How Automation Can Positively Impact Company Goals
By Calder Justice, Enterprise Account Executive
Time is money. In this automated technological era that we live in, we need a sense of urgency and accuracy to meet goals and generate revenue. In the same breath, customers need an immediate return on their investment to consider a company worthy of more of their hard-earned money. This is where time-to-value comes in.
What Is Time-to-Value?
Simply put, time-to-value (or TTV) is the amount of time a product is estimated to take to be considered valuable. From the time a customer purchases a product or service to the point where their purchase becomes of value to them is the TTV.
The faster this time frame is, the better the experience of the customer will be. Happy customers who are made happy quickly create more revenue for a company.
What Does It Mean for the Customer Experience?
Customers are buying products to solve a problem they have. They obviously want their problem to be remedied as soon as possible after investing their money and resources.
Thus, the quicker a product works for them, the happier they’ll be, and the more likely they are to become a tried-and-true advocate for your brand.
The value of a product is a large part of building a relationship with a customer. Consistent and speedy delivery expands their satisfaction and solidifies their loyalty.
When they’ve found something they know works well and fast, they won’t want to try another competitor at all – cementing customer retention.
Best Practices for Meeting Time-to-Value goals
The shorter the TTV, the shorter the attention will be given to another company with like-minded business goals. The best ways to achieve this would be:
- Set obtainable goals for customers and users – when your clientele is aware of how long a product or service takes to be valuable, they won’t be negatively surprised by the time it takes for value to take hold.
- Simplify user interface – customer experience is another expensive piece of the puzzle. The easier they can access the product or service, the less frustrated they will become, and the more likely they are to return.
- Implement training and personalized onboarding – simplicity in user interface goes hand in hand with personalization. A customized familiarity with the product coupled with training creates an easily accessible platform.
How Automation Improves TTV
Enlisting automated processes through an iPaaS (Integration-Platform-as-a-Service) platform improves time-to-value significantly and frees up opportunities for companies to focus on the big picture and overall scope. Automation can help a company:
- Free up resources and costs – automation’s entire drive is to save. Save time, save money, and save resources that can be used for other revenue-generating activities. Automation quite literally automates the transactions of various aspects of the business.
- Speed up decision-making – as the time for the operation of each system is diminished, more time can be used to make efficient innovations, seamlessly meet upcoming deadlines, and streamline all other processes within the business.
- Increase company transparency – when processes are automated, the extra clarity and added attention to detail will keep a steady connection between the business and its loyal customers. The clientele can receive immediate service, making TTV relatively instant.
Access to automation is the key to reaching business goals, excessive revenue, and ultimate customer satisfaction.