We’ve all heard the saying, “What gets measured gets done.” It means regular measurement and reporting keeps you focused — because you use that information to make decisions and improve results. Your most critical measurements are called Key Performance Indicators (KPIs).
KPI’s are not only for managing a process or service, but you can measure KRA (Key Responsibility Areas) of your organization and of each employee. You could also measure how much time each employee is spending on IPA (Income Producing Activities) and IRA (Income Reducing Activities).
Top 10 benefits of Performance monitoring
- Know the cost of each Job with details of how much time each employee spends on the job and the cost of that time based on the CTC of that employee.
- Compare planned time v/s actual time spent on each job and fine-tune future time/cost estimates.
- Compare planned cost v/s actual cost based on the time spent by each employee and CTC of the employee.
- Know profitability from each job by comparing the cost of each job v/s the amount charged for the same.
- Know productivity of each employee by checking the time spent by each employee on various customers and types of activities.
- Compare total time spent on IPA (Income Producing Activities) by comparing time spent on billable jobs v/s time spent on other activities.
- Track pending jobs by customer, employee, activity.
- Track unbilled jobs and create invoices with a single click (Requires subscription to ERP).
- Track out of pocket expenses incurred for each task and manage reimbursements with approval system.
- Update time-sheets with minimum effort and save time in MIS reporting
It’s important to know the cost of each activity. This helps you control your costs and fine-tune future time & cost estimates, fix charges for your products and services to customers and improve profitability of your organisation.
How does it work?
- Manager/Employee creates a job with due-date, expected time and cost for the job
- Manager assigns the job to one or more employees. Each employee gets an automated alert message.
- Users can login and see all pending jobs assigned to them on their dashboard.
- Users can fill-in their time-sheets, claim expenses and update status of the jobs assigned to them.
- Manager can view time-sheets and approve or reject time-sheets.
- Users can print reports to claim out-of-pocket expenses incurred by them against approved time-sheets.
- Accountant can track unbilled jobs and create invoices against them.
- Manager can view generate various graphs and reports for jobs, tasks, employees and customers.
- Admin can manage users, roles, privileges, rules for escalations and MIS reporting.
REAL-TIME CLIENT BASED EXPERIENCE:
One of our clients, a large CA firm, was providing certain services to a large corporate. On analysing their data, it was found that the cost incurred for the task was much higher that the amount charged for the same. Based on this analysis, they renegotiated the deal. They backed up their arguments with various graphs and reports generated from our ERP.
Ultimately, they were able to get a better deal from their client and make the contract profitable.