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No doubt even today’s most meticulous business leaders continue to be overwhelmed with challenges like process inefficiencies, errors in business metrics, and revenue leakages. And with the new normal, organizations realize that digitalization to gear up for WFH and dynamic workforce challenges is more critical than ever to optimize profits and be operationally efficient. Accurate project time tracking enabled by flexible, modern systems is the right place to get started as it ties into critical metrics like costing, billing, productivity and profitability and has the power to produce fast, long-term returns.
This week’s webinar discussed how digitalization with Replicon can help businesses adapt to new project time tracking requirements and drive profitability. Thanks to all those across the globe who joined the session! Check out the recap below with our key takeaways and some top questions. If you’re looking for more details, you can click here to watch the recording of the full presentation.
- Time, one of our greatest strategic assets, is finite, and it filters into every single aspect of an organization. Once it’s used up, it’s gone.
- But how much time does an organization actually have? It depends on the size. An organization with 500 employees will have 1,040,000 hours a year; 5,000 employees have around 10.4 million hours; 50,000 employees will have a staggering 104 million. Unsurprisingly, that much time is entirely too complex for any one person or department to manage.
- The real trouble begins when time data is separated into numerous silos: CRM, PSA, payroll, project management, on-premise databases, and more – and not every piece fits neatly into the puzzle. As a result, the ecosystem becomes tedious and fragmented.
- Even more noticeable due to work-from-home changes, these disjointed systems make it difficult to gain real visibility into 100% of an organization’s time, especially when there are employees working from home and on the road, contending with on-premise databases and hardware.
- Services businesses wind up facing a myriad of challenges, such as:
- Costing and billing delays and errors
- Low utilization rates
- Chargeback errors
- Reduced planning capacity
- Inhibited future pipeline and growth
- Decreased profitability
- But the complications don’t stop there. Different roles (e.g. finance, operations, delivery, and more) within the company use different metrics derived from employee time in many different ways – but have no consistent, single source of truth for time. Instead, each business leader looking for quick data will interpret the results differently, creating inaccurate, contradictory metrics.
- Replicon’s cloud and mobile-first project time tracking platform empowers businesses with advanced capabilities like:
- Project Time Tracking: Employees can track time towards the exact client, project, or task that they are working on without having to search.
- Mobile Timesheets: Intuitive mobile app provides self-service time tracking for employees and approvals for project managers.
- Flexible, Scalable, Global Cloud Platform: Organizations can configure the time tracking to meet all the local needs across all their locations globally.
- Accurate Project Costs: All the tracked time is validated and is mapped to projects giving complete visibility into project costs with real-time actuals to estimates comparison.
- Chargebacks, R&D Tax Credits & More: Get all the required details to justify chargebacks, R&D tax credits, CapEx costs and reduce the overall time spent in managing them.
- Powerful Analytics: Every project metric can be easily modeled and tracked for complete understanding of the business.
- Seamless Integrations: Choose to share project hours and cost data to effectively sync with any other solutions in your ecosystem.
Q: Can a notification be sent to select managers if employees are exceeding scheduled hours per week?
A: Absolutely. Replicon enables the setup of automated, customizable notifications for users, including when employees exceed the scheduled amount of hours. Notifications can be sent by email, or as push notifications to those using Replicon Mobile.
Q: Can this add on to current software? And can it be customized?
A: Yes! Replicon is open source and highly configurable, so we can connect with a ton of different software. For any more specific questions about integration, please feel free to get in touch. We’re here to help!
Q: How is each project defined?
A: Projects are set up and defined in customizable fields including date, status, client, billing type, and more. Users can create multi-level project/task hierarchies, define project milestones, and set up relevant information in seconds, as well as store project details by attaching documents or links. To see Replicon’s project management in action, contact us for a customized demo just for your organization.