Your business has no shortage of data. Every day, the activities of both your customers and employees add more and more to the available data surrounding your business operations. This data, however, is useless white noise unless properly captured to reveal insights and drive actions. Business data must be accessible—not only available, but also easy to understand for busy business leaders, managers, and finance and operations professionals.
As data itself is raw and has little context, you should consider the concept of “actionable information” as what data can be transformed into. Actionable information is the meaningful data in context and its relational value that is useful to make a decision or solve a problem. Good analysis can yield the right information, at the right time, to produce actionable insights.
Why Accurate Time Tracking Data Is Critical
When considering the best way for your company to manage projects and resources, accurate time tracking is critical to your company’s ability to:
- Meet deadlines
- Stay on budget
- Forecast and optimize resources
- Assess and optimize project spend
- Bill clients accurately and on time
- Pay employees in a compliant manner
- Improve, enhance, and streamline operations
How to Ensure Meaningful Data Collection
Success in these areas requires a thoughtful process. Here is a short list of easy steps to ensure your company’s workforce time data will be meaningful:
- First, decide what aspects of your business need to be measured to reach better outcomes—which includes defining your key performance indicators (KPIs)—and what tools can help you accomplish this.
- Next, understand what type of reports you can create to generate real business value from your data.
- Then, to support the desired outcomes, you must focus on quality control and accuracy of data—because quality data in will result in quality information out.
- Finally, once you have an effective analysis engine working, ensure that there is universal usability, meaning all parties who need it have real-time views of what’s happening within the organization.
Journyx is a project-oriented time tracking software that helps streamline the collection and processing of employee timesheets. Journyx provides important business insights with built-in data reporting as well as other tools to improve project resource capacity planning.
Journyx offers custom PTO accrual calculations, multi-level approvals, mobile entry, integration with most other business applications (including Microsoft Dynamics, Microsoft Project, ADP, Sage Intacct, and QuickBooks), data validation, and flexible timesheet system configuration to meet your specific needs. For more information, visit journyx.com.