Whether you’re a growing engineering firm, or an accountant that’s taking on larger clients, you’re entering a critical stage in your business.
Benefits of Allocation and Forecasting with BQE CORE
If you're not yet using the Allocation and Forecasting features in BQE CORE, you're missing out on vital information such as predicting workload and revenue of projects.
Resource allocation and forecasting arms your firm with the insight and foresight you need to manage projects seamlessly and successfully. This feature ensures that every element is in the right place at the right time, steering projects towards successful completion while avoiding overruns in cost and time. With a dynamic and responsive approach to resource allocation, your firm can pivot quickly in response to changing circumstances, ensuring optimum efficiency and profitability.
Predictive forecasting goes hand in hand with resource allocation, offering a roadmap that can foresee potential bumps in the road, providing the opportunity to mitigate risks before they escalate. By aligning predictions with current data, project managers are empowered to make informed decisions that steer projects towards success.
Overview of the Allocation and Forecasting Features
In BQE CORE, allocation and forecasting supports the robust project management framework it offers. The Allocation feature aids in the meticulous distribution of resources, helping you to plan and execute projects without hitches. It allows you to have a holistic view of your team’s workload and availability, helping to assign the right people to the right tasks at the right time.
While recording time/expenses for the specified dates and projects as part of your allocation, your allocated and remaining hours/units are displayed on the screen. Essentially, this means that project managers are not required to micro-manage their team members and the individual tasks, as employees have a clear understanding of their responsibilities. Project managers have the option to enhance efficiency by establishing dependent tasks, which automatically reschedule in case of a delay in the primary task. To maintain a clear overview, you have the facility to enable notifications for different tasks.
Forecasting, on the other hand, employs predictive analytics to give you a glimpse into the future of your projects, assisting in identifying potential risks and opportunities well in advance. It harnesses historical data to paint a realistic picture of future projects, enabling a smooth sailing process from initiation to completion.
The tool allows for a detailed examination of scheduled versus actual hours or values, accessible through a calendar visualization on either a weekly or monthly basis. Understanding that tasks may span several weeks or months, BQE CORE adeptly breaks down assignments into weekly or monthly increments based on your selected preferences. To assist in monitoring, it employs intuitive color signals to notify you of allocations exceeding designated limits.
Together, these features work in tandem to provide a powerhouse of tools that facilitate a streamlined, proactive approach to project management.
How to Access and Use the Allocation and Forecasting Features in BQE CORE
Accessing and utilizing the Allocation and Forecasting features in BQE CORE is designed to be user-friendly, offering a smooth user experience.
Steps to Access Allocation and Forecasting in BQE CORE:
Log in to your BQE CORE account: Start by logging in to your BQE CORE account.
Click on the Allocation and Forecasting Section: On your dashboard, find and click on the "Allocation" or "Forecasting" tab.
Access the Dashboard and Tools: Once inside the dashboard, you’ll find customizable tools and options based on what you want to work in for your project.
Set Up Your Project: Use this dashboard to input relevant details such as project name, team members involved, budget, and timelines.
Allocate Resources: Use the tools available to allocate resources. The best way to do this is by considering the skill sets of different team members and the demands of the project.
Use the Forecasting Section: This is where you can input historical data to receive predictive analytics for your project.
Review and Adjust: Review the allocations and forecasts. Make necessary adjustments to ensure optimal planning.
Implement: Once satisfied, implement the plan and watch your project unfold with a higher degree of control and predictability.
Key Features and Benefits of Allocation and Forecasting
Efficient Staff Allocation
Understanding the strengths and availability of each team member is pivotal in allocating resources wisely. The Allocation and Forecasting feature is engineered to streamline this process, allowing project managers to:
Assign tasks based on individuals’ strengths and expertise, fostering not only project efficiency but also employee satisfaction.
View a team’s availability holistically, preventing burnout by evenly distributing tasks and responsibilities.
Adjust allocations quickly and easily, adapting to changing circumstances without derailing the project’s progression.
By creating a balanced and well-thought-out allocation plan, you facilitate a smoother workflow and pave the way for the successful completion of projects.
In an active project environment, having access to real-time data is a game-changer.
Here's how the feature enhances project management:
Preventing Over-allocation: Real-time updates mean you can instantly see if resources are being stretched thin, helping avoid burnout and maintain quality output.
Avoiding Under-allocation: Simultaneously, the system signals if resources are underutilized, presenting an opportunity to increase efficiency and meet deadlines sooner.
Facilitating Quick Adjustments: Being able to make adjustments on the fly ensures that your project remains on track, even when unexpected changes occur.
The benefit here is clear: a bird's eye view of your project’s pulse, at all times, helping to navigate the project landscape more effectively.
Predictive analytics guides your future projects based on insightful data garnered from past experiences.
The Forecasting feature offers:
Data-Driven Insights: Leveraging historical data to outline realistic timelines and budgets for future projects.
Risk Mitigation: Identifying potential roadblocks ahead of time, providing a cushion to develop mitigation strategies.
Optimized Planning: Creating a roadmap that is both informed and realistic, steering clear of over-promising and under-delivering.
By relying on data-driven forecasting, you can elevate your project planning to a whole new level, marked by efficiency and foresight.
Budget is the backbone of any project, and having a tool that aids in precise budget forecasting makes every project stronger. Here’s how BQE CORE comes to the rescue:
Financial Prudence: Developing budget outlines grounded in realistic parameters, helping to steer clear of financial pitfalls.
Contingency Planning: Allowing for the integration of contingency plans in the budget, ensuring you are prepared for unforeseen events.
Profit Maximization: By having a clear picture of your budget landscape, you can pinpoint opportunities to maximize profitability without compromising on quality.
Get More Out of BQE CORE
BQE CORE provides everything you need to create strong, profitable projects. Want to learn more about all of the features you may not be using yet? Join our BQE Product Specialist, Simon Kaiklian, as he hosts live in-depth webinars the first Wednesday of every month that talk about a specific feature in BQE CORE.
Get More Out of CORE
On the first Wednesday of every month, Simon Kaiklian, a product specialist at BQE, dives deep into an essential topic that will strengthen your knowledge on BQE CORE.