Business owners, project managers, freelancers, and employees are often hesitant to monitor project time. After all, time trackers are often perceived as a burden rather than a must-have.
But the data you can get from monitoring work can make a big difference for any business.
So let's take a look at the main benefits of time tracking in project management.
Time monitoring helps to:
1. Identify moments when staff needs additional support
Implementing time tracking is a way to identify areas where your team may need additional support, which will help your employees be more proactive in project management and help you as a manager to address the problem early.
For example, a team member may be struggling if they are taking longer than expected to complete a task. Or, if a team member is constantly behind schedule, it could mean that they are overworked.
Important! Before implementing time tracking, it's important to emphasize that a time tracker is a tool to help prevent exhaustion and make your teams' lives easier, not to burden them and spy on them.
2. Keep the budget at the right level
Project profitability is a huge issue. About 90% of companies do not consider their projects profitable. One way to become the 10% is to monitor the time spent on all tasks.
This will help determine whether the project fits the budget. How to do it?
The first step is to create a time estimate for each task within the project using a work breakdown structure. This will allow you to see the estimated cost of each task based on an hourly rate.
3. Make important decisions based on the data
Time tracking data can help you estimate future projects more accurately, plan resources better, and optimize time frames.
Every time you record the time spent on tasks, you get accurate data that will provide you with the average time period that each task, phase, or project takes (and costs), which will then make it easier to make important decisions.
Time monitoring will lead to:
- More accurate project cost estimates
- Better project time estimates for planning purposes
- Better resource planning to prevent team exhaustion
Which tool to choose for time monitoring?
Yaware.TimeTracker is a software solution aimed at monitoring and analyzing the time spent on work tasks. This tool helps both individuals and entire companies manage time effectively and achieve greater productivity.
With its help, you will find out:
- what time of day is the most productive for your employees;
- what resources your employees use to complete tasks;
- how much time is spent on a task;
- when there are difficulties in completing a task and help is needed;
- what distracts employees and prevents them from moving forward.
Yaware offers a 14-day free trial so that you and your employees can experience its functionality to the fullest.