11 Ways Productivity Tracking Software Saves Companies Thousands Of Dollars
When running a business, management must do everything possible to cut down their bottom line. After all, high spending, time theft, and poor productivity can cost a company thousands of dollars.
This is exactly why all organizations should use productivity-tracking software. Productivity tracking software is used for tracking project status, organizing project resources, and calculating time spent on work.
For those on the fence, here are the benefits of employee tracking software and 11 ways productivity tracking software saves companies money.
11 Ways Productivity Tracking Software Saves Company Money
Employers pay their employees to complete tasks that help the company function.
Therefore, it only makes sense to keep tabs on employee behavior to ensure they are a) completing the tasks they are assigned and b) doing so in a timely manner.
Here are some benefits of employee tracking software.
1. Companies Can Improve Workplace Efficiency
What you might not realize is that poor productivity (i.e., poor workplace efficiency) costs money. If the company charges $100 for a service but it takes your workplace $200 to complete the service, then the company loses $100. Not only do you lose money with poor workplace efficiency, but you also cannot make a profit, which means that you can’t reinvest in the company to improve it.
Productivity tracking software, which can track product efficiency and time efficiency, can be used by project managers, team leaders, and more to keep tabs on these metrics. This data can then be used to improve workplace efficiency and reduce extraneous costs.
2. Managers Catch Procrastination Faster
Time theft is when employees steal company time. This is essentially procrastination, but it can also indicate a larger workplace issue relating to employee engagement, employee morale, or job roles.
When time theft occurs, projects aren’t completed quickly, and the company spends time on hourly wages and salaries without making money. According to statistics, over three-quarters of employees lose money due to hanging out with coworkers on company time, as much as 4.5 hours a week per employee.
3. Employees Feel The Need To Work Faster and Not Waste Time
Not only is collecting this information about poor employee productivity or time theft valuable to employers, but when employees know that their time is being monitored, they tend to work harder and faster for a company. In some instances, just having the watchful eye of “big brother” there adds to the perception that they aren’t working hard enough and inspires them to do better. Don’t worry—most employees won’t overwork themselves!
4. Project Managers Can Provide More Accurate Project Estimation and Better Reporting
For companies who need to estimate projects, report project status, or report to clients, then having project tracking and time tracking software makes this process far easier and faster. Stay compliant with your internal organizations or clients by keeping data on a project’s status and save money (by saving company time) with reporting already generated.
Poor estimations can lead to negative experiences with clients as well. Therefore, having this information available will improve estimates for future clients and improve those project projections.
5. Companies Reduce Security Threats That Cost Thousands
Security threats are a huge cost to businesses, whether they realize it or not. Sensitive data can quickly be stolen by hackers or negligent workers and cost the company thousands of dollars. Data breaches cost the United States $5 million in 2022, making security threats and fast response times crucial for saving companies millions.
However, with tracking software, employers can stop these threats from ever happening.
6. Timestamps Improve Accountability in the Workplace
When it comes to workplace cohesiveness and accountability, teams need metrics. Timestamps, like those collected by productivity tracking software, will help improve the workplace so that employers keep each other accountable and know that their actions are being tracked.
This improves efficiency and often speeds up project completion. This can also ease payroll and provide hard data for calculating employee costs.
7. Data Visibility Improves Productivity and Security
Finally, we have data visibility. With data like keystroke logging metrics, communication records, and time spent on apps and websites, there are unlimited ways to leverage points for companies to improve productivity and security.
8. Companies Can Collect Metrics on Productivity and Performance
Employee time tracking software uses computer and employee activity to track task completion, time use efficiency, productivity, and communication.
This software gives employers hard data for productivity and employee performance metrics.
9. Employees Better Understand Their Job Expectations
The data that employee monitoring software collects benefits both the employee and the employer.
For the employee, it can be used for leveraging pay raises and job performance reviews. For employers, this data can be used as objective resources for understanding job performance successes and areas for improvement.
Not only does this provide a useful middle ground for both parties, but it also clarifies job expectations vs. the reality of the tasks completed.
10. Companies Can Protect Sensitive Data
Every business collects, stores, or accesses sensitive information either internally or on behalf of its clients. So, it’s important to protect this data from theft or neglect.
Employee monitoring software can add a layer of data visibility, alerting management when sensitive files are moved, sensitive folders are accessed, or unauthorized users are accessing restricted sections of your corporate network.
11. Businesses Access Remote Worker Productivity
With more companies moving to remote settings, it can be more challenging for businesses to keep an eye on their employees.
Remote monitoring software can be used even with remote employees and hybrid workers to keep tabs on the tasks these employees are working on and their working hours.
With this data, employers can make further steps toward company improvement.
Implementing Productivity Tracking Software Today
Running tracking software is a no-brainer to save your company money. With data, employers and employees can collaborate to improve workplace efficiency, reduce time theft, and protect sensitive and costly data.
It is easy to implement productivity tracking software. With a solution like Softactivity TS Monitor, organizations own the software license, so this cost does not impact your bottom line year over year. And once businesses train their employees and employers on how to use the software, this can be an invaluable tool for improving performance.
Reach out to SoftActivity today to see the productivity improvements that tracking software can make.
By SoftActivity Team.