This article will explore whether a time tracking solution is worth investing money in. We will discuss the benefits of the practice, both short and long-term. The main focus will be productivity and the effects of time tracking on it.
There are many sources out there talking about the importance of time tracking. However, most of them are vendors of designated software - much like ourselves. Given this opinion is delivered by sales and marketing departments, you are in the right to doubt whether a time tracking solution is truly worth your money. And whether it will help you grow your revenue too. You may think we are being biased, but we aim to prove that time tracking is worth the investment of money and effort.
The goal of this blog article is to show the best an average timesheet solution can offer and how can it enhance your business. We will be looking into both, immediate and long-term changes. Just keep in mind that everyone’s journey will look different based on their goals. We are just barely scraping the surface.
Does Time Tracking Improve Productivity?
Time tracking is crucial for bettering individual, team and whole business productivity. It provides a centralised view of your existing processes, highlighting the areas where they could be improved. Not to mention, there are tools out there that will actively contribute to speeding up and smothering your operations.
The very concept of time tracking is closely tied to productivity as the awareness of one’s time expenditure is the first step towards its better management.
Benefits of Time Tracking Software
Let’s talk about what makes time tracking via a designated tool more effective than using more traditional methods, like paper timesheets. The latter is free, whereas a digital solution can be costly. But we assure you, the money you invest will pale compared to the money you both save and make.
Process Automation
Automation is generally something that makes our era of technological advancement as efficiency-driven as it is. Namely, process automation is the key to putting an end to time-consuming maintenance tasks by handing them over to digital solutions. Naturally, this means freeing up a lot of the employee time, giving them the ability to dedicate it to tasks that require their judgement and critical thinking.
Not to mention, process automation is overall quicker, meaning there is less time spent on turning things around. Most solutions are also designed to provide more in-depth and accurate insights the more you use them. They don’t just process and crunch the data you put into them but also collect and analyse new metrics for you. Time tracking software offers many options for process automation, especially when it comes to pay and bill. We believe that alone makes more than just worth an investment.
Reduced Risk of Human Error
Process automation also brings another huge benefit to the table we didn’t mention simply because it deserves a section of its own. No matter how good humans are at running operations, especially ones they conduct repetitively, mistakes happen. And while it is normal and completely expected, it doesn’t mean it doesn’t cause consequences. The best solution is to take the human out of the process.
While handing processes over to software won’t eradicate the threat of errors completely, it reduces the change significantly. Not to mention, with the software’s activities being tracked every step of the way, it is much easier to spot where the error has occurred and fix it. This may not sound like a big deal nor like something that makes time tracking and other means of automation worth investing in. But think about it. If someone on your team makes a small error that goes unregistered, all the future data will be incorrect. Depending on how long it takes you to notice that, it can bring on serious damages, financial and legal. Can you really afford it?
Long-Term Wins
The thing that truly makes time tracking worth an investment is that most of its benefits are there to stay. And the more you dabble into the practice, the more it will deliver. It’s not a one-off process, therefore the results will be continuous too.
Reporting and Optimisation
You must be tired of hearing it, but we never get tired of repeating it - reporting is vital. This is how you gather insights into your progress and pave the path forward. It is also the cornerstone step for another essential process - optimisation. Unless you are in the know of what your metrics are, you cannot start the work on improving them. In other words, reporting and optimisation go hand in hand.
As it happens, time tracking is a gold mine when it comes to data. It records a lot of in-depth information when it comes to your team's performance, your internal processes and your overall business efficiency. Depending on the software you use, the metrics you track and how detailed they are, the extent to which you can optimise will also differ. What is important to remember is that your metrics can and should change after every round of optimising. This is precisely why the process remains ongoing and not a one-off.
Return on Investment
It will not be instant, but not only will time tracking deliver a return on investment, it will most likely surprise you too. Although it is not a tool to generate money per se, it brings along many perks that contribute towards revenue generation. For example, time tracking can help you identify where your team’s performance falls short. Once you address the issue, you will be improving the team’s process and your company as a whole.
It’s worth saying that money isn’t the only investment you’re making regarding time tracking. You will also be dedicating time to finding the right solution, setting the tool up, training your team on it and so on. But it all pays off. Simply put, the more you utilise the tool and the more time you spend customising it to your needs, the more accurate and actionable will the data be. And it will only get better in time. In other words, not only will you have a return on investment, it will be potentially growing as you continue.
The Cost
Since this article is all about investing in time tracking, it’s important to touch upon how much you should be expecting to invest. Especially when there are completely free solutions on the market. But does cheaper mean worse? No. Just like…
Expensive Does Not Equal Good
Being part of a consumerism society, we are often conditioned to believe that the higher price tag is associated with better quality. While it may be difficult to dismiss a deeply rooted belief like that, we urge you to try. Simply because while time tracking software will need some sort of investment, it doesn’t need to cost a limb. In fact, there is a good chance you won’t need to pay more than a bare minimum for a great tool.
While most of the SaaS solutions operate on a monthly subscription package model, some are more mindful of your interests. For example, since Timesheet Portal offers a diverse range of features, we’ve grown to acknowledge most of our clients won’t need them all at once. Hence it is unfair to charge them for it. That’s why our pricing model is built to charge you only for the features you use and the extent of them. If you’re curious to know how much would Timesheet Portal cost your company a month, we invite you to check out our price calculator or get in touch with us directly.
Summary
We might be biased as a provider of a time tracking solution, but we strongly believe in what we preach. Regardless of the practice you employ or the vendor you go with, being aware of where your team’s time goes is crucial to any business. Now this may sound a little easier than it actually is. But don’t worry - a designated solution makes this task easier, more centralised and generally based on convenience. Not to mention, it comes with benefits such as process automation and reduction of human error.
In the long run, using time tracking can help you get into a solid routine of optimising your business again and again. The more you use software, the more data it has to include in reports. The latter is the cornerstone of understanding where the next big change needs to occur. With this being an ongoing process rather than a one-off, you are almost guaranteed to reap some great return on investment. It is especially true because some of the best solutions are offering very competitive prices too. You just need to discover them.
Could it possibly be Timesheet Portal? Give us a shot.
