No software, but maybe a couple of points you could consider to slim down and simplify your time study:
1. Only factory employees know the process, product and operations, and the purpose/target of the study and the necessary accuracy required.
2. As the most important part before starting a time study is to identify the separate tasks and try to single them out, or to group them together in sensible parts, this can omly be done with heavy involvment of own employees.
3. A time study will always have a concrete purpose, either planning (material flow time per machine), cost or price of production, reduction of material and components 'in production ', or wage/accord setting.
4. You could try as a start to see how simple you could set up a spread-sheet for noting down time/data for each single machine to be studied. As a next step use 'the Scandinavina way' : involve the operators in noting down times in a self study. See how far this will bring you. The rest is pure statistics, and you will even be able to check on the 'personal variable'(if any) each different operator contribute, if sevaral operators do the same type of job on same or equal type of machines.
5. I think the first question you should ask is the exact purpose of the study, and planned actions as a result of the study, and start from there.
6. PS. If cutting down cost is a target, capital bound in 'goods in work under progress' is a point. Not only processing (machine time) is important, but also waiting for accessible machines and operators and waiting time between processes.
Good luck!