How To Effectively Manage Time Inventory?

Time is a resource and should be managed effectively to provide products and services to clients as and when they need them. This has to be accurately understood and managed for better deployment of the right sort of resources in the organisation.  

How To Measure Time Inventory?

Time inventory is the amount of man hours available in the organisation to be able to deliver efficiently. The demand for goods and services has to be predicted for the current period first and then the coming months.  These predictions should ideally be carried out on a quarterly basis. Once the forecast is in place, the quantity of resources for producing the requisite amount of goods and services should be calculated. The desired efficiency levels and man hours for these resources must be defined clearly. Once this is done, the manager can define the time inventory that he/she requires for timely completion of tasks. The time inventory projection must also include the buffer time that may be required for the completion of tasks and finally the project. Buffer is again something that the team lead has to forecast accurately, for keeping the appropriate time inventory. This should take into account the extra man hours that may be required, due to any unprecedented circumstances that may arise during the project. This may include attrition and new hirings within the team or change of tasks or goals from the client’s end.

Time Inventory Management

Appropriate time inventory levels must be shared with the management, by project leads of every department. These must be reviewed and approved on the basis of how well the recorded efficiency levels match up to the expected levels. Time inventory levels must be reviewed on a quarterly basis and the necessary amendments must be made according to what was utilised in the current period. The cost of time inventory must be added to the operational costs of running the business. Appropriate inventory levels must be maintained to optimize the costs associated.

Improve Output

Appropriate time tracking and time management tools like Invoicera must be used to manage time inventory in a better way. These tools are helpful in analysing performance and hours worked on an individual level. Timesheets and reports must be used to motivate teams to perform better. A time management workshop must be held periodically to motivate teams to improve productivity and utilize time well. They should be made aware of their individual productivity levels on the basis of the man hours contributed by them.  This should be matched against set benchmarks. Time inventory of each individual must be defined on the basis of the expected levels of output.  Goals should be defined according to man hours being invested and appropriate trainings sessions must be given to achieve them within the hours defined.

Maintaining the appropriate level of time inventory is helpful in retaining clients for longer periods. A process like this helps service businesses to provide better quality and satisfaction levels to clients. The implementation of such a process must be led by the top management to ensure participation at all levels. The process goes a long way in improving the efficiency and stability of the overall system.