheduling. This enables businesses to make informed decisions, eliminate manual processes, and maximize productivity.
These tools are especially useful for larger organizations that require greater optimization of employee workloads and project assignments. For example, a large consulting firm that provides professional services to clients may use resource management tools to manage the allocation of their employees' time and skills. They can track which employees are available for new projects, their skill sets, and their availability, allowing the company to quickly and easily match employees to projects based on their expertise.
Is Resource Management Software Different from Generic Project Management Tools?
Resource management software and generic project management systems both have their own distinct purposes and functionalities. While traditional project management programs focus on managing project timelines, tasks, and workflows, resource management tools are specifically designed to optimize the allocation and utilization of resources required to complete project activities within the set deadlines and budget constraints.
Resource management solutions help project managers track the availability of their workforce, identify what skills they have, and make informed decisions about resource allocation. On the other hand, generic project management software provides a broader view of the entire project by tracking project milestones, dependencies, risks, and progress. Overall, both software types are important for project management, but they serve different needs and complement each other for effective project execution.
In our Features section below, we will dive into the specific functionalities of resource management applications and how they can help organizations manage their workforce efficiently.
Why Do Organizations Need Resource Management Software?
Managing resources manually can be time-consuming, error-prone, and inefficient, especially for complex projects involving multiple departments or teams. That's why organizations need resource management software.
Here we will explore the key benefits of using resource management tools and highlight some compelling reasons businesses should consider investing in this technology.
1. Improved Resource ROI
Resource management software helps businesses extract more value from their investments in employees and equipment by optimizing their utilization. Project managers can easily track the time and effort spent on each project to identify which resources generate the most value. This allows businesses to allocate their resources more effectively and increase profitability.
2. Accurate Invoicing
Businesses can rely on resource management tools to generate accurate invoices by tracking project time and expenses. This helps reduce disputes and delays, improve cash flow for the organization, and free up staff time to focus on more strategic tasks.
3. Greater Visibility
This software provides organizations with real-time visibility into their resources, enabling them to make more informed decisions about resource allocation. It also helps team leads ensure that resources are used efficiently and improve overall performance.
4. Improved Forecasting
Resource planning and scheduling tools empower users to better predict future needs and allocate resources accordingly. Businesses can match their workforce to their future needs and ensure that resources are being used in the most efficient manner possible.
5. Redundancy Planning
Resource management software provides businesses with the intelligence they need to identify roles that are no longer needed. This allows companies to make informed decisions about reskilling employees or implementing redundancies when necessary.
6. Workload Optimization
Balancing workload is crucial for optimal resource utilization. With resource management programs, project managers can view each employee's workload and ensure that no one is overburdened or underutilized.
7. Better Resource Planning
These software solutions enable organizations to improve their resource planning process by forecasting capacity, scheduling multiple projects, and adding projects to the pipeline. This helps reduce the number of unnecessary meetings and ensures that resources, including human, are allocated effectively.
Common Features Needed in Resource Management Tools
Managing resources can be complex and challenging, but with the right resource management tools, businesses can simplify this process and improve their overall efficiency. These tools should have certain essential functionalities to keep your projects well-staffed.
Let's explore some key features to look for when evaluating project resource management software.
Resource Management software helps users predict future staffing needs based on historical data and current trends to optimize workforce allocation and improve project planning and execution.
This feature empowers project managers to efficiently allocate resources to projects, tasks, or teams based on availability, skill sets, and project requirements, ensuring optimal utilization and on-time delivery.
Skills and Availability Tracking
The best resource management software keeps track of employee skills and availability in real-time, enabling managers to assign the right resources to the right projects at the right time.
The workload management feature lets managers balance team workload by assigning tasks and projects based on team capacity, skill sets, and availability, ensuring maximum productivity and minimal burnout.
It also gives users insights into each team member's workload, allowing them to make adjustments as needed.
Businesses can track employee time and attendance, billable hours, and project progress to ensure accurate billing, payroll, and project management.
This feature allows users to generate custom reports on various aspects of resource management, including staffing, workload, project progress, and financials, providing valuable insights for decision-making.
Some of the best resource management software enables professionals to keep track of project-related expenses, including travel, equipment, and materials, so that they can ensure accurate budget tracking and cost control.
Project managers can use this feature to streamline the repetitive work of managing resources. It allows them to utilize a previously used template that features all the required tasks and resources for the new project.
This eliminates the need to re-enter all the details again and again.
How to Decide Which Resource Management Tool is Best for You?
We have devised five-point criteria to help you decide which software is best suited for you.
What you need to do:
- Put a tick against each of these basic resource management software design benchmarks.
- Shortlist your top five contenders; test them individually or collectively.
We have also compiled a list of the top-five project resource management tools a few sections down; they can serve as a good starting point for your analyses.
See the checklist below and remember that the software with the most checks wins (our recommendation is to go ahead to the next stage with the steps listed below).
|Resource Management Software Evaluation List
Next, you need to narrow your choice to one resource management app. Visit its product profile page – use our search bar above – to book a demo or get pricing (accurate, updated, custom plan figures for your workplace) so you can get subscribed quickly.
Resource Management Software Pricing
Resource management software pricing can vary depending on the features and capabilities of the software, as well as the needs of the business or organization. Many resource management software providers offer tiered pricing plans that allow customers to choose the level of functionality that best suits their requirements.
Some vendors charge a monthly or annual subscription fee, while others offer a one-time purchase option. It's important to carefully evaluate the pricing models and features of different resource management software solutions to ensure you get the best value for your investment. Additionally, consider factors such as ease of use, customer support, and scalability when deciding which project resource management program to choose.
For more pricing information, download our comprehensive project management pricing guide 2023.
Best Resource Management Tools
Managing resources for your projects can be challenging without the right tools. To help you with this, we have researched and evaluated the top 5 resource management tools that can optimize your workflow and resource allocation. Let's dive into our list and find the most suitable solution for your project needs!
Monday software is a flexible resource management tool that provides teams with a centralized platform to manage projects, tasks, and resources. Its user-friendly interface allows easy task assignment, progress tracking, and deadline management. The platform offers multiple data views to suit individual preferences, including the workload view, which allows teams to adjust timelines based on each member's work capacity.
With the monday.com app, users can manage their daily work, projects, and teams all in one place. Overall, it is a powerful resource management software that helps project managers keep track of resource availability and workloads.
- Free: $0 for up to two seats
- Basic: $8/seat/month
- Standard: $10/seat/month
- Pro: $16/seat/month
- Enterprise: Custom pricing
- Automations: Save time and minimize errors by automating resource-related tasks and workflows
- File Management: Keep files organized and accessible in one central location for easy collaboration
- Dashboards: Visualize resource usage, monitor progress, and make data-driven decisions with custom project-specific dashboards
- Real-Time Collaboration: Collaborate in real-time with team members to coordinate resource utilization and ensure timely project completion
- Capacity Planning: Optimize resource allocation by tracking availability, workload, and project timelines
- Time Tracking: Monitor the time spent on resource-related tasks and projects to identify areas for improvement and optimize resource allocation
Pros and Cons
|Intuitive and user-friendly interface||Steep learning curve for new users|
|Visual representation of resource allocation|
|Integration with other project management tools|
Smartsheet software is a top-tier resource management software that enables teams to make informed decisions about project planning, budgeting, team capacity, and utilization. With its unique project and resource matching feature, users can match team members to project requirements based on availability, skills, and more.
Overall, its intuitive interface, collaboration features, and customizable reporting make it a valuable asset for any organization looking to optimize its resource management processes.
- Free: $0/user/month
- Pro: $7/user/month
- Business: $25/user/month
- Enterprise: Custom pricing
- Built-In Timesheets: Streamline resource management with efficient time tracking and management tools built directly into Smartsheet
- Expense Tracking: Monitor and control project costs with the expense tracking capabilities and gain real-time visibility into project spending
- Project templates: Create customizable templates for common resource management processes, which can be reused and adapted for future projects
- Reporting: Monitor progress in real-time and gain detailed insights into resource usage, project progress, and budget adherence
Pros and Cons
|Customizable workflows and templates||May not be suitable for very large-scale resource management|
|Advanced reporting capabilities|
Mosaic software is an AI-powered resource management tool designed to help organizations manage human resources and plan projects more efficiently. The software facilitates seamless collaboration between executives, project managers, and individual contributors. Its visually engaging interface tracks real-time progress and generates actionable insights for future workforce planning.
It provides a range of tools for resource scheduling, enabling project teams to assign tasks, track availability, and manage resource allocation efficiently.
