Company profile:
Sector: Project Management
Employees: 650
Billing Rate: $140/hr
Monthly Hours: 120hrs/mo
Starting Point
A project management firm was tracking time the old-fashioned way, spending on average, 2 hours a week capturing data and filling out time sheets. They had 650 employees, of which 500 billed for their time. They were constantly spending time and resources tracking down employees time sheets and getting them to submit their time.
Strategy
We installed TiM for entire company and then challenged the 500 employees billing for their time to find 12 extra minutes of billable time per week.
TiM Effect
Small increments of billable time can yield substantial profits, as exemplified by a project management firm that charged $140 per hour and had a $80 per hour burden for their 650 employees. By implementing TiM and finding an additional 12 minutes of billable time per employee, 500 of their workers billed for an average of 120 hours per month resulting in a net profit of over $3 million per year. This extra profit came from time that the employees were already working but not billing.
Results
In addition to the $3 million profit, the company also saves time and money as employees now track time "on-the-fly" with just 15 minutes per week, compared to the old method which took an average of 2 hours per week. This amounts to 1 hour and 45 minutes per employee per week, resulting in a value of over $4 million invested back into the company for all 500 employees.
This company boosted profits by over 7% simply by capturing an extra 12 minutes a day and eliminating timesheets, without any additional effort.