The Cost of Doing Nothing

The Cost of Doing Nothing

The Challenge

Every business needs to run itself as best as it can given its operating circumstances, business plan, and the current market conditions. Oftentimes, investments that are made to increase efficiency and reduce operating costs do not produce the anticipated savings, or take a long time to show positive results. Decision makers are usually confronted with having to make tough decisions when it comes to spending precious capital and allocating resources appropriately. So what can help managers make the best decisions when it comes to maximizing resources and ROI?

The Prescription for Success

We suggest that companies start with something easy to adopt like automated and hassle-free Resource Management software. Not only does this timekeeping software start paying back as soon as it is implemented, the solution also leads to a cascade effect of positive changes in any organization. From helping to create a culture that is time-sensitive, to providing management with vital data on the time that employees spent on a specific project, time tracking software provides a great deal of benefits to its users.

For companies with offices spread across the globe, or with a mix of various types of employees (full-time, part-time, hourly, etc.), the complexity of time tracking can take its toll in terms of hours spent to adequately keep track of what the workforce is accomplishing at any given moment. Manual systems for tracking time and attendance are error-prone and can result in compliance issues down the road, in addition to costing the company more due to the frequent issue of overpayment. Figures from the American Payroll Association show that manual processing of time and attendance can introduce errors that reach up to 7% of payroll due to human error. These kinds of errors can be easily avoided by switching to an automated system.

Overtime can help a company meet its production deadlines, but this extra cost should be minimized. One way of accomplishing that is to adopt time tracking software to better schedule your resources’ time and provide management with better visibility into employee utilization and work scheduling.

In Conclusion

Among the plethora of steps that an organization can take to improve its efficiency, few are as easy to implement as an automated online time and attendance tracking solution. Companies looking to enhance their ROI and increase profits would be well advised to adopt innovative solutions that are hassle-free and cloud-based, such as Replicon’s TimeAttend software. Investing in a time and attendance tracking solution today will produce measurable improvements in your company’s efficiency and productivity tomorrow, as many of Replicon’s customers can attest to.

Avatar
ABOUT THE AUTHOR
Replicon
Replicon provides award-winning products that make it easy to manage your workforce. With complete solution sets for client billing, project costing, and time and attendance management, Replicon enables the capture, administration, and optimization of your most underutilized and important asset: time.
Get started today.
Set up a free trial based on your business needs. Start Free Trial

How a Shared Common Data Platform for Project Management Can Create Harmony Across Business Teams

Today, professional services firms use some combination of ERP, CRM, HRIS, PPM, or other software along with their PSA solution. These systems serve different purposes, host different and overlapping data,…Read More

6 Ways to Simplify Remote Resource Allocation and Why It Matters

When you’re an enterprise operating at a global scale with a team of employees working from home, one of your major concerns is proper resource allocation. When it goes wrong,…Read More

3 Ways to Grow Your Services Firm Profitably

Does your professional services organization deliver? When you provide services to paying customers, how, when, and what you deliver are your top priorities. Think of it this way: if you…Read More

Miscalculating wages by a few cents led to this company paying a six-figure lawsuit

West Marine Products, which operates a chain of retail stores across the United States specializing in boating supply and fishing equipment, recently settled a class action lawsuit involving 707 former…Read More

Employee time tracking is dead

iBeacons, Bluetooth Low Energy, Proximity sensing and the obsolescence of time tracking as we know it. Businesses have to track the time their employees work for a variety of reasons,…Read More

How Sarbanes-Oxley Impacts HR Departments

Ever since the Sarbanes-Oxley Act (SOX) was passed in 2002, following a spate of high-profile corporate scandals, companies have had to take a wide range of precautions to ensure that…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates