Time-tracking application developer Replicon released the latest version of its time-tracker app, offering built-in compliance and business analytic metrics to better measure company performance and provide data-based decision-making capabilities.
The latest release from Replicon includes an updated user experience that combines a role-based approach with a more intuitive design to streamline the process and increase user adoption, in-context analytics that deliver real-time insights to users at the point of decision-making and resource management to help organizations find and assign resources to the right project for improved productivity, utilization and capacity planning.
In addition, an expanded project management footprint provides additional capabilities to manage clients, programs and service practices and the application offers improved compliance and governance with built-in business rules and validations, including whole new categories of functionality, such as integrated resource management.
"Today’s distributed workforce requires an easy-to-use solution that can be accessed anytime and anywhere. The time-tracking process has to be smooth and efficient," Keri Brooke, vice president of product marketing at Replicon, said in a statement. "Replicon is in the cloud, which breaks down time-tracking data silos, and gives workers the ability to enter time on any device, any time. We’ve removed the burdens of legacy timesheet tracking. Customers have an optimized and modernized process. They can remain compliant. And they can open doors to increased profits."
A recent survey conducted by Replicon and Dimensional Research found interesting issues raised by 432 professionals who have responsibility for employee time tracking. For instance, a whopping 96 percent said that employees make mistakes tracking their time.
In addition, 87 percent of companies surveyed reported challenges with their current approach to time tracking, including half of users who said they don’t like entering their information, nearly one-third (32 percent) who feel the current approach lacks visibility and insight into resource usage, and just under one-quarter (24 percent) reporting issues with meeting compliance requirements or other problems.
"Time is the most important enterprise asset," Raj Narayanaswamy, co-founder and co-CEO of Replicon, said in a statement. "Companies must have the right process in place for tracking and managing time. They need true visibility into how time is used across the organization. And they need to more tightly manage compliance. We built this new release of Replicon with these needs in mind. Companies will get the right transparency they need to maximize team efficiency. They can remain compliant with the ever-expanding financial and labor regulatory requirements. The result when using Replicon? Companies become truly modern organizations where time is managed as an enterprise asset."
According to a report from the Robert Half Agency and the American Payroll Association (APA) released earlier this year, manual time tracking causes computation errors that cost between 1 percent and 8 percent of a company’s annual gross payroll. Moreover, the single largest line item for most employers is people-related costs (typically 40-60 percent of budgets).