Why the Best Time to Buy Time Tracking Software was Yesterday

We’re only 6 months into 2015 and yet we’ve already seen so many amazing tech advances occur. From Apple Watch (finally) making its market debut, to Magic Leap bringing its 3D dreams to the public eye, to even Hyperloop getting a test-build greenlit. Changes in the time tracking software marketspace have seen similar wide-scale advances. While these strides have been important in the industry, they’ve also incited some debate in the public space. For some, time tracking is touted as the end-all, be-all solution to profitability. For others, it is simply the latest example of a culture obsessed with invading the privacy of others.

As with most things in life, the truth lies somewhere in the middle. When properly used, time tracking is not the evil that some think it is. At the same time, however, that does not mean that it’s the right solution to every problem a company may be facing. Even so, there are a number of reasons why you should invest in time tracking software if you have not already done so, because let’s face it, the tech world spins madly on.

The New Data-Driven Economy

Beginning in the 20th-century, and rapidly accelerating in the 21st, is the rise of the “knowledge worker.” As industries changed and evolved, the single greatest asset in a company’s repertoire was not its products or inventory, but the knowledge of its workers.

Evan Rosen of BusinessWeek, drives this point home: “In reality, everybody today qualifies as a knowledge worker. Every worker has knowledge and information that the organization can tap to find out: Why is a particular product underperforming in one market? What action can we take to fix the problem quickly? If we take these actions, can we handle an increased production schedule? What’s the impact on cash flow if we make these changes?”

The challenge knowledge workers create, however, is understanding their contribution to a company’s bottom line. Unlike inventory or sales, the knowledge a knowledge worker possesses is much harder to quantify, and that sort of job description can be equally as difficult to justify when under the tenuous scrutiny of an organization’s leadership team. That’s where accurate time tracking comes in. It helps a company to understand where these valuable individuals are spending their time, what they are working on and what they bring to the table with the knowledge they possess.

The Global Market

Gone are the days when a company could rest easy solely on its reputation, or the lack of local competition. In today’s market, companies find themselves competing with companies from around the world. In some cases, competing companies may be working with a less expensive workforce, reduced regulation or any number of other factors that make their cost lower than yours.

In spite of this, large IT projects run an average of 45 percent over budget and as much as 7 percent over time allotted. Even worse, the affected projects deliver only 56 percent of their projected value.

Time tracking can be a powerful tool in helping you remain competitive. By helping you see where projects are going over budget, and what can be done to improve it in the long run, time tracking can give you a significant edge in an ever-competitive, globalized marketplace.

Hiring, and Keeping, the Right People

According to Trading Economics, the unemployment rate in the United States fell to 5.6 percent as of December 2014, representing the lowest point it has been since June 2008.

Even more significantly, this downward trend is expected to continue. According to The Street, the U.S. GDP is expected to grow 3 percent in 2015 and unemployment may well drop below the 5 percent threshold.

What impact will that have on your company? Among other things, it will likely mean more competition to find and retain the best talent. Here again, time tracking can be a significant asset to keeping your employees happy. When you have a greater understanding of where your income is coming from, what customers are generating the most profit, where your company’s resources are being spent and which employees are consistently your high-performers, it helps you make long-term decisions that are in the best interest of your company…and its employees. You’re in a better position to determine which customers should be a priority, what projects should be let go and where you should spend time and money to make improvements.

Time tracking is neither the end-all, be-all solution to whatever issues a company may have. And all the same, when properly used, is it without that invasive, big brother element. Instead, it is a tool that can be used effectively to help your company remain competitive. Given the ongoing changes in the market, and economy at large, there’s never been a better time to invest in it.

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