6 KPIs You Can Manage with Time Tracking Software
If you are willing to keep the efficiency level high in your business, then you need to manage time effectively. Productivity, growth, revenue, and profits depend on this one factor. And that is why as the entrepreneur or the project manager, you need to ensure effective time management for your team and individual employees. This will help them in ensuring that the projects are completed at the right time and you are getting accurate billable hours. And that is why you need to invest in the right time-tracking software.
KPI Monitoring with Time Tracking App
The common notion about the time tracking app is that it is only used for tracking and monitoring employee activity. However, these tools are highly efficient and versatile for any business. Any business will set multiple key performance indicators or KPIs to ensure that the goal is achieved at the right time with the right requirements. When you are getting an application like KnowYourDay, you are getting the maximum value and chance to monitor the KPIs more effectively. Which KPIs you can manage more efficiently? Take a look.
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Daily Productive Time
With the help of this application, you can get access to the individual employee productivity history. You can monitor when your employees are coming online, what tasks they are performing, how productive they are, and how consistent they are in their performance.
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Absenteeism and Overtime
Absenteeism is a reality of any workforce. Depending on various reasons, employees take leave. Now, when a team is performing a designated task and one employee is not showing up for work, better management of the workload is required to reduce the loss. At the same time, the company can monitor the overtime work of the employee. This will give the company owner or the project leader an idea about how long an employee is working, how much the workload is, and whether hiring more resources is necessary or not. Employee monitoring software can be highly beneficial in this part.
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Transparent Revenue System
Revenue per employee is a crucial KPI for any business. On one hand, this will indicate how much revenue a team and an employee are bringing to the business. On the other, these metrics will be used for a yearly appraisal for the employees based on their performance. And above all, this is a crucial benchmark for the entire business.
With this application, you can get accurate and transparent business billable hours and with that, you can see the function of your employees. The whole system remains pretty transparent.
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Number of Sales
For a sales team, the model can be of two kinds, simple sales, and complicated sales cycles. Now, in the case of simple sales, the number of sales is the KPIs to easily measure employee performance. But when the sales mode is complicated where the employees are supposed to perform multiple tasks for selling, it becomes tricky to measure the performance. With the help of a time tracking app, it can be measured how much time the employee has spent on different tasks, and this can be used to get the right measurement of the performance.
Also Read: How Digital Marketing Can Help Your Small Business
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Average Task Completion Time
When you are getting similar multiple projects, you need to come up with a probable deadline and the right budget so that the communication with the prospective client remains clear. Whilst the application will offer you the time you need for project completion, you can also get an AI analysis that will forecast the probable deadline and budget depending on the pattern of the project, the employee contribution, and so on.
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Yearly Appraisal
The yearly appraisal and rewarding system become simpler and more transparent. The stakeholders get the right real-time report of employee performance and the deserving one gets the right reward.
So, now as you know about these KPIs and how the time tracking software can help you manage them, don’t waste time. Partner with the right software provider and reap the fruit in the future.
