I had to use this tool at my previous company which was my first job. Since this was the first time using such a tool, I had no previous context. Now when I look back, I feel like it was okay and did its job, nothing more. I mainly used it to track my hours worked, book time off, and of course fill reimbursement forms. Company-wide this tool was being used for the same 3 things (as far as I know).
The basic business problem it addresses is to share a common platform within a company to track time and expenditure. Had such a tool not existed, we would have to use probably Excel or other spreadsheets to track all of this manually. It is not so fun but is a critical tool to have.