Tracking time can help businesses identify areas of inconsistency that lead to inefficiency, ultimately resulting in lost revenue. By adopting a booking system and tracking time spent on various activities, the author of the text discovered inconsistencies among staff, processes, and pricing, which led to changes such as standardized training, streamlined processes, and charging for previously free services. The benefits of time tracking include identifying less profitable tasks, reducing time spent on basic services, avoiding overstaffing and over-servicing clients, and creating transparency with clients. By understanding where time is being wasted, businesses can optimize their operations, increase revenue, and improve client satisfaction.