What is resource management?

• Intellectual Property (IP), which relates to specific ideas, concepts, patents, and inventions that come from an employer's staff

• The physical pieces of property that the company uses (retail space, office spaces, manufacturing facilities, etc.)

• The technology tools that the company uses for digital commerce, or other activities, like record keeping, cybersecurity, and collaboration and communication between employees and other businesses

• Finances, these are usually managed via a company's accounting and/or auditing departments

• Equipment that the company uses for its services or products (tools for technicians, manufacturing equipment, etc.)

Resource management can come in different forms depending on the size of the company and what industry it operates in. However, there are three main types of resource management that companies use. These include:

• Human resource (HR) management

  HR management involves the recruitment and hiring of new and qualified employees. It also normally includes any employee training or development programs, overseeing employee performance metrics and recording this data, and supervising employee benefits and compensation. HR management can also deal with internal conflicts amongst staff.

• Digital resource management

  Digital resource management is taken on by Information Technology (IT) professionals at an organization. It includes the management of specific technologies and networks. Proper digital resource management tracks all usage of software, hardware, computer programs, and every digital asset or account.

• Project resource management

  This type of resource management has to do with specific projects that a company, or a team or department, within a company takes on. For these projects, project managers seek to gather the appropriate resources and manage them in a way that is efficient and cost-effective. The necessary resources for a project are determined by the project's tasks and needs.