“At the end of the day, our attention is all that we have.” - Ken Burns
Ken Burns is my favorite filmmaker. He understands the value of time.
Time is more fleeting today than it has ever been before.
Business people currently confront overwhelming demands on their time. Time has become more critical than money, but most companies don’t yet allocate it with the same care as they would more traditional assets.
Most managers understand that time must be managed, accounted for, and invested in ways that maximize return, but this is easier said than done. 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 their 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 or paper. Even companies that have fully automated time tracking systems sometimes fail to leverage those systems to drive profits up and costs down.
Leveraging such systems isn’t easy. Some companies understand the potential gains associated with managing time as an asset, but they lack the knowledge, tools or resolve to actually do so. Many others succumb to a misinformed, unnecessary distrust of time tracking. Still others mistakenly believe that time tracking systems are simple, and as a result, they internally develop or buy inadequate systems that fail to deliver real value to the entire enterprise.
A well functioning time tracking system should lead to automation of payroll, client billing and above all, project accounting. If it doesn’t, you’re missing out on much of the value.
- Curt Finch, Journyx CEO
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