There was once a time when managing a project at work was fairly straightforward.
Thanks to all that made it to last week’s webinar on effectively managing project time and costing in your organization. We had attendees from all over the globe, including North America, India, Australia, and the UK!
Our experts detailed these challenges in a handy overview, followed by a great Q&A. Check out a recap below to learn our top takeaways from the session. For those looking for more details, you can click here to watch the full recording of the presentation.
- Time, one of our greatest strategic assets, is finite. How much time does an organization actually have? Depends on the user base. An organization with 500 employees will have 1,040,000 hours a year; 5,000 employees have around 10,400,000 hours; 50,000 employees will have a whopping 104,000,000. With this much time at your disposal, you need a way to understand how this time is being used.
- Today, time data is often separated into numerous silos: CRM, ERP, HR, project management, and more. These fragmented systems make it difficult to gain real visibility into 100% of an organization’s time, and consequently, understand true project profitability.
- This leads to multiple business challenges including – costing issues, including billing delays, low utilization rates, and chargeback errors – all a result of mishandling our time.
- This is further complicated as different personas within the company use different metrics derived from employee time in many different ways – but have no reliable system of record for time.
- A configurable, scalable platform for project time tracking can help tackle these challenges. Look out for key features such as:
- Accurate Project Time Tracking – Project resources can see the exact projects and tasks they are working on and are able to provide accurate inputs which directly feed into utilization, costing, billing and all other metrics instantly.
- Intuitive Mobile Timesheets – A user-friendly mobile app provides time management on-the-go. Employees can track project time and managers can easily validate and approve timesheets anywhere anytime.
- Flexible, Scalable, Global Cloud Platform – A platform built to scale as you grow, meet all your customization needs, and help you manage global location requirements including support for languages and currencies.
- Accurate Project Costs – Real-time mapping of time to projects gives you a clear comparison between the estimated and the actual costs. Group projects into programs to understand the bigger picture and manage costs at an aggregate level.
- Internal Chargebacks & More – Project effort for each business unit or entity and justify all chargebacks with easily tracked details. Simple to categorize projects and tasks for R&D claims or time and labor cost capitalization.
- Powerful Analytics – Graphical representation of your project data help you understand trends. Configurable reports give you a consolidated view of the critical metrics and enable you to manage budgets, costs, and resources.
- Enhanced Integrations – Seamlessly share project hours and cost data with any system of your choice including ERP, Accounting, Invoicing solutions using prebuilt connectors, or have the option to build your own.
Replicon customers use our comprehensive suite of products to manage a plethora of key business elements including labor costs, resource management, project tracking, and profitability to reduce billing errors, improve invoice turnaround, and more. Read more about some of our happy customers.
Q: Can categories of work within a project be classified as CapEx or OpEx?
A: Yes! We can easily categorize that once the project is built.
Q: Can forecasts use percentages for actual hours?
A: Absolutely. Replicon can generate reports to compare a whole host of customized metrics, and forecasting is just one of them. There are a ton different areas where you can implement forecasting tools!
Q: Does Replicon handle labor cost capitalization?
A: We sure do. Within Replicon you can assign both a regular cost and a normalized cost – whatever works best for your organization and for your tracking purposes. As we saw in the demo, we can keep a full list of all the projects we’re working on and succinctly log time.
Q: Can you integrate with SAP?
A: That’s a great question. Most of our customers leverage SAP or some other ERP as a backend. Replicon is easily able to capture, validate all project time tracking information, and share it with SAP and other systems for accurate costing, P&L, billing, or even pay.