The Information Technology (IT) industry is set to continue dominating the fields of data, computer hardware, software, and so much more. Recent statistics show tech is a growing industry with $5.2 trillion in spending globally. The majority of these costs come from corporate and government entities who rely on these providers for the best in products, service, maintenance, function, user-friendly interaction, and customer service.
With all the challenges facing these providers, IT professionals need all the advantages they can get their hands on to succeed in this highly competitive marketplace. That’s why time tracking software is so important for these teams and individuals to remain profitable, increase their figures, and keep their clients and customers happy and productive.
- Institute of the Obvious
Unfortunately, further statistics share 43% of employees admit to “padding their hours” by reporting time when they were supposedly working on a project when they were actually slacking off. Time tracking software keeps track of actual hours worked on a specific project for better profits and increased productivity. Think of it this way, that’s almost half of a workforce wasting time when they should be working.
- Delivering Data on Actual Time Spent
Time tracking software gives employers and their workers real-time data on how much time it takes to perform a particular task. This will lead to more accurate estimates in the future. In other words, when utilizing time tracking software, the data delivered leading to more accurate quotes will in turn lead to more customers that are more profitable down the road.
- Save Time and Money on Billing
Especially in the tech industry, there are rarely two tasks that are 100% identical. For example, one system might take twenty minutes to back up data while another may take a half-hour. One might not think ten minutes here or there might not make a big difference during the day, but think about this time adding up over many months and years. For example, if thirty billable minutes equals $40 in one day, this unaccounted time would add up to $1,200 monthly, or over $14,000 annually.
- Avoid Micromanaging
Time is money and spending time micromanaging employees and their tasks are both time-consuming chores. Time tracking tools are present and running in the background without having to pay attention to the details as they are occurring. This saves time on physically checking on employees or requiring them to send in work reports. Less time spent managing means more time for important work and other vital tasks.
- More Motivation and Better Discipline
Even the most highly-motivated individual understands there’s always room for improvement. The knowledge work is being closely monitored and clocked summons better concentration towards the task at hand. Some may be challenged to complete a certain task faster than a fellow worker or improve on their best time from a previous project.
- Consider Pricing or Rate Changes
Sooner or later, there will come a time to reconsider pricing and usually, that’s in terms of increasing rates to keep up with rising costs. Analytics from time tracking software will assist with this vital process. The average time it takes to complete a typical task minus the cost of staff to accomplish this feat should always leave you in the black. If not, it’s obviously time to increase rates to reflect this difference.
- Connecting With Payroll
Speaking of paying staff, integrating data from time tracking software to the payroll system is another way of cutting costs. It also allows management to get a better picture of what’s happening in the salary department. Monitor hours worked, view payroll periods, approve time for one or all employees from one convenient location. Tracking employee hours will save many administrative hours every month leading to more profits and productivity.
- Better Planning and Budgeting
Although time tracking tools won’t actually perform planning and budgeting tasks it will provide a great deal of data and insights when you’re in these modes. With work estimates, quotes, rates, project timelines, and deadlines realized, all of this information will help to adjust plans and keep budgets balanced.
- Tracking Employee Efficiency and Performance
Part of management means allowing subordinates to grow and take on more responsibilities along with rewarding or punishing them according to their performance and efficiency. When it’s time for promotions or a raise in salary, time tracking software gives managers the tools and data they need to evaluate the performance of a team and its members individually.
This way those who do advance to climb the ladder or are given an increase in salary, these rewards are based solely on their performance rather than other inconsequential factors or potential favoritism. Other employees will be aware of these facts and perhaps be more motivated knowing that their improved performance and efficiency will potentially lead to greater rewards for their work.
As most IT workers are aware, part of their process is the integration of different types of hardware and software for seamless performance. This is often accomplished with API (Application Programming Interface) allowing open communications between systems. Luckily, time tracking software is very API friendly allowing connections with current project management or other types of business software for maximum performance and convenience.
BONUS: Support and Mobility
While it may seem counterintuitive, even the sharpest of IT workers need support especially when it comes to understanding new software and technology. Our time tracking software comes with a number of different resources for those in search of support with telephone calls, emails, live chats, webinars, online help center, and more, and it is always free! As another added bonus, our time tracking tools are available on the majority of mobile devices for those that are on-the-go.
As experts in the time tracking industry, we’re here for you, your company and clients, for better productivity, and profitability for everyone involved. Your success is our success. If you have questions, contact us today or sign up for a free trial of Time Tracker. We won’t ask you for a credit card, just answer a few simple questions to get started on a path towards better productivity and profitability.