Are NetSuite’s time tracking tools sufficient for your company’s needs?
When it comes to time tracking, you need to make the process of submitting timesheet information as simple and easy for your employees as possible.
If timesheets are inaccurate, not detailed enough, or not submitted on time, you may miss out on valuable customer data, and, by extension, revenue-generating opportunities.
Here’s why time tracking matters - and why you should consider simplifying yours with configure, price, quote (CPQ) software.
Why Time Tracking Matters
Time tracking is not just a necessary evil all companies have to deal with to stay on top of payroll.
Optimize your processes
Time tracking can be an invaluable tool for optimizing your business processes, streamlining project management, and maximizing your company’s efficiency across all departments.
If you know exactly where your employees spend their time, you can analyze this data to eliminate any bottlenecks or inefficiencies that are costing you valuable time and resources.
Are you wasting time having too many in-person meetings? Maybe your sales associates are spending too much time on customer support calls - and not enough time searching for new leads?
Analyzing your time tracking data this way can help you eliminate unnecessary steps from your business processes and significantly cut operational costs.
Empower your employees
Time tracking can also empower your employees on an individual level, especially if you can show them why you are asking them to fill out timesheets in the first place.
By tracking where they spend their time in more detail, your employees will be able to fine-tune their sense of productivity and avoid multitasking and task-switching.
The increased accountability will also help them take greater responsibility for their work and give managers opportunities to recognize them for their accomplishments.
Accurate, detailed time tracking increases transparency and minimizes distrust among team members.
Time tracking provides objective data about your employee’s performance and lets managers assess them accordingly.
This can help create greater trust between your employees and your managers and improve relationships among employees themselves.
The Benefits of NetSuite Time Tracking
The NetSuite time tracking features are fairly extensive.
You can customize timesheet entry requirements according to your company’s requirements, define user and project level timesheet approvals, and empower users to self-reject timesheets when appropriate.
However, sales teams often run into difficulties when it comes to providing accurate time tracking data for each individual transaction.
In addition to that, NetSuite’s time tracking capabilities are often not granular enough to provide specific, efficiency-boosting insights about the real value of each lead and customer.
How CPQ Software Can Help
CPQ software can help you solve common NetSuite time tracking challenges by giving you access to detailed sales data.
Provide accurate time data of sales
Understanding the time required to take someone from a lead to a paying customer can help you identify sales trends and patterns you would not have noticed otherwise.
Plus, having accurate time data of sales also makes project management, financial planning, and forecasting easier for your management team.
Track the time your staff spends on individual interactions
Tracking time spent on individual interactions can help you figure out where bottlenecks arise and what you can do to prevent them.
Are your sales reps spending too much time trying to ensure the accuracy of their quotes? Is generating new proposals taking too long? Could your customer support costs be lowered if you automated some of the support processes?
Once you can identify these issues, you can bring in technology or change your approach to maximize your sales reps time - and your revenue.
Plus, time tracking is not just about analyzing the negative aspects of these individual interactions.
For example, if you notice a sudden boost in productivity, you can figure out what caused it and recreate the conditions later on.
Get better insights about the value of each customer or lead
Tracking the time your employees spend on each customer or lead will help you learn more about the real value behind each sale.
Not all large accounts are necessarily profitable. If your employees have to spend a lot of time chasing after a particular customer, it is possible they may not be your ideal customer - and that your time may be better spent elsewhere.
Analyzing your time tracking data from this angle will help you learn more about your target customer and their preferences.
Once you have this information, you can have your sales and marketing departments work together to determine the most high-value opportunities to focus on in the future.
Why Choose Verenia CPQ
Verenia CPQ for NetSuite is the only CPQ on the market that´s 100% native to NetSuite.
What does that mean for your company?
Not only do NetSuite’s time tracking capabilities extend to our software - you also never have to worry about using other NetSuite applications in conjunction with our CPQ, or your whole system crashing after an incompatible NetSuite update.
If you are a NetSuite user, choosing Verenia CPQ will save you and your IT department a lot of headaches - and a lot of money.
Want to see Verenia CPQ in action?