Guestimation

Time tracking: a guesstimate?

Lexor

Everybody knows that feeling: you have worked hard all day, but you can’t really tell which tasks took what time. Especially when many different things took up small amounts of your day one after the other (mails, messages, incoming phone calls etc.), it is very hard to keep the overview. 

In a project or Time & Materials based context (such as for lawyers or consultants), the time spend is often the basis for the invoice. In a best-case scenario, contributions to different matters or projects are registered in a tracking tool, but this will always require an effort to log and later consolidate the registered times, and the logging will always be arbitrary. In most cases however, the time logged will be a “guesstimate”, and the more time goes by between the activity and the logging (procrastination, not uncommon after a long work day), the more of a guess and the less of an estimate it will be.

The consequences of this are clear: either not all time spent on the project will be logged, putting profitability under pressure, or the logging will be inflated and the client will be overcharged. Either way this is not a good way to conduct business, and it will be unfair either to the client or to your own company. 

Imagine the same for complex projects with multiple contributors, and each person adding their own guesswork to their time tracking. Everyone will agree that the consolidated log may be a mile off, but nobody knows for sure. When at the next milestone, end of month or end of the project, the office manager, admin or finance roles will collect the available data, and produce the corresponding invoice. A trusting client may accept this without question, but a dispute will most likely trigger a (commercial) decision to credit part of the invoice, for lack of objective and verifiable time logs to support the bill. 

The good news: as most project-related work today is digital, the time logs can be automated. 

Leveraging Artificial Intelligence, Lexor will analyse activities across the Office 365 productivity suite and consolidate everything in real-time, producing transparent invoices and detailed timesheets.

Lexor