In services, there is a constant struggle to manage supply vs demand. A few questions to consider: Do you have the number of resources required to complete your work, and can you successfully handle taking on more work?
The Execute Phase of The Resource Management Lifecycle begins the moment that the project is won, the resources are scheduled, and a project plan is set into motion.
Today, we can definitively state that we are in a services economy. The services sector, including professional services, marketing, IT, and consulting, to name a few, has experienced an epic rise in demand in the last decade.
In a recent study, Forrester Research predicted a “greater than 300% increase in investment in artificial intelligence in 2017 compared with 2016.” The benefits of artificial intelligence on productivity are incredible and we are in a moment in time where the possibilities are becoming quite endless.
The makeup of the global workforce has—and continues to—respond to the increased demand in short-term, specialized workers. In fact, the Intuit 2020 Report recently predicted that 40 percent of American workers that will be contractors, service providers, and freelancers by 2020.
High employee attrition costs way more than you think. A study by the Center for American Progress recently found that the cost of employee turnover for a single worker can add up to more than 16 percent of their annual salary, and for un-salaried employees it can come to a whopping 213 percent of their wage especially when it comes to individuals with specialized training.
The services industry has an innately unique business model that does not offer tangible or manufactured products for profit. Instead, service organizations leverage their talented network of consultants and employees to provide time, skill, and expertise to an outside party.