Fix Resource Allocation and Utilization Issues with Polaris and Kickstart a Profitable Quarter

 

Professional services businesses earn their revenue based primarily on two critical assets: the people and their skills. When resources are not managed properly, employees are either under-utilized or overutilized, employee churn due to burn out, projects miss deadlines, resources with sub-optimal skills are matched to projects, there is last minute frenzy to train or hire resources – all of which reduces profit margins and negatively impacts customer satisfaction.

Common Challenges with Resource Allocation and Utilization

According to a study by PMI, only 26% of firms use resource management to estimate and allocate resources at all times. This means most organizations follow some kind of manual approach which comes with inevitable challenges. A few common problems that resource and project managers face include:

  • A lack of visibility into available resources: in enterprises and large project-based businesses, there are hundreds of projects running at the same time. Managers don’t have complete visibility into which resources are working on which project. As a result, they often have to exchange a ton of emails to identify the available resources and negotiate over the same resources with other project managers.
  • Managing change in project scope: when clients request changes to a project, managers have to release and request resources to accommodate scope creep. Managers have to identify the right resource quickly to stick to the budget and timelines.
  • Mismanaged utilization: spreadsheets are not built for resource management. While managers can build simple tables and charts to track resource utilization, the data is not real time. As a result, managers can’t make the best decisions with up-to-date information.

Optimize Resource Utilization and Allocation with Polaris PSA

Polaris PSA enables resource managers to work more proactively, make difficult decisions easily while improving project revenue and margin. With an AI-enabled resource recommendation engine and powerful collaboration workflows, Polaris PSA helps managers to select the right resource from a global pool of talent with different levels of experience. With access to accurate and up-to-date information, resource managers can work across boundaries and use data to plan more effectively and make better decisions to ensure project profitability.

Allocate the Best Resource for Every Project

Effective utilization of your resources and managing their billability is a critical lever to maximize profitability. However without real-time insights into resource availability, certifications, and individual skill sets, it can be a challenge to optimize productivity and efficiency. Once the bidding starts, our customers say that it can take 12 to 30 days just to assign resources to a project. This delay causes a huge loss of hours that could be otherwise used for increasing billability and revenue.

To overcome this challenge we’ve built SmartMatch right within Polaris PSA. Powered by advanced AI features, SmartMatch solves inefficiencies caused by the manual allocation of resources. Let me explain. SmartMatch is designed to tap into complete resource information including availability, skills, location, rate, employee type, and more – to automatically suggest the best resource for your requirement. With the unified view, business leaders can gain complete control over their resources, schedules, and costs which directly impacts profitability. These intelligent suggestions for resource managers can help them make more informed decisions about who to allocate to what projects and can reduce planning time significantly.

Optimize Resource Utilization

Resource utilization rate indicates the time a resource spends on billable tasks and is expressed in terms of percentage. For instance, an employee spending 30 hours on billable tasks in a 40-hour workweek has a utilization rate of 75 percent. To increase project profitability, managers need to constantly identify under-utilized resources and quickly move them to billable projects.

Resource managers can view global resources’ utilization and availability to determine current and future allocation levels. They can use pictorial calendars to easily spot underutilized or over-utilized resources or use dynamic charts to report on utilization by various dimensions.

The Self-Driving PSA Solution That Will Empower Your Enterprise

Get Your Exclusive First Look Now

Book Live Demo

Manage Your Resource Like an Asset

Professional services firms are losing a ton of money in terms of efficiency gaps and missed opportunities to drive increased resource utilization. Spreadsheets and siloed systems make it incredibly difficult to find the right resource for the right project. For instance, there will be times when a resource you had requested for your project is released earlier than planned. But without that information reflecting in your resource management tool in real time, you could unnecessarily wait or hire another resource at a higher price.

Readiness IT, a global digital transformation accelerator, was facing similar challenges when they approached us for a solution. After implementing Polaris PSA, they drastically simplified resource planning, improved staffing across their business, and improved the utilization of project resources.

“Streamlining project and resource management across IT Readiness was one of the biggest challenges for our leaders. While there were tools in place to track project time and manage resource allocation, it was very inefficient. Managers spent an exorbitant amount of time collating the information needed for analyzing how their employees spent time on projects. Polaris solved the time tracking and staffing process issues we faced with our earlier solution. The staffing workflow process in Polaris matches 100% with the process Readiness IT was looking for. Powerful reporting capabilities gives our project managers the insights they need to control the progress and execution of projects.”

Carlos Paiva, Portfolio Manager of Readiness IT Read full case study

Kickstart a Profitable Quarter with Polaris PSA

Polaris PSA helps you manage your entire resource pool across all projects cutting across data silos, driving real-time visibility into all resource data to simplify resource allocation, identify skill gaps and maximize utilization. Our unified platform helps managers to analyze resource availability by skill set to enable them to make proactive hiring or retraining decisions to meet future demand.

The Self-Driving PSA Solution That Will Empower Your Enterprise

Get Your Exclusive First Look Now

Book Live Demo

Shree Krupa
ABOUT THE AUTHOR
Shree Krupa
Shree is content marketing manager at Replicon. She likes to write about technology trends that are shaping the future of the workplace. Replicon provides award-winning products that make it easy to manage your workforce. With complete solution sets for client billing, project costing, and time and attendance management, Replicon enables the capture, administration, and optimization of your most underutilized and important asset: time.
Get started today.
Set up a free trial based on your business needs. Start Free Trial

Top Challenges that Large Services Organizations Need to Tackle Now

Unforeseen market dynamics, the rise of disruptive technologies, new business models, and global competition are transforming the business landscape, especially large services organizations. As revenue growth slows down, professional services…Read More

Top 5 Mobile Timesheets On the Go to Make You More Productive in 2022

Time tracking software is the backbone of every company when it comes to recording time and attendance as well as project management. The demand for such software is always increasing…Read More

How can Large Service Organizations Maximize Resource Utilization to Drive Higher Project Profitability

Large services organizations are facing several challenges in their business. On one hand, they need to maintain a flexible hybrid workplace that supports collaborations and can bridge the gap and…Read More

Time and Attendance Orientation Guide

In a growing business, the day will eventually come when managing time and attendance on paper becomes both inefficient and risky, especially when trying to balance things like overtime, paid…Read More

Using shared services? These five technologies are a must

As organizations continue to scrutinize operating costs and look for areas to drive efficiencies, shared services centers (SSCs) are a no-brainer. The concept of a multi-function SSC has been around…Read More

Employee time tracking is dead

iBeacons, Bluetooth Low Energy, Proximity sensing and the obsolescence of time tracking as we know it. Businesses have to track the time their employees work for a variety of reasons,…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Enterprise Time Tracking
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates
  • Others