Since our acquisition of FOLIO in December, our Tempo Books team has been shifting their focus more on customers that need flexible billing and utilization management. The scope and magnitude of competition today has consequently increased expectations towards executives and managers. To be able to respond quickly and make significant decisions, executives and managers need information to stay competitive. They need a clear overview of their entire customer portfolio and accounts that report accurate revenue stream in professional services. For our Tempo Books 1.0 release, expected in spring 2015, our team is focusing on three primary foundations that are aimed at being professional and customizable for our customers.
PRICING TABLES LET YOU TRANSLATE YOUR TEAM WORKLOGS INTO VALUE
The price table plays an important role, as it is the key variable to convert logged hours into value. As a business manager, you can set the hourly price across your teams and separate them by different roles, which allows account managers to calculate the revenue for sold services. A default price is set for roles that usually don't conduct consulting work. The premise for being able to map worklogs to rates is by using the Tempo Teams system plugin (included with all Tempo products) to set a price for each role.
UTILIZATION REPORTS HELP YOU MANAGE TEAMS AND FINANCIAL PERFORMANCE
The practical and effective use of time is in everyone's best interest because time is money. How is your team performing? Tempo Books offers a variety of reports, suited for managing teams and measuring performance. Measuring performance and utilization can help generate a higher profit margin. As a team lead, you can set your utilization target between accounts and keep track of how your team is investing their time. Accumulated data for a chosen period is presented to see the average utilization and compare it to individual members for a further inspection. The utilization reports will be available at different levels i.e. teams, accounts, customers and programs. For managers and executives, utilization reports depict exploitation of time and resources across categories, e.g. types, projects and accounts, and billable versus non-billable. Set your target and track your teams' performance.
REVENUE AND BUDGET TRACKING HELP YOU MANAGE CUSTOMER, ACCOUNT, OR PROJECT PERFORMANCE
A point of departure for tracking revenue from billable work is the price table, as mentioned above. The essence of evaluating a project is built on it's profitability. Thus, tracking the revenue of customers accounts can help with setting prices and reaching sales targets. Customer burn up charts are displayed according to contracts and estimates. The charts outline the scope of an account/project in respect to the hours billed. All reports are customizable for managers, whether it's the total amount for a particular project, account or a customer, or broken-down according to custom filters. Executives and managers get a clear overview of the customer portfolio and accounts, making it easy to respond quickly and identify risks before they escalate. It's easy to see the big picture with Tempo Books.
FOLIO is a portfolio financial management tool for JIRA that let’s you track your project’s finances and resources. It has become an essential tool for managing projects and portfolios inside of JIRA. Whether you're practising agile or more traditional methods for your projects, FOLIO focuses on managing your three main concerns of project and portfolio management (PPM) the scope, schedule, and costs. It enables you to take control of your project’s financials and offers a great cost management tool, the process of planning and controlling the budget for the business.
FOLIO for JIRA help reduce the chance of going over budget by forecasting project cost and revenues, defining the team composition with time allocation and wages, and keep track of actual expenditure during execution. Earned value management (EVM) is an implemented feature to evaluate and track the progress of projects, both in estimated time delivery and estimated cost at the end date. FOLIO allows teams not using EVM to base project estimates in story points instead for agile financial management. It’s a great instrument to monitor budget health across all your JIRA projects, enabling you to roll-up data at the portfolio level. Major enterprises and companies of all sizes and different types of businesses have adopted FOLIO.
FOLIO integrates with both JIRA and JIRA Agile, and also integrates with our real-time tracking and reporting solution, Tempo Timesheets. In addition, the Tempo Timesheets team plans to provide integrations with FOLIO for budgeting, forecasting, and earned value management at the project and portfolio levels.
For more information www.tempoplugin.com