Norsk Tid AS Company Profile

Background

Norsk Tid AS, established on December 31, 1991, is a Norwegian company specializing in the development and implementation of time management solutions. The company's flagship product, tidBANK®, is a web-based application designed to assist organizations in managing work hours, flexible time, overtime, leave, and project-related time tracking. With a mission to streamline time registration processes, Norsk Tid AS serves a diverse clientele, including banks, insurance companies, and various enterprises across Norway.

Key Strategic Focus

Norsk Tid AS focuses on delivering comprehensive time management solutions through its proprietary platform, tidBANK®. The application offers functionalities such as flexible time tracking, overtime management, leave accounting, and project time allocation. By providing dynamic registration and presentation of time usage, tidBANK® eliminates outdated routines based on manual time sheets and portals, thereby enhancing operational efficiency for its clients.

Financials and Funding

As of the fiscal year ending December 31, 2023, Norsk Tid AS reported operating revenues of NOK 13,287,000 and a pre-tax profit of NOK 1,080,000. The company's total assets stood at NOK 6,344,000, with an equity ratio of 51.8%, indicating a solid financial position. The company has not publicly disclosed any external funding rounds, suggesting that it operates primarily through internally generated funds.

Pipeline Development

Norsk Tid AS continually enhances its tidBANK® platform to meet evolving client needs. Notably, the company developed a module for sick leave follow-up that exceeds the minimum reporting requirements set by NAV (Norwegian Labour and Welfare Administration). This module allows for the creation of customized follow-up plans, supporting both employees and managers in conducting effective and compliant sick leave management.

Technological Platform and Innovation

The tidBANK® platform is a web-based application accessible via mobile devices, terminals, and web interfaces. It offers features such as flexible time tracking, overtime management, leave accounting, and project time allocation. The platform's dynamic registration and presentation of time usage eliminate outdated routines based on manual time sheets and portals, thereby enhancing operational efficiency for its clients.

Leadership Team

The leadership team of Norsk Tid AS comprises experienced professionals with diverse backgrounds:

Tommy Flovild Engebretsen: Serving as both CEO and Chairman of the Board, Engebretsen has been instrumental in steering the company's strategic direction and overseeing its operations.

Dag Jøran Hoel: As a Board Member, Hoel contributes to the company's governance and strategic planning.

Knut Egil Østby: Also a Board Member, Østby brings valuable insights to the company's leadership team.

Lars Bjønnes: Serving as a Board Member, Bjønnes plays a role in the company's strategic oversight.

Tom Gustavsen: As a Board Member, Gustavsen contributes to the company's governance and strategic direction.

Leadership Changes

In recent years, there have been no significant changes in the leadership team of Norsk Tid AS, indicating stability in its executive management.

Competitor Profile

Market Insights and Dynamics

The time management software market in Norway is characterized by a demand for efficient and user-friendly solutions that comply with local labor laws and regulations. Organizations seek platforms that can seamlessly integrate with existing systems and provide comprehensive reporting capabilities.

Competitor Analysis

Key competitors in the Norwegian time management software market include:

4human HRM AS: Offers a range of HR and time management solutions tailored to Norwegian businesses.

4human TQM AS: Provides quality and time management systems designed to enhance organizational efficiency.

1X Technologies AS: Develops innovative time tracking and management tools for various industries.

These competitors focus on delivering comprehensive and compliant time management solutions, posing a competitive landscape for Norsk Tid AS.

Strategic Collaborations and Partnerships

In October 2011, Norsk Tid AS entered into a collaboration agreement with Terra-Gruppen AS, a full-scale provider of financial products and services. This partnership enabled Terra's member banks to access tidBANK® within their own environments, ensuring a verified and secure operational setting. Participating banks included Lillestrømbanken, Terra Forsikring, Vik Sparebank, Ørland Sparebank, and Bud Fræna og Hustad Sparebank.

Operational Insights

Norsk Tid AS differentiates itself through its deep understanding of Norwegian labor laws and regulations, which is embedded into the tidBANK® platform. This compliance focus, combined with a user-friendly interface and customizable features, provides a competitive advantage in the local market.

Strategic Opportunities and Future Directions

Looking ahead, Norsk Tid AS has opportunities to expand its market share by enhancing the tidBANK® platform with advanced features such as artificial intelligence for predictive analytics and machine learning for automated time tracking. Additionally, exploring partnerships with international firms could facilitate entry into new markets, leveraging the company's expertise in time management solutions.