A few years ago, Sweden was in the headlines for experimenting with a six-hour workday.
Accurate time tracking is vital to your company’s operation, not only for the purposes of meeting project goals and staying on budget, but also for the valuable data it generates related to business metrics, such as costs, pay, billing, productivity, revenues, and profitability. Data-driven analytics help you generate actionable insights and adjust your KPIs for a clearer picture of your team’s performance. It can also aid in identifying gaps so you can uncover areas for improvement, manage resources effectively, and keep expenses in check.
Without a data-driven approach powered by a single source of truth for time tracking, the decisions you make regarding your business are at best an educated guess, and at worst, a shot in the dark. However, you’re not alone. Most businesses struggle with erroneous or partial data and delayed information, all of which lead to poor decision-making or the inability to make decisions at all. Replicon’s time tracking software gives businesses the power to utilize built-in analytics — or use the BI tools of their choice, like Tableau or Power BI — with accurate, real-time data to make proactive decisions.
How Can Data-Driven Business Analysis Improve Performance?
Advanced analytics puts the control in your hands. Armed with data, equipped with the right tools to interpret it, and empowered to make intelligent business decisions based on hard evidence, you will find new ways to improve efficiency, accuracy, and timeliness, and understand the ways it impacts your bottom line. Here, we offer four ways our platform’s analytics can set you up for greater success.
Provide Real-Time Visibility to Identify Trends
Monthly and quarterly metrics reports are important to identifying trends and forecasting budgets and resources, but for true insight into how projects are running (or what may be hindering their progress), you need to know what’s happening in the now. Our real-time visibility gives you an instant snapshot of your key business metrics, so you can understand how employees are using and tracking their time, find efficiencies, and adapt to changing needs. Without real-time insights, you might find project budgets being maxed out, delays in timesheet submission and approvals, or inaccurate expense tracking. With these insights, you’ll know at a glance the status of your key metrics and can quickly pivot to address issues and find solutions.
Provide Big-Picture Insight and Organized Data
A wealth of data isn’t worth much if you can’t quickly and easily interpret it. Our library of built-in templates helps you organize your data so you can find what you need when you need it. Custom dashboards deliver your critical metrics in one location, offering a birds-eye view of your performance. And if you prefer visuals to numbers, our summary charts give you the complete picture of your metrics at a moment’s notice. When you need insights and you need them now, your dashboard is your go-to spot to get the big-picture, on-time reporting, budgets, resource allocation, billing, and more.
Ability to Easily Share Reports and Data
You likely aren’t the lone decision-maker in your organization, and when you need to have other eyes on your data, you want to ensure it’s shareable, reliable, and protected. We offer numerous reporting options to meet your needs, allowing you to keep the right people informed and nurture collaboration across teams and departments. You may choose to share your dashboard with other decision-makers or create custom dashboards with the metrics that matter most to them.
If you’re looking for consistency and shared insight over time, you can also schedule automated reports that will be emailed at predetermined intervals. If privacy or access is a concern, you can extract images from your dashboard to utilize as PDFs or export data to other back-office applications used by decision-makers. For an even deeper dive, you can share data to integrated tools like Tableau and Power BI, so you’ll be able to access analytics through your preferred platform, all powered by your Replicon time data.
Identify Business Metrics to Find Roadblocks and Improve Accuracy
At times, you will want high-level visibility into your metrics, while at other times, you’ll need to go granular. Similarly, you might want to track historical data to identify trends and forecast future project metrics, or you may need to know what’s happening at this very moment in time. Replicon’s advanced analytics can handle any need, for any business scenario. Configure your metrics to suit your needs, and you’ll find new ways to avoid over- or under-allocation of time, budget, and resources. You’ll also be able to easily track billing, utilization, margins, WIP, and more to make informed decisions that will save you time and money.
While timesheets and time tracking feed the data, that data will also help you uncover roadblocks and obstacles that, once addressed, will aid you in improving timesheet accuracy, submission, and all related processes. As you move through the data > analysis > interpretation > implementation cycle, you’ll grow in both efficiency and efficacy, meeting goals and maintaining your budget on the way to project success.
Replicon’s Project Time Tracking Platform is your single source of truth for every time tracking need. Best of all, our advanced data-driven analytics suite is always included, so you can start gathering and learning from your data immediately.