- Team Plan: $9.99/user/month
- Business Plan: $14.99/user/month
- Enterprise Plan: Custom pricing
- Resource and Project Analytics: Gain valuable insights into resource utilization and track project performance with ease, keeping everyone on the same page
- Project Collaboration: Centralize all project communication, documents, and tasks in one place for real-time collaboration and feedback to ensure a seamless workflow
- Notifications: Stay informed about updates, changes, and deadlines in real-time, ensuring you never miss a beat
- Budget management: Keep your project expenses in check by tracking them with precision and receiving alerts about budget overruns before they become a problem
- Time Tracking: Measure your project progress by tracking time spent on tasks to make informed decisions and adjustments as needed
Pros and Cons
|Excellent customer support||Occasional glitches|
|Comprehensive resource scheduling software|
|Powerful capacity planning tools|
ClickUp software is a comprehensive resource planning tool that empowers users to effectively plan and manage tasks by assigning them to the right team members. The software provides real-time updates on resource availability and utilization, enabling teams to identify potential bottlenecks and optimize their resource allocation.
Additionally, ClickUp custom dashboards provide various data visualization options, including charts and calendar views, to help users gain insights into resource utilization, team performance, and project progress.
- Free Forever: $0/user/month
- Unlimited: $5/user/month
- Business: $12/user/month
- Business Plus: $19/user/month
- Enterprise: Custom pricing
- Calendars and Timelines: Visually represent tasks and projects for easy scheduling and efficient resource allocation
- Custom Dashboards: Create personalized views of data, including resource utilization and project progress, to enhance decision-making and analyze resource performance
- Resource Planning: Track and allocate resources, such as staff, time, and equipment, with robust capacity planning and scheduling tools
- Customizable Automations: Automate routine resource management tasks, such as assigning tasks and notifications, to save valuable time and resources for more critical work
Pros and Cons\
|User-friendly interface||Limited time tracking tools|
|Facilitates real-time team collaboration|
Wrike software is an all-in-one resource management software that helps teams optimize their workflows and manage their resources effectively. With its comprehensive tools, the software enables organizations to allocate resources, track progress, and make informed decisions. Its advanced features give teams visibility into resource allocation across their entire portfolio, allowing them to ensure that high-priority projects have sufficient resources.
From workload management to project planning, Wrike's resource management tools provide a comprehensive solution for businesses of all sizes.
- Free: $0/user/month
- Team: $9.80/user/month
- Business: $24.80/user/month
- Enterprise: Custom pricing
- Pinnacle: Custom pricing
- Resource Planning: Gain valuable insights into your team's availability and workload to make informed decisions about resource allocation and ensure that your team is working efficiently
- Workload Management: Keep track of your team's progress on tasks and projects, distribute workloads effectively, and avoid burnout or missed deadlines
- Time Tracking: Accurately track time spent on tasks and projects, identify areas for improvement, and optimize your team's time management
- Pre-Built Reports: Analyze project progress, team utilization, resource allocation, and more
Pros and Cons
|Comprehensive task management tools||Occasional glitches|
|Enables resource planning and forecasting|
|Real-time visibility into resource availability|
Frequently Asked Questions
What are resource management methods?
Resource management methods refer to the techniques and strategies used to allocate and utilize organizational resources effectively. These resources can include tangible assets such as equipment, materials, and finances, as well as intangible resources such as human capital and time. Some common resource management methods include forecasting, capacity planning, and scheduling. The methods will depend on the organization's goals, industry, and available resources.
What is HRMS vs. HRIS?
Human Resource Management Systems (HRMS) and Human Resource Information System (HRIS) are software solutions for managing an organization's human resource functions. HRIS primarily focuses on collecting, storing, and retrieving employee data, such as personal information, employment history, and performance records.
On the other hand, HRMS offers a broader range of capabilities, including HRIS functionalities, and manages other HR-related tasks, such as payroll, time and attendance, and recruitment.
Can Jira be used for resource management?
Jira is a project management tool that can also be used for resource management. While it offers features such as task assignment and progress tracking, it is not solely intended for resource management.
What are the four types of resources?
The four types of resources are natural resources, human resources, capital resources, and entrepreneurship resources.
What is project resource management software?
Project resource management software is used to manage and optimize an organization's resources to ensure that projects are completed on time, within budget, and to the desired level of quality.
As organizations continue to face increasingly complex challenges in managing their resources, investing in a comprehensive resource management software solution has become a strategic imperative. When choosing the best software for your organization, it's important to consider many factors, including functionality, scalability, integrations, and customization options. Our buyer's guide offers valuable insights that will help you make an informed decision and choose the tool tailored to your unique needs.
To learn more about resource management software, schedule a consultation with one of our experts and get personalized recommendations based on your unique needs.