Many project teams focus on making sure a project gets done on time without paying attention to the smaller details that lead to that success. However, there are many benefits to knowing what you and the rest of your team do throughout a project. Tracking time can help you throughout the lifespan of a project. Here are just a few benefits that you can reap.
1: It Shows Where the Money Goes
Time is money. This is more than just a business cliché; it is absolute truth. Because wages and benefits are a significant cost in any business, tasks that require a lot of time also require a lot of money. By tracking your time, you can determine where you are spending most of your revenue. This allows you to analyze whether certain tasks or procedures are worth their cost. If your team spends many hours handling a process that doesn’t provide your overall project with a huge net benefit, you may want to cut that out so you can focus your effort on other areas that are worth your time.
2: It Gives You a Clearer Picture of the Project
Think of a time study as a high-level snapshot of where your team stands throughout the various phases of a project. If you know what a specific team member works on the most, you can assign tasks that synergize well with their normal workload. This also gives you a chance to determine potential shortcuts that might save time and money down the road. For example, if you have a programmer who has to develop many similar applications, you might be able to streamline the process by developing a template that the programmer can work from in the future, thus reducing the amount of time spent with each application.
3: You Can Change Course More Effectively
Many projects suffer from scope creep. This means that a project that works effectively at a small level might become more bloated and ineffective as the scope starts to increase. If you keep track of time use, you can identify scope creep before it happens and take steps to mitigate it. If you notice your team spending much more time on a task that once required relatively few hours, you can investigate immediately rather than waiting until it becomes a more serious problem down the line.
4: It Improves Human Resources Processes
As a project team grows, they often take on tasks that are beyond their original position description. This can lead to some people being underpaid compared to what they do or being passed over for a promotion that they definitely deserve. If you keep track of who is doing what and how long they spend on their tasks, you can get a more accurate view of what they really do. When it comes time to determine salary increases, promotions, and the like, you can distribute your resources to the most deserving team members.
5: It Keeps Team Members from Getting Overloaded
Many times, a dedicated team member takes on new tasks without complaining and without any significant drop in their productivity. Even the best employees have a breaking point, though, and you normally don’t get a warning before this happens and their productivity drops. Time tracking allows you to notice shifts in workloads and alerts you when it is time to delegate.
Time management is essential if you want to maximize the success of your project. If you have difficulty setting up a time tracking system, you should look into project management software. Such all-in-one project management software tools can provide you with exactly what you need in order to achieve success.