"It’s an eye-opener into where your time goes."
Why the investment company MavensWood relies on automatic time tracking — Interview with Operating Partner Tarak Nath Gorai
Hi Tarak. What is your job at MavensWood Investments Ltd and what do you specialize in?
Tarak: I am the Operating Partner of MavensWood Investments Ltd, a London-based holding company, creating brands for the future. We invest in high-growth tech-enabled companies. Our partners are hands-on investors and generalists, who work alongside the founders/leadership team of the portfolio companies to transform and increase the valuation. We invest with an exit plan and get on to the strategy implementation on a tight schedule.
Why are exact times important to you?
Tarak: Having multiple portfolio companies, with each of them having strategic and mission critical implementation projects running concurrently, our partners are always involved in more than one project at any given point in time. It is crucial for us to be utilising our time efficiently and effectively. We need to have a detailed analysis of the time spent to appropriately allocate their billing to the corresponding portfolio/projects.
What problem did you have with time tracking?
Tarak: Independently time tracking for us was time-consuming and sometimes incorrect. In the fast-paced environment our team works in we regularly alternate between tasks and projects, which proved to be difficult to keep up with how much time was being spent on each particular task. Previously we had tried various other time tracking tools, however, this involved manually starting a timer and remembering to stop it.
Independently time tracking in the fast-paced environment our team works in was time-consuming and incorrect.
How was Memtime able to solve the problem?
Tarak: Memtime allows every single detail of work to be tracked and synced back to our project management software, which then automatically generates a timesheet report, allowing us to run various time utilisation reports. Our partners and team need to allocate their time, effort, and billing to the respective portfolio companies. Memtime was a perfect solution, allowing work to be automatically tracked and manually triggered to sync back to our project management software at a later date. It reminds our team daily to update their time into appropriate tasks, as well as the multi-level zoom allows us to drill down to the level we want to track.
How did you experience the introduction of Memtime? Was there an integration with other software?
Tarak: My introduction experience was phenomenal. The Memtime team was continuously liaising with me to ensure myself and the team were happy with the software and the initial onboarding process. All queries were responded to quickly, allowing my team to use Memtime to its full potential. We use ClickUp as the organisational wide task management and collaboration tool, and recently Memtime released a new version that allows sub-task tracking on Clickup.
Have you ever reached the end of the week and thought ‘What have I done?’ I did. That is exactly why I needed Memtime.
If a friend asked you why they should try Memtime - what would you tell them?
Tarak: It’s most definitely an eye-opener into where your time goes. Have you ever reached the end of the week and thought ‘What have I done?’, yes.. me too. That is exactly why I needed Memtime. My main aim was to increase productivity efficiently. Me and my team are now able to evaluate our time spent and dedicate our time correctly to ensure the best outcome for everyone.
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Try our tracking for yourself. You lose nothing. Especially not time.