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Time Tracking - A Secret to Cost Reduction

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Time-tracking leads to significant cost savings through better allocation of human capital in organizations where people are the primary resource. This research note, provided by Info-Tech Research Group, will help companies strike a balance between high usability and strong analytics to shape long-term management decisions.

Many organizations employ some sort of time-keeping. Some enterprises use formal recording of tasks for billing purposes, such as the professional services industry. Others, such as a manufacturing plant, might use a clock-in/out system to prevent employee absenteeism and calculate payroll.

Finally, there are scores of companies that do not use a formal system of time-keeping — instead, employees informally jot down time spent on activities to gauge their own productivity.

Time-tracking is broken down into two disciplines: time-keeping and time-reporting. Time-reporting also provides quantitative data in a project management setting. Recording time helps a project manager actively track project health and highlights any mismatch in budget allocation. Finally, managers can use quantitative data to reevaluate budget and resource allocation decisions on the fly, without having to hit a major roadblock to become aware of the problem. Time-tracking leads to significant cost savings through better allocation of human capital in organizations where people are the primary resource. This research note, provided by Info-Tech Research Group, will help companies strike a balance between high usability and strong analytics to shape long-term management decisions that are more intelligent and better informed.

The attached Zip file includes:

  • Intro Page.doc
  • Cover Sheet and Terms.pdf
  • Time Tracking - A Secret to Cost Reduction.doc
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