Managing resources in the Corporate World

Resource Management (RM) means proficient use of resources in an organization. We need so many resources for proper functioning of an organization. RM is basically concerned with proper utilization of resources. A resource is an asset for a company. A business house can grow up well only if it is using its possessions like funds, recruiters etc. appropriately. An organization generally involve following resources:-· Financial resources· Inventory Resources· Human skills· IT Resources

Financial Resources: - Financial processes involve information about accounts, accountants, taxation, ledger management or book keeping etc. Appropriate utilization of these resources results in profits benefits to the bottom line and helps in growth of business. Financial Resources are the backbone of an organization. If an organization is economically sound, only then it would be able to survive in the market. So, FRs must be consumed well for the proper functioning of the organization.


One major tip that can spruce up is budgeting activities based on management accounting principles and aligning respective head counts on all. For instance CIOs can align their purchase departments accordingly and conduct a routine efficiency check . A few recent examples being certain blue chips emphasizing on financial audits like Microsoft and Intel.


Inventory Resources; - Inventory is the stock of finished goods, raw materials, and work in progress held by a company. Inventory resources are mainly concerned with the stock management or record management in an organization . Inventory information should be able to calculate inventory turnover a product line in every warehouse. This will allow them to identify situations in which their inventory is not providing an adequate return on their investment.


Inventory calculation is very significant. Traditionally, inventory earnings are calculated by taking the sales for 1 year, at cost, and dividing that value by the average inventory. Inventory is the total of an organization's commercial assets. It is the stock of finished goods, raw materials, and work in progress held by a company. Just in time management techniques can prove to be major contributors.


Human Skills: - The Human Skills deals with the issue of staffing needs, their recruitment, employee benefits and employee compensations, performance Management, safety of employees, employee motivation, training and promotions. Human Skills are an asset for an organization, they are the key factors who are directly involved with the growth of a company.


Human skills services generally fall into four categories: PEO (Professional Employer Organization) s responsible for HR administration, BPO (Business Process outsourcing) s responsible for use of new technologies, ASP (Application service provider) s deals with pay rolls or e-services.

This has been perhaps the most talked about issue in any organization. Attrition due to a surge in hiring activities and retrenchment in order to address lean periods on account of slowdowns in the west go hand in hand. So how do you deal with your workforce is a great art and sure can be an expensive activity if not balanced upon. AMD, Intel, Dell, Microsoft and many others have had to go through such routine tasking to address resource based challenges.

Information Technology (IT) Resources: - IT Resources involves the use of latest technology in functioning of an organization. It is concerned with the computing and technology. IT professionals execute a variety of functions that range from installing applications to designing multiple computer networks and information databases.


These all resources contribute in the growth of a business house.


India is growing in IT field for its tremendous contribution in applications such as Custom Application Development and Maintenance (CADM), System Integration, Application Management, Software testing, Service-oriented architecture and Web services.
Marketing and Sales :

Marketing and Sales section is perhaps the main source of survival for any organization. However , a few innovations like virtual working or allocating regional headcounts.


Apart from that , budgeted adspends and sales promotional material through a single window can be great strategic move and also induces better functioning.


Aligning accounts on the bases of revenue generation and allocating budgets accordingly is a simple yet thoughtful plan.


Many organizations follow it in order to improvise the working as well as the resource culture.


Streamlining processes can be simple but initiating a concept or working on a particular strategy can be challenging. How do you chain up value added processes like Six Sigma or benchmark activities. Fine tuning processes or key quality checks , for instance in marketing and sales or it is operations, there need to be cost cutting breakthroughs through innovative techniques and constant rework on benchmarking efficiency.