Time is money, and how IT leaders manage time for their staff and resources has a major impact on the financial performance of the department and the business itself. Without real–time views into the time and expense associated with projects, senior IT executives might miss opportunities to charge back for billable services, or worse yet, risk budget over–runs.
IT professionals can't get this level of information from corporate financial systems. Those systems lack insight into actual work processes and work performed, as well as the ability to track daily costs and efforts associated with particular projects–including measuring these figures against original estimates. As a result, the financial performance of whole project portfolios may suffer–along with the reputation of the CIO.
With better tracking of the time and expenses associated with each project, IT leadership can build its reputation rather than break it. Innotas enables the visibility that breeds control, so that CIOs can take action to avoid potential budgetary problems, and gain competitive advantage with pro–active management over costs and work efforts. Innotas' Time/Financial Management capability supports:
- Time and expense tracking for both billable and non–billable activities
- Reports and export features to feed data into invoicing systems
- Integration with existing financial systems, which supply required data such as labor cost rates for roles and individual resources.
Putting It Together
Time and financial management capabilities are a necessary complement to existing financial systems in organizations that seek to gain control over the costs of IT projects. With these capabilities, heads of IT can track time against work breakdown structures and access the data that will help them optimize performance.
Beyond that, organizations can use the data exposed by these capabilities to gain a deep perspective into the estimated and actual value created by projects–information they can use to determine which types of project investments will likely have the greatest value in the future.
Get smart about which projects are paying off.
