The art and science of resource forecasting and utilization

Resource forecasting and utilization software

I just don’t have the time. It’s a phrase we’ve all found ourselves expressing at some point, if not frequently. In some cases, it may be true but entrepreneur and ex-Olympic-level athlete, David Finkel, offers us another perspective:

“We really do have all the time we need. It’s just hidden inside the time that we’re wasting.”

And, apparently, some waste 21.8 hours a week.

As a leader, the need to use time efficiently doesn’t only apply to you. You have the added responsibility (and sometimes, quite frankly, the pressure) of ensuring that your team’s time is also being used as productively as possible.

This is especially true when managing projects with various components, multiple phases and a number of people working on different elements.

There are, of course, also other facets that need to be considered when seeing to it that projects are well run and finances are appropriately spent. These include:

  • Ensuring that each person’s time is utilized effectively, not allocating too much or too little work to anyone.
  • Matching team members’ skills and interests to projects, ensuring that expertise is correctly applied, and motivation levels are kept high.
  • Being aware of leave, training slots, and other reasons why people may not be available, and making sure that that tasks are allocated for the appropriate times.
  • Tracking and reporting on actual utilization by each employee or team member, ensuring that it is done accurately (and in real-time to avoid overspend).
  • Keeping track of various project deadlines, making sure that all smaller milestones are reached to successfully complete the entire project on time.

This is exactly why resource forecasting and utilization software exists. It offers organizations an easy way to track time and other resources in a central location, with ease and efficiency.

What is resource forecasting and utilization software?

This type of software enables you to forecast anticipated work, helping you to allocate tasks accordingly and plan the roll out of a project or assignment based on individuals’ availability, experience, skills and capabilities.

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Helping project teams waste less money and boost productivity

According to PMI’s Pulse of the Profession 9th Global Project Management Survey, those who invest in proven project management practices waste 28 times less money due to the completion of strategic initiatives. Using the correct software to support these practices likewise has the power to save companies money, by saving them time.

There are also a number of other benefits to using resource forecasting and utilization software, which include:

  • A high degree of accuracy in workload forecasting
  • A general increase in efficiency and productivity
  • Happier employees

You do of course, need to choose the right tool.

In addition to the basics, our workload forecasting and scheduling system, viUTILIZE, offers a variety of other impressive features:

  • Reporting tools track diversity hiring statistics
  • Demographics, such as work interests, languages spoken, undergrad degrees obtained and other info, can be used as a factor in assigning work
  • The tool integrates with other vi modules and HR systems for effective data flow
  • Permissions are built into the tool for data security
  • The software is fully customizable to suit your needs
  • Workload availability can be updated on mobile devices

viUTILIZE is an ideal solution for organizations that need skilled people on projects or assignments. It’s a tool that helps you maximize the time available to you and your team.

Give it a try

Book a demo today by following the link below.

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