The Aberdeen Research Brief: Why Your Organization Can’t Afford to Ignore Time Tracking and Resource Scheduling
How detailed time tracking can increase the profitability of key projects
These days, organizations of every type rely on powerful business applications to handle the vast amount of data that they need to run their various functions. Complex ERP solutions keep tabs on finances and other assets, while HCM systems help HR departments, and Project Management solutions help guide the work being done across an organization. When it comes to managing Time—one of the most vital assets for any person or organization—we rarely see as much emphasis being put on measuring, or getting optimum use of it.
Those organizations that do use time management solutions are confronted with their systemic drawbacks and lack of transparency. Vendors often take months to implement on-premise solutions, which then require days of training before employees can use them. Organizations thus get the illusion of being in control of time worked by their employees on various projects, but the reality is that usable insights are rare to find in such systems.
The Aberdeen Group recently conducted a study on workforce management processes and issues, focusing on Time and absence tracking. According to Aberdeen, belt tightening is forcing organizations of all sizes to streamline their workforce management processes to boost efficiency. With their employees comprising their single biggest expenditure many companies are realizing big gains through improvements in Time and Attendance management.
According to Aberdeen’s findings, to become more agile and flexible in their workforce management, organizations must use data to help them make better decisions regarding employee deployment and work load. Since lack of current data impedes project management and reporting, having a centralized solution that gets regularly updated by employees and managers provides deep insight to help improve decision making.