So you have heard your manager say, "Time is Money"! You may have noticed he was extremely stressed when the department was toured; he viewed his employee time sheets and took a pencil to project costs. Managing time and money is a necessity for any executive. They often have no viable way to track project overruns before it's too late. This manager may have been able to pencil the total hours worked on a particular project, but it is highly unlikely he would be able to track the effectiveness of an individual employee or access project history in order to quote a job based on the similarity of a project. It is often deemed a waste of time and money to hire an employee to track time management performance and build reports because of the time involved in generating such a report.
Today, time is money is the synopsis of time management and money; and is in direct correlation with how well time is managed in multiple areas such as employee timesheets, project time tracking, project resources, time projections of project deliverables as well as being able to access time data on any one or multiple employees or projects.
Increasing your company's profitability is about the focal point of numbers and the ability to access those numbers quickly to implement a plan to reduce internal costs while increasing project profitability. Understanding where an employee's time is spent and realigning that time as necessary to "fit" the project at hand is a major step toward greater profitability.
Flexibility is another important key to implementing great time management. The ability to move resources quickly between projects and tasks without effecting existing time entries is critical.
Having an easy to access time management history allows your company to "guesstimate" with accuracy, the man hours of a particular project, what that project will cost in labor and resources, the cost effectiveness of pricing as well as effectively "quoting" based on similar, past projects. Viewing any one or all aspects of such time management numbers and how they correlate to one another gives insight into areas of time management improvement that leads to greater profitability.
Time is money and to make more money it helps to know the 'numbers' that make up the time. The timely availability of those 'numbers' is the key to unlocking the vault of profitability. Time management and your company's profit directly correlate to your ability to access the "numbers" on Employee Time Sheets, Project Time Sheets and past Project Histories.
Numbers at your fingertips allow your company to make improvements to procedures that may be necessary or perform time gap analysis on previous projects. Being able to see the big picture of an individual employee in relation to other employees and tracking time effectiveness on a particular project or task is critical. Reducing employee man-hour averages per project is essential to accentuating skills in future projection analysis and for more effective time management strategies. The optimum situation means having the "right tool" to manage your numbers.