The phrase “time is fleeting” has never had more relevance than it does in the 21st century as today’s “C-Suite” executives and their employees confront overwhelming demands on their time. In fact, time is every bit as critical as money. Yet, many companies are not accustomed to allocating and investing it with the same level of care as they would with more traditional assets.
Those executives “get it” that time must be managed, accounted for and invested in ways that maximize return. Yet, this is often easier said than done, as companies seldom possess the right processes and infrastructure to make the most of time resources. They often confuse the core business process of time-resource allocation with simple “timesheets” or “time management calendars.” This is as dangerous as confusing a simple check register with a company’s capital investment strategy.
To allocate and manage any resource, it must first be seen clearly and then tracked carefully. Time tracking should be a fundamental part of any business. Almost every business tracks time at some level even if only for payroll. At the most basic level, some companies employ a simplistic, homegrown system that is based on spreadsheets.
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