Key Capabilities of Project Time Tracking Solutions and How You Can Implement Them with These Replicon Products
Project time tracking is critical to understand how you are managing your resources, hours, and project deadlines in real time. Yet, we often hear that our prospects find it hard to accurately measure time against projects.
At Replicon, we believe that time is a strategic asset for any organization. And so, we’ve built our product suite to help organizations improve operational productivity, performance, and profitability, whatever the use case. Replicon’s Time Tracking Platform helps you uncover hidden profits by accurately tracking all your project time, even when your workforce is operating remotely.
Until now, you may have been using point solutions, excel sheets, emails, or other rudimentary methods to keep tabs on your project time. And perhaps it’s been working well so far. But if you want to grow your business while allowing your employees to perform at their best, you need to pick a solution that can meet all your project time tracking needs.
Here are five key capabilities of a top-notch project time tracking software solution that can all be found in Replicon’s Project Time Tracking Suite. Let’s go over each one to demonstrate why we have the best project time tracking software on the market.
Up-to-the-Minute Project Time Tracking with 100% Accuracy
Organizations reimagining the workplace post-pandemic need a solution that can track project time of employees working both on-premises and remotely, with full accuracy. Replicon’s project time tracking solution lets you do just that.
Our solution is designed to help project managers capture and track time the way they want with pre-built or custom templates for all projects, tasks, and activities while not burdening the employees with additional work. And since our solution is enterprise mobile-ready, your field employees can make updates on the go without needing to keep manual or mental notes of what they did during the day to log later. This level of granular tracking ensures that you are not leaving any money on the table due to missed client billable hours.
We can scale our solution as you grow and customize it as your needs evolve. We are global and secure. By this, we mean that Replicon can act as a single source of truth for all project time tracking across all locations and groups while supporting local needs like templates, currencies, and languages.
Real-Time Estimates to Actuals Tracking
When you’re working on multiple projects, you need to keep a close eye on actual project costs to avoid budget overruns and establish greater control over project funds. To assist with this, Replicon allows you to set hours and cost estimates for every project you manage. You can even create multi-level client projects, define project milestones, and set up relevant information in seconds. As the project progresses, you can compare the actuals against the estimates in real time to identify any variance and make course corrections.
Replicon’s dashboard gives you a centralized view of all your project hours, costs, and other related data. The information coming from desktop and mobile devices is updated instantly to enable you to track estimates vs. actuals. With the real-time data, you can easily get a bigger picture of your project time, costs, resources, and billing. You can then use this information to make proactive and data-driven decisions to reduce project overheads and maximize profits.
Enhanced Resource Utilization
Underutilized resources have a direct impact on a project’s profitability. The more time your employees spend on non-billable projects, the thinner your profit margin gets. While you can’t increase the number of hours in a workday, you can definitely find a better way to manage resource utilization.
With Replicon in place, you can set your projects to maximize profits with enhanced resource utilization. Replicon’s TimeBill solution lets you set productivity targets against which you can measure resource utilization. You can set these targets at the individual level and measure the performance at the individual, group, company, or project level. This way, you can measure how effectively resources are utilized against their availability and model revenue goals for a department, group, or individual resource.
Since the time spent on projects is updated instantly, you can track resource productivity in real time. The comprehensive dashboard lets you track current utilization and future availability of resources to facilitate project allocations. At any given time, you can use the dashboard to see all the projects a resource is working on and then use that information to ensure a resource is spending more time on billable projects generating higher revenue.
Accurate Costing and Billing
If you’re like most of the other enterprise businesses out there, then we know that your project time data is often spread across multiple siloed systems such as your CRM, PSA, HCM, payroll, project management, on-premise databases, and more. These data fragments lead to costing and billing inaccuracies. Remember the time when you underbilled a client because the project time recorded in your on-premise system got buried in the system? Or the time you had to delay billing as you did not have up-to-date details or mobile access?
With Replicon, you can rest assured that all of your project time will be accounted for and billed accurately.
First, our solution lets you track billable and non-billable hours by project and easily assign it to single or multiple clients. You can even have configurable billing rates that can be automatically applied to get billing information in an instant.
Second, Replicon provides seamless integration with all the software you already use for keeping your business up and running. With the plug-and-play capabilities, you can send and receive project information across your enterprise ecosystem, including your accounting, invoicing, payroll, and business intelligence tools.
Project Forecasting and Budgeting
Accurate project time data is the fuel that drives near-reality project forecasting and budgeting. With Replicon’s accurate time tracking capabilities, you get reliable historical data that you can use for better project forecasting. Furthermore, complete visibility into the project pipeline, resources, and skill requirements ensures that you can better predict resource needs when bidding for projects. You can even analyze resource availability by skill set to proactively hire or retrain resources to deliver projects on time.
Using Replicon for Your Project Time Tracking Software Needs
We’ve all heard time and again that what gets measured gets managed. Now that remote employees have become an inevitable part of your workforce, you need a solution like Replicon to track all your project time with full accuracy. Our products can allow you to better manage your employee time and their billable hours through optimized resourcing and accurate invoicing. This will eventually help you unveil hidden revenue-generating opportunities.
Want to know how we can help you maximize your project profitability?
