Nitin Mittal Senior Manager, Assurance and Risk Advisory at Perfect Accounting .and shared services Pvt. Ltd. Read more…
These are challenging times for the software industry globally. With so many products and applications increasingly getting launched in the market competing with each other, there is increasing pressure on the software developers to constantly innovate and add the exhaustive list of features. For
these developers, taking time out to fill employee timesheet software is akin to a taxing chore. Most importantly these days, the use of agile technology has already put the software developers on the top of their game and therefore, an additional protocol totally seems like a burden. So before we get down to understand why the software development industry fiercely needs to adopt the system that automates their business processes, generates intuitive reports for smart business goal mapping and improves the billing processes.
The Challenges That Plague Software Industry The need for constant innovation has quickened up the pace for redundancy. Every other day, the emergence of new technologies outwits the existing one in a manner truly unprecedented. These have necessitated the adoption of technology in the likes of employee timesheet software in order to empower them with the capability to prioritize work and scale-up productivity by bridging gaps in the reporting system. In this challenging business ecosystem, it is more important to first analyze the need for such a system rather than just fulfilling the fancy associated with joining the bandwagon of vertical competitors in adopting new technology. So for the software development industry, here are some of the most critical challenges.
1. High-demanding & competitive market– The greatest competition in this industry entails the fastest time to market, reaching out to a greater possible number of possible customers, retaining already existing customer through super service delivery. So with so much to monitor, it becomes extremely challenging for those in the software industry to prioritize work and at the same time deliver each project on time along with coming up with exceptional standalone ideas. In such an environment,
the online timesheet software automates secondary processes thereby, clearing the time for mission-critical work.
2. Managing IT infrastructure and existing legacy systems– Every cost to the company matters significantly. During the financial budgeting, a certain considerable percentage is dedicated to adopting new technologies and collaboration with other technology partners.
With the passage of time, if the business is no longer well supported by the existing infrastructure and certain legacy systems, then it emerges as a sore point because a replacement in existing legacy systems can prove detrimental to processes already running.
3. Hiring resources with specific software skill sets-With the software development companies constantly innovating by the principle of convergence with other technologies, it becomes increasingly difficult to bring on-board resources with software specific skills. With projects becoming more complex and multiple resources working on both freelance and permanent basis, it is increasingly critical to map their working hours for the very purpose of accurate payroll computing. It is in this scenario precisely that timesheet management system delivers immensely.
4. Managing multiple complicated user requirements– Particular business software typically has multiple users and at multiple levels and this necessitates the software development team to be adept at handling all the complexities associated with multiple user levels.
5. Managing third party integrations and interfacing– This is no world for standalone solutions. Every software solution or services available in the market is the result of co-partnering and third-party integrations. This adds up to the already existing pressure on the project managers to know thoroughly about the technology of the third party.
6. Handling multiple bug fixing cycles– The lifecycle of a single software product entails multiple rounds of review, bug fixing, and iterations.
It is significantly important to understand the cost and the time involved in each of these cycles. Therefore, there is a need for robust time management software that accounts for each of these processes thereby, not only saving costs but also minimizing waste in the process.
7. Ensuring error-free revenue and accounting system in place– With multiple technology partners and customers to interface with, it is significant to have accounting and payroll processing systems in place for hassle-free and accurate reporting. Time Management System-Bridging the Gaps In oft number of times in the above narrative, the significant role of the time management system has been mentioned. So, it’s time that we deep dive into point-to-point benefits delivered by timesheet software.
1. Categorizing and prioritizing work– The online timesheet software allows the developers to prioritize work on a daily basis when it comes to coding, researching, debugging and analysis. This helps developers focus on what is the priority.
2. Offering accurate time estimates– The timesheet software system empowers the developers with the capability to offer time estimates for each work which gives them a certain level of ownership and authority over their own work.
3. Ensuring transparency in communication– All the time sheet management systems currently available in the market offer features for superior reporting and deliver intuitive reports backed by accurate data. Sharing relevant data is one of the greatest means of ensuring transparency both with the client, internal team and third-party vendors.