Hi Sohil Doshi
Some answers below:
Why to go for Universal resource scheduling?
URS offers a capability to define different types of resources each with skill set and qualifications. It also allows you to define work hours and time off for each resource. It helps you with suggestion of resources based on resource requirement and skill set required. It also allows you to perform manual scheduling. It allows you to analyse how well you resources are utilized.
Some examples of business scenarios
Resource Type = Contact --> Can be a technician (internal / external) without Dynamics 365 License. System allows you to configure resources, skills and check availability
Resource Type = Account --> Can be a contractor / vendor. System allows to configure skills, capacity for this vendor and check availability
Similarly with other types of resources.
Other Info:
With URS you can enable other entities in D365 to be eligible for scheduling. For example, if you want to schedule an opportunity (for a field visit before estimating). If you want to schedule a custom entity for a custom business process specific to your business, URS allows you to define and configure the same.