Research Note: Better Time Tracking Reduces Project Costs

John Storts
Slide Show

Cost-Reduction Best Practices

Our partners at Info-Tech Research Group surveyed and talked to more than 200 IT executives about the techniques they are using in four key areas to control costs.

Most businesses and other organizations have some sort of time-tracking system in place, whether used to record activities for billing purposes or to calculate employee payroll and absenteeism. But some companies rely on more informal methods that require employees to keep track of time and productivity on their own.


While such an honor system is admirable (and may work perfectly well in some situations), it's obviously vulnerable to dishonesty, and the larger problem is one of measuring efficiency. Informal methods don't capture valuable insight into performance, both at the employee level and the project level. Not having this information doesn't just mean that cost reduction opportunities can't be seized. You may not even be able to identify any savings opportunities if sufficient records aren't recorded and maintained.


Info-Tech Research Group's "Time Tracking-A Secret to Cost Reduction" research note provides information regarding the two main disciplines of time tracking, time-keeping and time-reporting, with the goal of demonstrating the benefits of good tracking practices to project managers. These benefits include the ability to make resource and budget allocation changes on the fly, before problems occur, and to actively track the "health" of a project using the quantitative data generated by the tracking method.


Step up your time-tracking practices to allocate your employees appropriately, ensuring that projects aren't just successful but completed as cost-effectively as possible.


Related Content

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Add Comment      Leave a comment on this blog post
Nov 2, 2011 3:02 PM Jin Jin  says:

Time tracking sure helps a lot for freelancers like I am. Using these tools it helps me manage time efficiently and effectively. So that I could do more work  at the same time helps me manage work projects and determine which part of the project I lacking with. It also helps me stay focus on work and keeps me organize. Time management is the main key for me to meet deadlines and get paid. There are also different time tracking tools that is available to use not only for time tracking but also an invoicing like Freshbooks. With invoicing features you can bill clients easily and get paid. But with all of those tools available in the market I use this tool that fits my need perfectly. Even online tools has the same functions it is still depends on the users need.

Dec 20, 2012 11:36 AM Kamil Kamil  says:
Automatic Time Tracking software like http://www.timecamp.com can help you a lot. For the past decade, people were doing timesheets manually, and didn't get benefits of computer. But with automatic time tracking it has changed. Reply
Jul 11, 2013 5:34 PM John Victor John Victor  says:
The time management software I used in the past helps to record the expenses but it didn’t have different categories of expenses and time tracking options. I was simply amazed when I started using Replicon's time recording software because of its ability to categorize expenses and to track time easily. Reply
Nov 26, 2013 5:24 AM Terre dean Terre dean  says:
There are different types of time tracking tools available in the market. It helps an organization in many ways like It reduces labor cost, increased revenue, accurate tracking of expense and time etc. You only have to choose the suitable time tracking software according to your organization’s needs. Reply
Dec 28, 2013 12:14 PM Roberto Roberto  says:
Time tracking will anable both parties to implement required task on schedule without sacrificing the labor cost Reply
Jan 14, 2014 9:49 AM Lukasz Nowak SEO/SEM Lukasz Nowak SEO/SEM  says:
Hi John i'm using www.getchime.com it's free online time tracking software for freelancer's. Reply

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