SAN MATEO, Calif., – October 7, 2013—Replicon, the global leader in cloud time tracking applications, has announced the release of its new survey, “Lies, Damned Lies and Timesheet Data,” which quantifies the challenges with traditional time tracking approaches. It also explores popular conceptions on the impact of cloud-based solutions for time tracking.
“To avoid the many problems that can come with time tracking, companies must manage time as an enterprise asset,” said Raj Narayanaswamy, co-founder and co-CEO of Replicon. “Again and again, we are finding that the cloud is the best process for tracking and managing time. It is the only way to attain true visibility into how time is used across the organization. Our survey has shown that businesses can use the cloud to become truly modern organizations.”
Time Tracking: An Ongoing Challenge
Every year, dysfunctional time tracking processes cost companies millions of dollars. In today’s mobile era, when work happens anytime and any place, manual time tracking processes are not keeping up. And when enterprises do not capture, record and verify every hour worked, they face inaccuracies that lead to revenue leakage. Moreover, manual time tracking processes are not transparent or centrally accessible, exposing companies to compliance issues.
In order to explore the true scope of the problem, Replicon asked 432 professionals responsible for employee time tracking about the challenges that time-tracking solutions create for their business. The results were astounding:
- 87% reported challenges with time tracking
- 96% said employees make mistakes
- 32% of solutions lack visibility and insight into resource usage
- 16% of solutions used at large companies do not meet compliance requirements
Shining Light on the Cloud
Usability is a significant source of time-tracking challenges. 50% of users said they don’t like entering their information. The cloud presents a cure. In general, cloud-based time tracking was seen as more efficient than on-premise, in-house, paper or punchcard solutions. Those surveyed indicated thought that employees, managers and payroll workers could all benefit.
- 77% would consider cloud-based solutions for time tracking
- 56% believe cloud-based solutions optimize time tracking processes
- 53% believe cloud-based solutions would improve data accuracy
- 44% see value in improved time tracking productivity
“Replicon software keeps us on track,” said Neil Harrison, technology director, Airsweb. “It allows us to identify where project overruns occur, so that we can identify the root cause and take corrective action. Time tracking processes are now 60%-80% more efficient compared to our previous system, data accuracy is improved by 75%, and errors are reduced by 60%-80%. Plus, implementation of Replicon TimeCost was second to none.”
To view a full report of the “Lies, Damned Lies and Timesheet Data” survey:
Survey Methodology and Participant Demographics
In June 2013, a database of business professionals was emailed an invitation to participate in a Web survey on the topic of time tracking. A total of 432 individuals with responsibility for purchasing time tracking management applications completed the survey. Participants included a wide variety of stakeholders including business managers, IT, finance, human resources and others. The companies where the participants worked represented a wide range of sizes and industry verticals.