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Wednesday, March 28, 2007

The Importance of Time Tracking

We have all heard the axiom "Time is Money."

With competition and pace at an all-time high, never has it been more critical for organizations to focus on how the asset of time is "spent."

But you're already saying "But I already keep track of my time...."

Do you? Really?

Not just talking about simple timesheets...but really understanding how time is spent, and on what activities the time is being spent - and are these the most important activities - tying back to your organization's strategy and goals.

Automated time tracking has its advantages. Consider the following:

  • Time tracking software reduces timesheet review by 80%. Average timesheet review takes 6 minutes; with an automated time tracking software system, a review takes 1 minute. (Source: American Payroll Association)
  • Time tracking software can have organizational policies and business rules integrated into the submission and approval process, validation is done at the point of entry.
  • Time tracking software monitors time by team and individual, helping to prevent budget and project overruns.
  • Time tracking software reduces time misappropriation (e.g. long lunches, early departures, late arrivals) which accounts for up to 4.08 hours per week. (Source: American Payroll Association)

The benefits of time tracking?

You'll have more flexibility
You'll have more precise estimates
You'll be able to identify why tasks/projects take longer than originally expected
You'll be able to isolate where you need to make improvements in your process

BOTTOMLINE: Time tracking is an integral component of the Six Disciplines program, specifically the Individual Plan. By knowing what activities are being planned, which ones are being worked on, how much time is being allocated, and keeping this updated in "real-time" during the day, organizations using Six Disciplines understand how their time is being "spent" - leading to better alignment of resources.

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