Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
'Resources' is a collective term for all the inputs that enable an organization establish its purpose of 'manufacturing a particular product' or 'delivering a given service'. This makes the term extremely broad in its scope.
Ideally speaking, it covers categories like 'human resources', 'data bank', 'financial resources', 'inventory' and 'IT (Information Technology).
Owning such groups is one thing and utilizing these to draw the desired benefits is an altogether another aspect. This is to say that the managers should neither ignore nor undermine the subject of putting resources to 'maximum good use'.
On of the ways by which this can be ensured is employing a 1990s emerged management strategy called BSC (Balanced Scorecard). This depends on the metrics brought together on this document after enough dealing with the subject.
Factors that are seen important to the success of 'resource management' are captured in the form of KPIs (Key Performance Indicators) and followed for future corrections. A word of caution here is to select only those indicators that are capable of mirroring the progress and growth in the direction of Utilization of Resources. One also has the option of utilizing resource management software that are available in the market.
This is the actual scorecard with Resource Management Performance Indicators and performance indicators. The performance indicators include: hr to revenue ratio, revenue factor, human capital value added, human capital return on investment, hr to cost ratio, labor cost revenue ratio, cost per hire, health care costs per employee, equipment resources, availability, performance, overall equipment effectiveness, resource cycle, cycle time, lead time, risk metrics, value at risk, capital adequacy ratio.
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