5 Reasons Businesses Should Use Time Tracking Software

Well that’s individual’s perspective but it signifies the way we generally think about it. But speaking about business, organizations can not accept resources wasting time. Businesses work with one goal in mind - ‘create and increase value for business stakeholders’.

We have had industrial revolution in the past which has taught us doing more things lesser time but doing things with more productivity is still on. One of the simple way to increase productivity for an individual as well as business is to systematically track resource time. Systematically tracked data can provide interesting insights that will help you make informed decisions and of course, make things easier for you, your team, your customers.

Using Time Tracking Software

Time tracking software can enable business resources to systematically track time. There can be categories of work that organization can expect its resources to track time against. However one must understand that, software systems are intended to help us doing work better, these systems are not going to do the work by themselves (of course, I am excluding references to artificial intelligence AI and robotics). But systems such as time tracking software can helps us work better, help us be more disciplined.

So why should you start tracking time with a time tracking software?

Get Better Understanding of Project Cost and ProfitabilityDo you track the time your team members have worked on project tasks? Unless the actual time resources worked on a project activities is not be tracked, how can one expect to get absolute numbers about project cost? Hence it is critical to track resource’s time spent on project activities. As team members start tracking time using time tracking software, project manager can easily know project resource cost, these numbers will help you derive realistic picture of project margins and profitability.Increase Billability of Resources For professional services organization, one of the importance considerations for profitability is to maximize consultants’ billable hours. A consultant may be working on multiple clients assignments but, as long as his/her billable hours are maximum, the business owner or management would remain confident of better margins on the projects being delivered. Project management solution with time tracking software module can easily facilitate ways to track resource billing. Clearly See Schedule Variance & Improve Planning Ability

As team members start entering time or track time against the work they have done for project, it is considered as actual time worked for that project task. Project manager can estimate certain hours for a given task, however not all resources have same skills or pace of work, nor in this real world things can progress without any issue. When project manager views project variance report, it clearly shows difference between estimated/planned hours and actual hours spent for a given task. This is a good indicator for project manager to identify outlier activity of improve his planning skills and make project scheduling more realistic.

Improve Resource Utilization and Ultimate Productivity

For effective project management requires efficient allocation and utilization of resources. When team members start tracking time using project management software, project manager can check resource utilization report and can easily identify lapses in resource allocation and utilization such as someone being over-assigned/ under-assigned or estimate of work was lesser but the resource end up working more hours than planned.

There are different dimensions that a project manager as well as senior management can use as KPI to evaluate team performance using time tracking software. Based on these KPI/KRA results, management can decide to arrange training or support to uplift the performance of team.

Imbibe Discipline and Set Organization Ready for Scalability

Regular use of time tracking software imbibe discipline in the team and help everyone understand the importance of spending time productively on project activities. Also, once this process is set in the organization using time tracking software, sets the organization ready to scale up for more projects, more clients, more resources.

About Zilicus

Zilicus offers All-In-One project management software ZilicusPM that provides complete project management control for project and portfolio managers; at the same time makes it really simple for project team members to stay on top of things. If you have been managing projects with conventional spreadsheet/ MS Excel templates or emails, it is the right time to start using online project portfolio management software. ZilicusPM is great platform for better project collaboration. Take a screenshot tour of project management software ZilicusPM and Sign up for 30-days free trial of project management software ZilicusPM.