Resource Management Institute Connect Conference
Last week I had the pleasure of both attending and presenting at the Resource Management Institute Connect conference. A huge thank you to the entire RMI team who put on a great show. If you missed it, I would highly recommend attending future events as there was a ton of practical content on strategic resource management. We ourselves are very much looking forward to getting involved in more RMI events.
There were many sessions that stood out to me so I thought I would summarize my four key takeaways…
Resource Managers’ Jobs are Getting Harder…
There was much talk of the Great Resignation, but also a crunch on hiring. Specifically, Marc Lacroix from RTM Consulting, spoke to a 30% increase in Hardware & Networking and a 49% increase in Software & IT Services hiring demand.
I was recently published on Forbes where I spoke about burnout as a factor for professional services teams. The combination of the increase in hiring demand with burnout on the rise is making resource management and frictionless services operations more and more important.
Maturity Curve of Resource Management
Many other industries have made huge strides when it comes to managing supply and demand. And at the end of the day, that is what resource management is.
When I worked in supply chain, we focused almost exclusively on implementing technology that optimized returned inventory back into the correct demand channel. Most retailers have been going beyond just warehouse optimization to compete with Amazon, exposing store inventory to e-commerce sales (omni-channel / ship from store) with robust BI measuring the entire supply chain.
At RMI we heard about the resource management maturity levels for professional services organizations. It was interesting to hear that 60% of the most mature organizations (level 4-5) want better reporting and analytics. The general feeling was that we are at the start of some really cool process/technology problem solving!
How can a bunch of data/PS geeks in Boston (read: Projector) NOT get excited about solving that problem? Beyond that, it made me more than excited to talk about BI and KPI’s in my Wednesday presentation.
Metrics that Matter: Practical KPI’s For Strategic Resource Management
I had the opportunity to present on KPI’s for Strategic Resource Management. For the opening keynote Randy Mysliviec spoke at a high level about the critical measurements for resource managers. More specifically, how this drove advancement in the RMI maturity model. Randy’s comments were a perfect lead in to our presentation.
The content of the presentation was derived from a super useful white paper (Credit to our own Steve Chong) outlining ways to mature measures in your business. The objective was to give not just the measures, but also the ingredients to get there. For example, we talked about the Delivery Magic Number.
On Time & On Budget Projects / Total Active Projects
The Magic Number is the total number of on time and on budget projects divided by the total number of projects. The idea is to give executives in charge of resource management a measurement on forward looking resourcing issues.
What does good look like for the Delivery Magic Number? We provided a few benchmarks to consider: 75% is good, 78% is better, 83% is best.
For anyone interested in creating dashboards, benchmarks or overall better measuring your PSO, I would highly recommend digging into Steve Chong’s white paper.
Virtual Conferences Are High ROI
There were a few stand out things that made Resource Management Institute’s conference successful.
First, RMI did a great job keeping the two-day event focused on content. There was very little fluff and lots of practical sessions which made the event efficient inside of everyone’s work week. Second, RMI did not try to get fancy with new technology – Zoom and breakout rooms made the event easy to navigate. Finally, the speaking slots were filled with potent content making the two days valuable to any resource manager.
Specifically, I enjoyed Marc Lacroix’s keynote session on the second day where he used the analogy of shipping containers to speak to the value of resource management at scale. He then went on to discuss the resourcing pinch that is impacting services professional organizations.
In short, the Resource Management Institute conference was filled with good content and we endeavored to summarize two days in 4 takeaways (and under 700 words!):
- Resource management is getting more difficult.
- Professional services organizations are in need of better reporting and analytics.
- We provided some ideas on good ways to measure.
- RMI delivered a very efficient virtual conference.
We look forward to attending the next one! Happy resource planning!