Question

the key to successfully competing is to manage the resources and operational processes effectively and efficiently. true or false

Answer 1

True

Reason :The resources which any company has at its disposal are scarce and the company which is able to utilize its scarce resources efficiently and effectively will eventually become the market leader.

A few examples on how a company can manage its resources effectively and efficiently.

1. Plan to Plan

Planning is important when it comes to being efficient. Time is money and it is best to plan for effective resource management from the very beginning of projects. When starting a project, planning should be first on your to-do list. It is via planning that you will be able to fully gauge the types and amount of resources you will be requiring. Many projects fail because businesses end up investing in too many or too few resources.

2. Take a Systematic Approach

One of the most effective ways of using resources and minimising their use at work when possible is by adopting a systematic approach. This can be achieved by:

• Setting a baseline – Using your previous performance as a base for improvement will help pave the path for productivity.
• Benchmarking your performance – Comparing your own performance against that of similar companies (preferably your competitors).
• Forming an action strategy – Once the prospective improvements have been highlighted, it is time to form an action scheme about how to accomplish them.
• Fixing targets and responsibilities – While setting targets ensure that they are achievable in the allocated time by the employees.
• Observing and reporting – Set up reporting procedures and measure your performance at regular intervals to ensure that you are on track.
• Reviewing actions and performance – This step will ensure that you keep learning and improving.

3. Use Technology Where Possible

The use of technology goes a long way in speeding and easing up processes significantly. Any feature of the project that can be completed using technology should be automated. This will in turn minimise the risk of mistakes occurring and free up manpower that can then be reallocated to other projects.

4. Use Resource Management Software

Resource management software is a useful tool to significantly enhance the operations of your business. Invest in resource management software that offers a long list of features tailored to boost resource management and improve the overall performance and productivity. One popular example is the Timewax resource software which allows managers to share the resource planning with their employees via the company’s calendar system or mobile application.