Software Testing News | 21st February 2020

By Jason Caines

Everyone loves a fresh start – and for many, the new year provides the perfect opportunity to shake off bad habits and invest in some self-improvement.

And why shouldn’t businesses do the same?

Overloaded with leaking revenue, worn-out processes, and sluggish productivity, the time is ripe for project-based organizations to jump on the “new year, new me” bandwagon and invest in their own success with some fresh new approaches.

So, what can services businesses do to make 2020 their year?

Here are five tips from Raj Narayanaswamy, Co-Founder and Co-CEO at Replicon:

Redefine their understanding of billable time

A common fallacy among services firms is equating billable time to total time – but billable time alone simply doesn’t cover every minute a resource is working. Without 100% visibility into all resource time, true billable potential cannot be determined.

Calculate the true cost of their resources

Without specific direction, each team will determine a resource’s cost differently, resulting in job cost discrepancies and all-around confusion. With an advanced forecasting system, businesses can learn from valuable historical cost data in order to optimize the present, plan for the future, and supercharge growth.

Consciously establish what utilization means across the organization

Without a centralized approach to utilization built-in to an organization’s workflows, every services company department and team will use their own methodology for measuring utilization. This can get messy. Deliberately establishing one standardized definition for utilization across the organization will set everything straight.

Ensure real-time visibility into key metrics

Real-time visibility into key metrics and ongoing project progress allows project managers to lead team members in the right direction based on what actually needs to be done, and ensures the client remains on the same page from start to finish.

Track project profitability at a granular level

Aggregate data won’t help you here – only drilling down into time tracked at every level can provide the level of detail required to reveal the true profitability of the project. Each specific metric deserves attention, otherwise, the information can easily slip through the cracks.

Original Source: Software Testing News
Author: Jason Caines

Get started today.
Set up a free trial based on your business needs. Start Free Trial

Top Challenges that Large Services Organizations Need to Tackle Now

Unforeseen market dynamics, the rise of disruptive technologies, new business models, and global competition are transforming the business landscape, especially large services organizations. As revenue growth slows down, professional services…Read More

Top 5 Mobile Timesheets On the Go to Make You More Productive in 2022

Time tracking software is the backbone of every company when it comes to recording time and attendance as well as project management. The demand for such software is always increasing…Read More

How can Large Service Organizations Maximize Resource Utilization to Drive Higher Project Profitability

Large services organizations are facing several challenges in their business. On one hand, they need to maintain a flexible hybrid workplace that supports collaborations and can bridge the gap and…Read More

Demystifying the millennial workforce: 5 tips from Trunk Club’s Andrew Anderson Devine

Time magazine labels the millennial generation the “most threatening and exciting generation,” infamous for “narcissism [and] its effect: entitlement.” In the workplace, the perception of the millennial workforce is no…Read More

Time and Attendance Orientation Guide

In a growing business, the day will eventually come when managing time and attendance on paper becomes both inefficient and risky, especially when trying to balance things like overtime, paid…Read More

Using shared services? These five technologies are a must

As organizations continue to scrutinize operating costs and look for areas to drive efficiencies, shared services centers (SSCs) are a no-brainer. The concept of a multi-function SSC has been around…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Enterprise Time Tracking
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates
  • Others