Why a Business Need Project Management Time Tracking

In project management, time plays an important role. If you don't plan how to execute your project and manage your time, your project will either not be delivered on time or may fail. So, to avoid such scenarios, one of the best ways is to track your project management timings. Project management time tracking helps you manage the set of activities with a good start and end date to achieve a specific goal. This blog will discuss why a business needs project management time tracking.

Understanding Time Tracking for Project Management

Businesses use time tracking to figure out how long it takes to do a job, set realistic deadlines, keep track of labor costs, etc. Today, there are a lot of apps and software that can help you keep track of your time. An organization uses it for a lot of different things. When it comes to things like billing hours and scheduling, everything is part of it.

Coexsys Project Time Tracking

Coexsys Project Time Tracking cloud is built for Enterprise Grade Project management. Combining with the Coexsys Project Management Cloud application, Enterprises can empower project managers to achieve excellence in managing their projects. This ultimately helps project managers, project sponsors, and the enterprise to complete their projects under budget and planned schedule. [caption id="attachment_119066" align="aligncenter" width="5486"] Track time on various projects.[/caption]

Track Labor Costs

Every project has a team. Big projects have multiple teams. Human resources are the most important aspect of managing enterprise projects. Effective management of labor cost (or lack or thereof) alone determines the state of the project management function and responsible for success or failure of a project. That's when labor costs come into the picture. The Coexsys Time Tracking cloud enables tracking of the labor costs to give a clear picture of essential Project key performance indicators. When used with the Coexsys Expense Tracking cloud, project managers can get a comprehensive view of project labor and non-labor costs such as supplies, equipment, and materials needed for the project.

Reasons a Business Need Project Management Time Tracking

As a project manager, one of the most challenging aspects is delivering a project on time. Although it may seem like an easy task at first, it is very challenging. Here, time tracking comes into play. Let's look at why a business needs project management time tracking.

Time Tracking increases Project Efficiency and Productivity

When proper project management is lacking, time drains occur. In fact, according to PMI Investigation, "51% of the projects were not completed on time, and 47% did not meet the original budget." Project management time tracking can help you figure out how much time your team spends wisely. It also helps them figure out how much time they spend on things that aren't important. However, if you manage your time well, you won't have to deal with time delays or waste.

Time Tracking increases Workflow Transparency

Every project management plan has workflows that employees must follow. However, the employee often gets caught up in work and forgets about the time constraints. In this case, time tracking is crucial. It helps make the workflows clearer and informs employees of the time allotted for each task. A transparent workflow also helps the manager and the team to work together in a better way. A manager can also speed up the process by tracking how long each job takes. Even though you're in charge of your team, you won't have to worry about micromanaging them if they stick to their schedule. Managers must keep their employees informed and time-conscious, especially in today's remote work environment.

Time Tracking helps to monitor Labor Costs

Let's face it- for any business, one of the most challenging parts is tracking labor costs. If this is the case, it is time to start creating timesheets for your employees. By tracking time, your employees will be able to reduce the burden of calculating expenses. You know exactly how each employee affects your budget with standard hourly wages for each employee. For example, if you find an employee who is less productive than the others, you can find ways to train that employee to perform better. Project management time tracking helps you track labor costs efficiently.

Time Tracking makes Billing Clients Easy

Billing clients can be easier with the help of time trackers. Moreover, a time tracking software will show you the details of all completed tasks and which team completed each stage. Besides this, the time trackers also help record billable hours, making it simple to invoice clients. Furthermore, many time tracking solutions include built-in invoicing, eliminating the need to enter payable hours manually.

Understand Where The Greatest Demand For Resources Exists

The amount of time spent is an essential indicator of the number of resources required. It indicates whether a department requires additional resources, either in terms of the workforce or other inputs, and it provides information on who adds the most value to the team. This information is critical for the team and the organization as a whole. One person may do the majority of the work. Perhaps something needs to be changed to bring everyone to the same level, such as redistribution or sharing responsibility and workload.

Set reasonable due dates and deadlines

Whether you set contractual deadlines for clients or personal deadlines, make sure they are reasonable and attainable. If your deadlines are too short, you will frequently fail to meet them. It will annoy your clients and cause disruptions in the rest of your work. However, if you set your deadlines too far in advance, you'll expect projects to take longer than they actually will. It results in unpaid gaps in your schedule. Project management time tracking can assist you in estimating how long a specific project will take. It will help you examine previous projects to see how long they took and whether the timelines were appropriate. Also, with the software, you can use that data to set reasonable due dates in the future.

Time Tracking helps to avoid Overload Work

You can avoid resource overload by determining how much time your team members need on projects and specific tasks. By tracking time, you can get a good idea of which resources can take on specific tasks and how quickly they can complete them. Also, you gain visibility, which allows you to assign tasks to the appropriate people and allocate resources with the necessary skills to your projects. All of this will enable you to complete your project on time. Work overload causes unnecessary frustration, which you can avoid by reviewing time-tracking reports.

Conclusion

The first step toward effective time management is proper project planning. An efficient time tracking feature lets a project manager regularly assess the team's performance and encourages them to improve. It is best to choose the most effective and simple time tracking tool that suits your business mechanisms and is simple for your team to use. You can keep track of the total billable time spent on a task, generate accurate invoices for your customers, and get paid on time. Most importantly, the team is in sync, and there is complete transparency. Undoubtedly, time tracking is a big hassle but essential for businesses. Today, you can find many project management time tracking software options, and choosing the right one is a bit daunting. Coexsys Project Cloud brings you the most efficient time-tracking solution that can do wonders for your business. So, if you are looking to improve your team's efficiency and productivity, implement Coexsys Project Cloud Project management time tracking today.

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